The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-07-11

New York. July 10.-The days mar
ket for stocks was devoid of interest
The two hours of trading on Saturday
/ lacked the usual business, as a rule.
Today was a holiday on the London
exchange, set apart to house cleaning.
The usual tone impaired to the open
ing here by London was lacking. The
heated term has driven many native
operators in the market out of town
| and the attendance on the exchange
was small. Add to these drawbacks
to activity the fact that the whole
temper of the stock market has taken
on a waiting disposition. Would-be
| buyers and would-be sellers are both
scarce, and when they appeared today
they found themselves far apart in
their respective ideas of prices. The
consequence was that transactions on
the exchange in the aggregate reached
barely half hundred thousand shares
sold, and one-fourth of this amount
was Sugar. This stock was cratic
during the day on the conflicting ru-
mors regarding the tariff, but did not
move over a very wide range. 1t
fluctuated above last nights close dur
ing the whole session, at one time go
ing Ia above, and closed with frac-
tional net gain. Only ten other stocks
were dealt in to the extent of 1000
shares.
Pacific Mail added a fraction to its
price, owing to the continued belief in
additional dividends to be declared.
The close showed a majority of the
stocks small fraction higher
The stock market has remained in
semi-Iethargic condition during the
week, characteristic of the normal mid
summer market, but which many over
sanguine dealers in stocks had prophe-
sled would be absent this summer
There have been indications OF
strength in the market several days
during the week. but the upward
movement of prices was attained on
very light transactions and the inter-
vening declines were effected almost
as easily.
The firmness of prices in the face
of the dizziness of the market reflects
the confidence of holders of securities
in the accuracy of current estimates
of the good prospects for domestic
crops and of the probable necessities Oh
the countries which usually take our
surplus, owing TO the prospective snort
age in other sources of their supply
The passage of the tariff bill through
the senate. as marking the conclusion
of a critical stage in the final settle
ment of the veXed question, had Deeh
looked forward to as a favorable rae
tor in Wall street, but like all such
factors that are long in prospects,
this one had been discounted and was
marked by profit taking and slight
reactionary tendency
The strike of soft coal miners mas nad
its effect in checking the upward ten
dency of prices. But there are not
lacking expressions OF confidence that
the strike may lead the way TO an OPP
portunity of lettering the dePloraole
conditions existing all through the soIt
coal trade by improved wages, as wen
as by improved profits to operators and
TRANSFORMATION lines. The week mas
passed without a shipment OF gold TO
Europe. and the belief is general that
the years outgoing gold movement mas
come to an end. Sterling exchange mas,
however, shown a slowly hardening
tendency as the week progressed, even
in a very dull market, and it IS reported
today that a small order for gold for
Europe is in the market and may find
a taker next week, if exchange con-
tinues TO rise. The matter IS not, now
ever. considered important. The COM
mencemenf of grain exports promises
a supply of exchange, and there is
disposition to sell long exchange for
future use. The eurfeited condition of
the money market shows no prospect OF
relief, though the excess of receipts
from the interior of gold currency over
shipments shows tendency TO dimin-
ish.
The low rate for cali money has
fallen during the week from ~ TO 1
per cent. The net changes in the lead
ing stocks for the week are small, but
are mostly lower.
The bond market ruled fairly active
during the week. and considerable
strength developed in the giN- edged
liens. The dealing generally lacked
feature. aside from extreme Irregular
ity TO the industrial securities, which
impaired tone to the general market.
Purchases for investment account were
observable in many instances, and a
better speculative demand occurred for
some OF the low grade mortgages. Some
business was noted toward the close of
the week in the more active mortgages,
but without effect on the general trend.
Governments were quiet and fairly
Well held during the early dealings
subsequently. however. general weak
ness developed on profit taking, with the
new coupon fours reaching to 12412.