New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-01

on a smaller volume Of business than prevail
ing In the last few days. stocks were irregular
to-day and showed the effects Of continued
profit-taking sales and the temporary with
drawal Of the recent heavy buying power That
the market will continue to reflect good outside
buving no one doubts, and to-days course OF
values indicated no weakness other than that
produced by extensive realizing sales. The re-
action yesterday doubtless kept many buyers
out Of the market on the theory that better buy
ing prices could be obtained; in fact commission
houses had many orders to-day 10 buy at figures
below those so far reached in the two days Of
reaction The underlying strength OF the mar
ket and the favorable prevailing business condi-
tons and prospects make waiting for lower
prices hazardous. and the strength exhibited
both Yesterday and to-day, in the face OF eX-
tremely heavy realiZations and bear operations
reflects "A market position which buyers would
do well to consider. The bulk OF the trading to-
day was mon"polized by the professional ee-
ment but in the downward movement no i'm
portant selling, except for prohts, TOOK place
and holders of securities paid little attention to
the days losses which. in the majority OF issues
were only small fractions. At one time soon
after the opening considerable strength deNel-
oped. which. in sonie cases. carried prices from
To H., per cent above the lowest. In the after
noon, in the absence of commission house sup
port traders again operated for a reaction, but
the decline was accompanied by very quiet
market. The anthracite shares were the strong
features of the market. traders covering on the
advance in anthracite coal prices. and on the la
Dor troubles in the btuminous coal region. which
indicated a long continued strike. Consolidated
Gas Rock Island. Manhattan. Tennessee Coal,
Union Pacific. United States Leather preferred.
also were higher at the close. Total transac-
tons amounted to 2S6.OS6 shares. against 43o'S'o
shares yesterday with the heaviest dealings in
the Granger group Chicago Gas. Sugar Renning
and Northern Pacific preferred.
The Treasury statement OF Government re-
ceipts and expenditures COR the fiscal year ended
to-day shows a deficit for the year OF S22.tG6-
.,26 the recent increase in customs receipts. due
to the expected higher duties accounting for
the reduction In the deficit from the large figures
prevailing four months ago. The deficit year
ago under the Wilson Tariff law was so. 2t3.-
10 and the estimate for 1897, made before the
possibility Of a new tariff law became apparent.
was a deficit of $6i5OO.WO. AT the same time
Secretary Carlisle estimated that the deficit for
1898 would be $45.71S97O but fortunately this
last estimate will not have to be taken into con-
sideration. and 1t will be a pleasing change in
the report OF the new Secretary to see an esti-
mated surplus for 1898 and for succeeding years
under the operation of the new Tariff bill. For
the last four years under the operation OF
the Wilson Tariff law the excess OF expendi-
lures over receipts has aggregated Sill .JS9.J24
TO meet which four bond issues aggregating
S2tl3lJ 900 have been made. Interest on bonds
issued under the recent Administration amounts
to sos 94O0O for the time the bonds have Ia
run The principal OF these bonds Is S262.3l5.-
600: with the premium paid the net cost to the
Cover ment is $19S3l4 1873. or the cost Of main
tanning the economic theories Of Professor Will
son. No wonder that the prospect OF a change
has helped the country toward revival, and that
security and all other markets are emerging
from the depression caused 10y the depleted
Treasury and bond issues OF Mr. Clevelands
day AS compared with this time year ago,
the Treasurys net gold holdings show an In
crease of S3S.336.l II; and the actual cash bal
ance decrease of $40. 4S9.929
Prices for the last sales OF the principal active
stocks to-day, compared with the final figures
of Yesterday. We're as fOlOWs