The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-07-14
THE MARKET ELSEWHERE.

New York, July 13.-The heaviness
which was predominant in the stock
market today represented the shifting
sentiment regarding the money situa-
ton, which was emphasized by the rise
In the Bank of Englands minimum
rate OF discount to 315 per cent There
was also acute weakness in the New
York city traction stocks, especially
Brooklyn Transit, which dropped over
512 at one time on strike rumors.
wall street seemed to lay more stress
on the advance in the Bank of Eng
lands rate than London itself. The
stock market there was dull but prices,
especially of Americans were maintain
ed. There was sharp rally in British
consols and in French rentes and TO-
reign seemed to be relieved from the
tensionrof apprehension over the Trans
vaal situation.
Nevertheless, prices of the interna-
tionals led the decline in New York and
many stocks fell point in the course
OF the first hour the grangers being con-
spicuous
Sugar also developed early weakness
and only partly recovered it's decline.
The southwestern stocks offered a point
OF resistance, Missouri Pacific leading
as was the case yesterday, and st.
Louis. southwestern preferred and Tex
as and. Pacific following the rise of Ana
conda were also strong, following Lon
don's lead and were at one time up 2
points.
There was sympathetic activity and
strength in the Amalgamated Copper
in the outside market, the shares ris-
ing above SO. During the afternoon
strength developed in Federal Steel and
D1priNa N Cfnp1 q I'D
preferred and Cotton oil, which induced
a general recovery in the specialties.
Northern Pacific rose to 81 in the late
dealings and checked the declining
tendency.
New York Air Brake after an early
decline, jumped TX points and Mobile
and Ohio rose 5. The local money mar
ket was easier in tone but operators who
bought yesterday on the prospect of a
favorable bank statement were inclin-
ed to feed that they had exaggerated
the prospective benefit. There were
some realizing sales from this source.
Last Saturdays statement is generally
recognized to be in the words of the
manager of the clearing house, "singu-
larly unfortunate" because the working
of the system of averages made the re-
turn seem worse than the actual condi-
lions warranted.
This weeks statement is expected to
be strong but it is feared that it may
be equally unfortunate in ref1ectine
actual conditions. A number of very
heavy loans were liquidated in the week
and there has since been some expan-
sion, but the fact of a progressive in
crease in the total will make Saturdays
showing of loans, based on rising aver
ages, and therefore likely to understate
the actual total at the end Of the week
The subtreasury has been taking mo.
ney from the banks and the interior ex.
changes still run against New York
The announcement of one of the grea
insurance companies of it's intention Il
dispose of all of its investments il
stocks was a weight on the market dur.
ing the early hour, but some relief wa.
caused by subsequent announcement
that the holdings would probably b,
disposed of at private sale.
New York Centraps increase in gross
earnings for June Of $3.50. 084 helped tn,
late recovery in the market. The clos,
was about steady at mixed gains anC
losses. The railroad bond market wa,
rather dull and irregular, western rail
roads being in good demand. Tota
sales, par value, $2,S25,000. United
States As registered declined u in tn,
bid prices.