New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-09
Thursday. July In

After a strong opening and higher prices in
the first hour of trading to-day stocks became
irregular and dull at slight final recessions in the
majority Of active issues, the weaker tendency
being due in great part TO the persistent selling
Of several operators one Of whom has been a
seller in the last few days In order to close out
his lines preparatory to leaving here for Europe
There was some commsson-house buying in
the morning. and the days business was above
yesterdays in poin: OF activity. but the greater
part of the trading for professional account
the losses being the most pronounced in the
stocks which made the greatest gains YESTERDAY
as in ST Paul. Rock Island and Burlington
which lost from y to IL per cent on realizing
sales. and in Sugar Refining. which lost tx per
cent on selling. due TO reports from Washington
rejecting the belief in that city that the House
schedule sugar would prevail in the tariff
conference. The favorable sentiment created by
the passage of the Tariff bill was not reflected in
prices. except the opening; but IT should be
borne in mind that the expectation of the pass
age Of the bill has been one Of the potent factors
In the recent continuous upward movement in
prices and that the current operations in the
security market are to a great extent confined to
those Of the professional element which IL trying
to lower values in the temporary absence of i'm
ever. are we'll held and will not he thrown upon
the market Large amounts OF dividend pa yng
securities and of securities whose prospects are
sufficiently bright to promise dividends in the
near future have been absorbed by conservative
buyers and II Is not likely that they will offer
them for sale or enter into liquidation al a time
when business prospects are so bright.
Professional traders need to realize that con-
Ndence among legitimate holders of securities is
strong Intending buyers need attach no signif-
canoe TO recent reactions In prices. and they can
rest satisfied that large moneyed interests are
still looking about for the employment OF their
capital The announcement that the directors
OF the Chicago and Northwestern Railway Com
pany had authorized mortgage for Sl6o,OoO0OO,
to run for ninety years was the chief news
item OF the day, and for time II had stimu-
lating effect upon the market. particularly In
Northwestern stock, which advanced " per cent
and in the subsequent general decline MADE no
loss from last nights closing. The refundng
operations proposed by this company VIII IN
volve a big saving In interest charges, on
the bonds maturing between no" anu i' %,
amounting to S17.613.OO0. the saving on a 31s
per cent basis being about S630WO. or over l'2
per cent on the stock. The rate for the new
bonds which will be Issued under the refunoihs
plan has not yet been announced but IL is gen
orally supposed that II Will be 3;2 per cent, ana
that eventually all Of the company's bonds VIII
be refunded into one mortgage; those maturing
I'D 10 1902, however. will be dealt with al once
The wheat market was firm and slightly higher
AT the close but stock market traders MADE no
note of the movement Of cereal prices the de-
mand for wheat from foreign countries Is m
creasing. and yesterdays sales for the foreign
account for delivery in August and september
were larger than in any other day since lo'I
The crop reports received to-day were 1avoraple e
I.ha fact that home crop prospects are so bright
while foreign shortages promise to be large ~
,t,racting active and vigorous speculation IN
the wheat market. and as an indication OF CON-
s nro,ds should find more adequate renee
ton In the security market. The closing IN tne
stock market was heavy and unsettled ShI,
90 go and Great Western, Des Moines ana rort
yenS.s East River Gas, Laclede Gas and Rio
Grand western preferred were noteworthy eH-
centions at substantial net gains.
Prices for the last sales OF the pr'ne'pa' aS''''