The herald., 1897-07-11
ON CHANGE
What Was Done Yesterday on Wall
Street


NEW YORK, July 1O.-The DAYS market
In stocks was devoid of interest. The two
hours of trading on Saturdays lack the
usual degree of activity as rule. Today
was holiday in London. The usual tone
impaired to the opening by London was
lacking. The heated term has driven many
active 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 had taken on a waiting dis
position. Would-be buyers and woud-be
sellers are both scarce, and when they ap-
peared 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 a hundred thousand shares
sold, and one-fourth of this was Sugar.
This stock was erratic during the day on
rumors regarding the tariff, but did not
move over very wide range 1t fuctuated
above last nights close during the whole
session at one time. going IA above and
closed with a fractional net gain. Only ten
other stocks were dealt in to the extent
of thousand shares. Pacific Mail added
fraction to its price, owing to the continued
belief that an additional dividend was to be
declared. The close showed a majority of
stocks a small fraction higher The stock
condition during the week, characteristic
of the normal midsummer market, but
which many over-sanguine dealers in
stocks had prophesied would be absent this
summer. There have been indications of
strength in the markets several days dur
ing the week, but the upward movement of
prices was ATTAINED on slight transactions
and the intervening declines were effected
almost as easily. The firmness of prices
| of he riot
reflects the confidence of holders of Sc
curities in the accuracy of current esti-
mates OF the good prospects for domestic
crops and of the probable necessities of the
countries which usually take up our sup
plies, owing to the prospective shortage in
other sources of their supplies. The pas
sage of the tariff bill through the senate,
as marking the conclusion of a critical
stage in the final settlement of the vexed
question, had been looked forward to as a
favorable factor in Wall street. But like
all such factors that are long in prospect
this one had been discounted and was
marked by profit-taking and a slight re-
dictionary tendency. The strike of soft
coal miners has had its effect in checking
the upward tendency of prices. But there
are not lacking expressions of confidence
that the strike may lead the way to an op-
portunity of bettering the deplorable con-
ditions all through the soft coal trade by
improved wages, as well as by improved
profits to operators and Transportation
lines. The week has passed without
shipment of gold to Europe, and the be-
lief is general that the years outgoing
gold movement has come to an end. Ster-
ling exchange has. however shown slow
ly hardening tendency as the week pro-
gressed. even very dull market, and it is
reported today that small order for gold
for Europe is in the market and may find
a taken next week If exchange continues to
rise. The matter is not, however con-
sidered important. The commencement
or grain exports promises a supply of ex-
change, and there is disposition to sell
long exchange for future use. The sur
relted condition of the money market shows
no prospect of relief though the excess of
receipts from the interior of gold cur-
rency over shipments show tendency to
diminish The low rate for call money
has fallen during the week from Il to /
per cent. The net changes in the leading
stocks for the week were small but are
mostly lower. The bond market ruled
fairly active during the week and con-
slderable strength developed in the gilt
edged llnes' The dealings generally lacked
feature except from extreme irree,,lari-
ty TO the industrial securities, which i'm
parted tone to the general market, Pur-
chases for investment account Weras dis
cernible In many instances and a better
speculative demand occurred for some of
the low-grade mortgages. Some heaviness
was noted toward the close of the week
in the more active mortgages, but with
out effect upon the general trend, Gov
ernments were quiet and fairly well held
during the early dealings subsequently.
however, general weakness developed on
profit taking, with the new coupon a.
reaching to 12419.