The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-04
Dealings Were Small on tx
change Yesterday.
BROKERS LEAVE NETWORK
TOOK NO PART IN MEETING Ot
STOCK EXCHANGE.
IMPROVEMENT MAY BE LOOKED FOR
Tennessee Coal and Iron Fell on Account OF
Labor Trouble Brooklyn Transit Leader
Review of Weeks Speculations.

Labor TroubIe--Brooklyn Transit Leader
--Reyiew of Weeks Speculatons.
i New York, July 3.-Dealings were
small on the stock exchange today In the
aggregate and about one-third of the
small total was absorbed by Tobacco, III
which there was heavy selling and a no.
table decline in price. A half days SEES
sion of the stock exchange preceding an
Interval of two days suspension of trad
ing would naturally account for the dull,
ness in part. Many dealers and brokers
left town yesterday and took no part in
the rating today at all.
The decline in activity today, however
cannot all be attributed to the fact that
two days suspension of trading is to
FOLLOW. The heavy liquidation in Tobac-
co. sharp decline in Tennessee Coal and
Iron and the influence of the lower prices
for American securities in London affect
ed the tone of the market and were adj
ded to as far as possible by the efforts
of the bear contingent. Manipulation
for the decline and short selling were
added to as far as possible by the efforts
of the bear contingent. Manipulation for
the decline and short selling were quite
palpable and proved effective in the mar
row and rather neglected market. Never
theless, there was not lacking evidence
Of reflux of confidence in the general
outlook for business improvement. These
results showed no wide recessions, not
withstanding the heavy tone of the mar
ket, outside of the two special cases men,
toned and Reading first preferred, the
latter stock closing a point lower. To
bacco sagged OF one time 312 points be-
low yesterdays close and closed at 74A,
which is a rally of q. Tennessee Coal
and Iron fell 23s and recovered only the
fraction of that figure, the weakness be-
ing due to reports of labor troubles with
the company's employees. Brooklyn
Rapid Transit was a marked exception to
the general weakness and gained 1%,
closing strong at the top. Rio Grande
Western preferred also showed further
advance of two points.
The reflux of confidence in the general
outlook for business indicated as being
a factor today, has been manifest during
the week. The recognized organs in the
iron and steel industry have expressed a
degree of dissatisfaction with the prog
ress making toward improvement in
that business-a business which Wall
street ha bitually looks to as a fairly re-
liable barometer of business at large.
The strike of coal miners in the bitumi-
nous coal district of Pennsylvania, Ohio,
West Virginia, Indiana and Illinois has
| i
of security holders. The soft coal in
dustry itself and the railroads which
transport its products have been recog-
nized as a drag on general Improvement
and the prospect of further disorganiza-
ton and decentralization in the industry
lis regarded as a serious drawback to in
dustrials in the revival. These facts came
to reinforce the arguments constantly
harped upon by the bears during the pc
Rod of the present advance in stocks,
that prices of securities were outstrip-
Iping the improvement in business.
AS result, the week has witnessed the
elimination for the time being at least
of the advance of securities and the first
clearly defined reaction since the move
ment set in over a month ago. The mar
ket has, however, retained a large de-
gree Of steadiness and even of firmness
in many leading stocks. Monday and
Tuesday show the heaviest transactions
ON the stock exchange of any day since
those following of last fall On
Monday all offerings seemed to
be well absorbed and the sell
ing seemed nothing more than the
preferential profit taking which has been
feature at intervals Of the steady adj
vance in stocks. But Tuesdays trans
actions made it evident that the buying
which has led the advance had, to a
large extent liquidated it's holidays and
was not prepared at once to buy for
another upward step in the market. st.
Paul has been the leader of the market
all week in point of activity, and enor-
nous speculative holdings in Burling-
ton have been sold out and transferred to
st. Paul. The weekly statements of
gross earnings of st. Paul have shown
an excess for each week in June over
the corresponding period in any year since
1893. For the fourth week in June the
earnings reported yesterday are in excess
of the corresponding week for any year
in the history of the road. st. Paul's
net gain ON the week is y and Burling-
tons net loss is nearly equal, the former
stock having overtaken and crossed the
latter in price and closing the week at
the same price. The statement of both
roads for May was also notably good.
The returns of most of the railroad COM
lpanies of the country continue to show
improvement.
A feature of the week has been the
decline in sterling exchange to below the
point where gold exports are profitable
even with the consideration, amounting
to premium, which is still offered fol
gold in Europe. A special order for
100000 in gold which was received from
Europe on Thursday found no takers. II
is the general belief of exchange and
specie export houses that this marks
the termination of the outgoing gold
movement for this year. The growth
of bank clearings in June indicates an
increased activity in business, though il
is to be noted that the increase of banks
outside New York is, according to the
Financial Chronicle, only per cent over
last year, while for New / ork city the
increase is six per cent, supposed to be
largely due to stock speculation. Depos
it's in New York clearing house banks arc
sever million in excess of the highest
previous record and currency continues
to move to this centre. But the week
expansion in loens OF these banks is
: $sj,f37 200 greater than the expansion
in the deposits for the same period This
indicates a step towards the absorption
~ 4ba c71rvIi1s ;dla funds Il, tba Nov