The Saint Paul globe., 1899-07-14

NEW YORK, July 13-The heaviness
which was predominant in the stock
market today represented the shifting
Wall street sentiment regarding the
money situation more than anything
else, though it was emphasized by the
rise in the Bank of EngIand's minimum
rate of discount to 313 per cent, and the
acute weakness of the local traction
stocks, especially Brooklyn Transit, which
dropped over 3h at one time. Wall street
had it that g. strike had actually been
declared, and the stocks in that group
rallied when this canard was denied.
Wall street seemed to lay more stress on
the advance in the Bank of England
rate than London itself. The stock mar
ket there was dull, but prices, especially
of Americans, were well maintained
and in spite of the rise in private dis
count rate there was a sharp rally In
British consols and in French rentes, and
foreign markets seemed to be relieved
of the tension of apprehension over the
Transvaal situation. But, nevertheless,
prices of the internationalS led the de-
cline in New York, and many stocks had
fallen a point in the course of the first
hour, the grangers being conspicuous.
Sugar also developed early weakness,
and only partly recovered Its decline.
The Southwestern stocks offered point
of resistance, Missouri Pacific leading,
as was the case yesterday, and st. Louis
Southwestern preferred and Texas Pacific
following the rise. Anaconda was also
strong, following London's lead, and was
put up points. There was sympathetic
activity and strength in Amalgamated
Copper in the outside market, the shares
rising above SO.
During the afternoon strength devel-
oped in Federal Steel, American Steel
and Wire, American Car preferred and
Cotton Oil, which induced general re-
covery in the specialties. Northern Pa
cific rose to 81 in the late dealings, and
checked the declining tendency OH realiz-
ing New York Air Brake, after an early
decline, jumped ~ points, and Mobile &
Ohio rose 5.
The local money market was easier in
tone, but operators who bought yester-
day on prospects of a favorable bank
statement were inclined to feel that they
had exaggerated the prospective benefit.
There was realizing sales from this
source. Saturdays statement is gener-
ally recognized to be, in the words Of
the manager of the clearing house, sin
gularly unfortunate" in the working of
the system of averages to make the re-
turns seem worse than the actual condi-
ton of the banks. This weeks state
ment Is expected to be remarkably
strong, but 1t is feared that 1t may be
equally unfortunate In rejecting actual
conditions. A number of very heavy
loans were liQuidated early in the week,
and there has since been some expan-
sion, but the fact of progressive in
creased total will make Saturdays show
ing of loan based on rising averages,
and therefore likely to understate the
actual total at the end of the week. The
subtreasury has been taking money from
the banks, and the interior exchanges
still run against New York.
The announcement of one of the great
insurance companies of It's Intention to
dispose of all of its investments in stocks
was a weight on the market during the
early hours, but some Telier was caused
by a subsequent announcement that the
holdings would probably be disposed of
at private sales.
New York CentraFs increase in gross
earnings for June, of $56O,054 helped the
late recovery i'll the market. The close
was about steady at mixed gains and
losses.
p The railroad bond market was rather
dull and irregular, Southwestern rail-
roads being in good demand. Total sales,
par value, $2,2S5,000. United States old IS
registered declined Il in the bid price.
STOCKS.
The following were the fluctuations of
the trading railway and industrial shares
furnished by G. H F. Smith &, Co. mem
berS of the New York stock exchange and
Chicago board of trade: