The herald., 1897-02-07
MARKETS OF THE WORLD
Local, Eastern and Foreign
Commercial Dealings
WALL STREET SPECULATION
Stock Dealings Small With Little Change
10 Prices
Northern Pacific Trading u the Only Specially
Interesting Feature OF the Week.
Closing Prices Firm

NEW YORK, Feb. 6-There was little
Of Importance in the transactions of the
stock exchange today. the dealings being
on a small scale and the fluctuations of
prices b'ing within narrow limits, fifty
closing tl week which has proved dull
throughout in spite of the hopes enter
tained at the beginning of revival in the
trading. Todays opening proved irreg-
ular, but generally heavy under much the
same influences as yesterday. A feeling
OF uneasiness centered about the indus
trials. undoubtedly due to the proceedings
OF the legislative trust investigation going
on in this city. In the railway list also
the publication of some disappointing traf-
fic statements of the Southwestern lines
exerted generally depressing influence.
The industrials found fairly good support
put inquired less prominently In the deal
lnGs than yesterday 1t was only in the
Anal hour that the market exhibited any
decided tone, and then the professional
traders started to cover extensively in the
industrials. A few of the railway stocks
came Into prominence. doubtless influenced
by the excellent showing of the weekly
bank statement, presenting a loss in sur
plus reserve Of s4.S0S, 20o and an increase
in loans Of sS,747,9OO and in deposits of
}5,6o00o0. The market showed more ac-
Gvity IN the rally and left off generally
one feature Of any special interest or i'm
portance: This was the development of the
new holdings In Northern Pacific and the
common influences secured in the Oregon
Railway and Navigation company by the
Northern Pacific, Great Northern and
Union Pacific railroads. The transactions
IN Northern Pacific common and preferred
stock and I'm the securities of this com
pany were heavy both in this market and
IN foreign markets, and had gratifying
effect as indicating revival of interest of
2 reorganization company and a combina-
tfon Of interests SO promising of advant-
ages to all concerned that they could not
,1o, I..,
est In financial affairs The lower discount
in London. showing the abundant supply
OF money there, is accepted as a favorable
feature in the outlook here as provid-
ing means for Investment in Amer
ican properties. A feature Of the week was
decline in the previous very high rate for
profit taking. The advance in the treas
ury gold to over $1,000. 900 Is factor in the
solidity of the currency situation. The
money market was extremely dull and
rates were shaded in some instances even
from the low quoted figures which We're
l1s@2 per cent on call. transactions oc-
CURED at 2d2h per cent for thirty days to
eight months. Mercantile was readily alb
sorbed with the banks and out of town peo-
pie were well represented. In the early
part of the week the market showed a
tendency TO broaden out under the infiu
ence of the transactions. involving the
Northern Pacific and their sequences. The
industrials came in for a drive and that
drove values down along the whole Inc
and again restricted the scope of specu-
lation. The market left off generally firm
for the week on coverings by shorts the
net losses on the railways being to per
cent
Tne bond market during the week was
the constant absorption OF large blocks OF
leading bonds for cont mental account.
The speculative bonds moved in sympathy
with the stock market at times when the
strong in tone. The changes recorded i'm
provements, generally speaking.