The herald., 1896-08-23
Business Transacted and Prices Paid at Homo
and Abroad

NEW AORh, Aug. 22.-The STOCK mar
ket today was dull for even a half hcli-
day. The total dealings amounted to only
$4,000 shares. Three stocks Sugar, West
elm Union and ST. Paul figured for one
third of the transactions. The trading
was entirely professional and the move
ment was governed by several important
influences the chief one being the bank
statement. The London operations were
ariiling. Western Union was prominent
and after an initial gain of nearly two
per cent on rumors of the absorption of the
Bell Telephone company. lost nearly all
OF the Improvement on the official denial
OF the story. The stock subsequently rose
to the early high price figure, 1874, shading
off slightly at the close. The speculation
hung inactive, until the publication of the
banks. The exhibit was a decided surprise
to the street generally, as it showed only
an insignificant loss in reserves, in the face
of expectations of decrease of So, 000 900 to
$500, 100000 a loss of so, 095 100 in deposits
and contraction of S59Si, 700 in loans were
the unfavorable features of the statement
while the small decrease in reserve was
partly attributed to gains by the banks
through the sub-treasury's operations Vhis
gam offset the shipments of currency in
the interior. The market stiffened to the
extent of sharp fractions in the last half
hour, sugar and Burlington exceptionally
rising rs per cent. The closing was strong
at fractional gains. Speculation during the
week was marked by decided irregularity
and was dominated by the professional
dealers to a considerable extent. The
puiio were encouraged dl lllc outset Dy IL
favorable international trade balance and
by the annual report of the Northwestern
which was even more favora BILE than had
been anticipated. together with rapid sue
cessive declines in the exchange market.
to q point permitting the engagement
Of s2,75O.0oO in gold abroad for import to
this country. These developments occa-
stoned improvements in prices all around
but later the speculation was clouded by
various depressing factors. These included
distressing reports as to the condition of
affars in mercantile circles. an advance in
rumors of an impending issue of clearing
house certificates, finally and application
for certificates by a leading bank, presum-
ably to- make matters easier for less infiu-
the opportunities afforded and caused a
small hysterical condition OF public senti-
ment RumorS of acute financial embar-
rassment in various quarters were circu-
lated and predictions were made that the
surplus reserve in the city banks would
flat receptionof the New York city loan
was an unfavOrable incident and London
was a fairly steady seller of American
securities throughout In the latter deal
ings sterling exchange stiffened slightly
and again receded a small fraction. The
net changes in prices showed losses gen
orally in the more important shares with
a few exceptions, notably in sugar, which
left off ~ per cent higher. The features
of the bond market were chiefly dulness
active issues. The tendency of prices was
toward a lower basis with some pronounc-
ed net declines in speculative bonds. Gov
ernment bonds We're shaded slightly on
sales Of s136,000. Silver certificates display
ed acute weakness in the early trading,
recovery to 67h. The transactions were
S1T2,000.