The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-07-10
THE MARKETS.
Wall Street Review.
BY Associated Press.

BY Associated Press.
New York July S.-The character OF
the trading in stocks was much con-
fused throughout todays short session of
the exchange. There were points or sg-
gressive strength which encouraged the
maintenance of prices but the certainty
of an unavoidable bank statement en-
couraged the continuance OF profit taking
In some of the stocks which have recent
ly advanced several points in price. The
publication of the bank statement the
whole market sold oil and net gains were
preserved in only n few cases. The
liquidation was by no means heavy and
the bears covered short contracts at the
decline, causing a rally from the low
point. The denials of the reported alli-
anco between Pennsylvania and New
York Central led to declines I'm those
stocks, but the amount of selling was re-
markably small. The bank statement on
dition of affairs. 1t Is almost unprece-
dented to have cash reserves down to
within little over s5,0OO,000 of the rs
per cent, required by law, at this time
Of year. Yet the banks expanded their
loans during the week nearly $1,000, 4i4
when they were already at the highest
figuer on record last week. The con-
clusion Is unavoidable that the banking
authorities see prompt relief In certain
prospect. In fact, the easing tendency
OF money during the latter part of the
week shows that relief is already at
hand. II comes in large part from the
release for the disbursement of semi-an-
nual obligations. It is also taken into
consideration that interior points are bet
ter supplied with money than ever be-
fore. so that the conviction is held in
banking circles that tightness in the New
YORK money market will bring funds
from interior points to New York Total
sales, 2S3 100 shares.
BY Darlington & Cusack.
New York, July S.-The week which was
shortened by the holidays, has shown
somewhat of an crratic market, with n
general tendency towards higher prices.
The STANDARD stocks, especially Pennsyl-
vania and New York Central, being the
features of the trading. We have pointed
out in this column often the merits of
tent a matter of satisfaction to us to feel
that its merits are becoming appreciated
by the public at large. While 1t has had
fair advance, its intrinsic worth should
make 1t sell much higher. Mr.. ]. T..
Morgan is especially bullish on the sit
uation and this in itself means a great
deal We do not see the wisdom to ad-
wise you to go short stock at this time,
believing that you will make turn of
1 or per cent. when the cream of the
speculation will be found upon the bull
side of the market. Steel issues are the
best of this class. American Steel and
Wire, in which there is conspicuous buy
ing, will be well in the sixties again.
Tin Plate is a good purchase around
these figures. Today's market was in
clined to be erratic, with small dealings,
selling off toward the close on an u1-
favorable bank statement. While ii may
sell off little, yet at the same time, 1t
is undoubtedly purchase for higher fig
ures on all weak spots.
Quotations furnished by CARRINGTON
& CUSACK, stock and bond brokers.
rooms 4lO and Connell building, Scranton.