The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-07-15
SAGGING PRICES
In STOCK MARKET
Rumors. Circulated That Gold
Shipment Was Contemplated
MONEY TROUBLES ABROAD
Call Rate in London Went Up-Tall1 of
Crop Damage-Bonds Were
Dull, With Total Sales
of$3, $4,000

New York, July 14.-There was short
period of strength in some stocks this
morning, but it was insufficient to over
come the sagging tendency in the general
market. The weakness of Brooklyn Transit
coming on the dull market emphasized the
reactionary tendency. The main cause OF
the general weakness was the increasing
fear that money difficulties abroad would
cause future trouble for the New York
money market and would take out gold as
soon as the local rate for money fell to
point where the London rate would prove
attractive
Rumors wero abroad all day that ship
ment of gold was contemplated for tomor-
rows steamer, but up to the close none
had been announced. Money worked easier
here, call loans ranging from to per cent.
The call rate in London went to S1s per
cent, and discount held at the Bank of
England,s minimum rate of 31z per cent.
London sold moderately in New York, but
gave good support to a few favorites in the
American department Of its own market.
There was no quotable change in sterling
exchange rates, but slight bills showed
hardening tendency, while the 60 days bills
were easy. Not SO much confidence is felt
AL ldfOTaDiD Dirk statement Tor tomorrow.
The amount of the loan contraction is an
unknown quality upon which depends the
state of the surplus reserve. The banks
have lost nearly 81 SOC, go to the sub-treas-
ury. largely on account of heavy customs
payments. They have gained a small
amount on the regular currency movement
with the interior, but the large sums of
money known to have been sent here early
i'll the week from other eastern financial
centers may AVE gone to other institutions
than the banks and would thus not figure
in the returns. These considerations
prompted a pause in the buying movement
in stocks and the early strength in the
southwestern group, the trunk lines and
Northern Pacific gave way In the afternoon
to decidedly lower prices. The talk of crop
damage in the northwest affected the
Changers unfavorably in the late trading
Losses from the top point in many active
railroad stocks ranged from l to points.
Northern Pacific was marked up above last
nights level in the final dealings, though
it was little affected during the day by the
report of an AMIGA BILE agreement with
Great Northern interests. Chicago Ter
minal was strong on the reported sale to
tho Alton syndicate. Brooklyn Transit was
weak throughout on the prospects OF
strike and closed at the lowest, "a below
last night. The early strength in sugar
gave way to weakness and Rubber dropped
"a with a substantial partial recovery
Manhattan was marked up to 100 at one
time on theory that a surface railroad
strike would add to it's business. Covering
by shorts was an element of its strength
Missouri Pacific reacted sharply and closed
a point lower on the day. number OF
specialties showed some strength during
the day on individual causes. Cotton OIL
National Biscuit, Tin Plate Anaconda ana
Steel and Wire were among those. New
York Air Brake gained 8ia points.
The bond market was dull and prices
Welded with the weakness in stocks. me
total Sales par value, S3,5l00o0. Ohiteu
States S's advanced Is in the bid price
New York, July 1.-THE total sales OF
stock today amounted to 81 ,06S shares, IN
Guiding: American Steel, 5000; American
sugar. 14OOO; Atchison preferred, Sl3oO;
Brooklyn Transit, 81, 100; Burlington; lS,lV,'
Louisville and Nashville, 5000; Manhattan,
Al 900; Northern Pacific, 29,1O0; People 5
Gas, $4,000; Rock Island, $500; st. PAU.
5000: American Cotton Oil, 1000; Missouri
Pacific 81 100; st. Louis and southwestern,
preferred, 5000; Tennessee Coal and Iron,
5,40O
New York. July 14.-Money on call steady
at 3a5 per cent; last loan at per cent
Prime mercantile paper, Sla@4A per cent.
Sterling exchange heavy, with actual
business in bankers bills at S4.S7A@4S71a
for demand, and at S4.s4Q4.S4A for sixty
days
Posted rates. s4S5614S6 and slSS14 SS13.
Commercial bills. $4.sS12.
Silver certificates, 6006l.
Bar silver, 60.
Mexican dollars, ATS.
Government bonds firm.
State bonds inactive.
Railroad bonds heavy