The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-07-10
Etuanclal.
"A Small Average Net Gain in the Price Of
Stocks Yesterday.

New York, July 9.-The result of the
days trading is a small average net
gain in the prices of stocks. But the
larger part of the sales during the day
was made at prices considerably below
yesterdays close, and 1t was only in
the final hour that a covering move
ment stiffened prices to a level above
last nights close and point or over
above the low level of to-day in many
shares. There was no news to account
for the general movement of the mar
ket, unless it was the continued good
prospects for crops, which sustained
the grangers.
The strength of Des Moines and Fort
Dodge and Chicago Great Western
continued and was attributable to a
belated share in the improvement
which has been general in the market
for several weeks and which was pre-
cipitated by market operations of in
side interests of these properties. Pa
citic Mail was very active and notably
strong on the reputed intention of the
directors to raise the dividend rate.
Omaha was favorably affected by a
story that the proposed blanket mort
gage for $165, 100000 authorized by the
Northwest directors for refunding OPP
erations is to be applied to the refund
ing of Omaha issues as well, through
the merging of the two roads. This ru-
NOR affected Omaha more markedly
than 1t did Northwest itself, and, in
fact, gave an impetus to prices in the
whole market. 49,
New York Central sold up at one
time during the day on reports that
its officials had secured controlling
interest in the Lehigh Valley. The
stock reacted sharply upon a denial
of this report from an accepted au-
thority in both New York Central and
Lehigh Valley affairs. Chicago Gas
was vigorously attacked and sold down
1ss below last nights close on a report
that the plan of consolidation included
an increase of the bonded debt, but
practically all of the loss was recover
ed. Sugar was the subject Of the usu-
al flood of runors regarding the inten-
lions of the tariff conference, but ruled
above last nights close nearly all day
and closed with net gain Of a point,
rising sharply at the close on cover
ing. 4g
The market was Utmost wholly made
up of such special Incidents as the
above. Commission house buying was
lacking. the London market was not a
factor, and, in fact, manipulation, made
effective by the narrowness of the mar
ket was about the only influence which
Ia itca1f Tbara yuaa q
marked diminution in the volume of
dealings, and Sugar st. Paul. Burling-
ton owl Pacific Mail absorbed about
half the total Des Moines and Fort
Dodge and Omaha gained 1as net each,
and New York Central a point. Other
wise net gains Of a fraction were gen
eral. A number of shares showed a re-
covery Of over a point from the low
point, including, besides the above,
Chicago Gas, Rock Island and Pacific
Mail Minnesota Iron rallied points,
net gain of 2 per cent, in the clos
ing dealings. Iowa Central preferred
lost IL.
A brisk inquiry prevailed for the
middle grade bonds, and some substan-
tial improvements were recorded. The
general market also advanced slightly
with more cheerful sentiment pervad-
ing the dealings than for some time.
The aggregate sales were 81, 45O, 900. The
principal gains were in Susquehanna
and Western generals per cent. and
Detroit Gas SIS ~ per cent. Brooklyn
Transit SIS and Standard Rope 6's dis
played some irregularity, but closed
practically unchanged,
Government bonds were a shade low
ed all around. The transactions were
$40, 900.
Following are the closing prices re-
Dorted by Prince &c Whitley. bankers
and brokers, Is Broadway, New York
and Is Center street, New Haven: