The herald., 1897-07-04
ON CHANGE
What Was Done Yesterday on Wall
Street

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 in
which there was heavy selling and no.
table decline in prices. A half days ses-
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 trading today at all. But it was ex-
pected that there might be a large volume
of transactions during today's short ses-
sion when the exchange authorities de-
clined to grant request by members last
week to adjourn over from Friday, July g
| to Tuesday, July 9Th. The animation of
the market at the time this request was
denied warranted the assumption that
suspension for the extra half day might
cut off large volume of business. The
decline in activity today cannot all be at
tributed to the fact that two days suspen-
sion of trading is to follow. The dullness
reflects the continued conviction of deal
ers in securities that the present level of
the market is as high conditions war;
rant. The prevalence of this sentiment
might be expected to hold the market
without causing actual decline. But the
heavy liquidation in Tobacco, a sharp de-
cline in Tennessee Coal and Iron and the
influence of the lower prices for American
securities in London affected the tone of
the market and were added to as far as
possible by the efforts of the bear contin-
gent Manipulation for the decline and
short selling were quite palpable and
proved effective in the narrow and rather
neglected market. Nevertheless there was
not lacking evidence of a reflex of conf
dence in the general outlook for business
Improvement which must be given due
weight in an estimate of the days results.
Hloc-A .s,I,<x
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 at one time 3% points below
yesterdays close and closed at 74A, which
is a rally of q. Tennessee Coal and Iron
fell 2% and recovered only the fraction of
the figure, the weakness being the reports
of labor trouble with the companys en-
ployes. Brooklyn Rapid Transit was a
marked exception to the general weakness
and gained 1si. closing strong at the top.
The reflex of confidence in the general
outlook for business indicated as being
a factor today, has been manifest during
the week and perhaps in a progressive
degree as the week advanced. The strike
of the coal miners of Pennsylvania, Ohio,
West Virginia. Indiana and Illinois has
grown in impressiveness to the minds Of
security holders. The soft coal industry
itself and the railroads which transport
it's products have been recognized as a
drag on general Improvement and the
prospect of further disorganization and
generalization in the industry is regarded
as serious drawback to industrials in
the revival. These facts come to reinforce
the argument constantly harped upon by
the bears during the period of the present
advance in stocks that prices of securities
were outstripping the Improvement of the
an INN Mt
that was, as yet, only promising. AS re-
suit the week has witnessed the culmina-
ton Tor the time being an advance in
prices OF securities Of the first clearly de-
lined reaction since the movement set in
I over month ago. The market has re-
tanned large degree Of steadiness and
even of firmness in many leading stocks.
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 a
premium which is still offered for gold in
Europe. A special order for $500, 900 in gold
which was received from Europe on
Thursday found no takers. 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 it is to be noted that in
crease of banks outside of New York u.s.
according to the Financial Chronicle, only
one per cent over last year, while for
New York city the increase is six per cent
supposed to be largely due to stock specu-
lation.
Deposits in New York clearing house
banks are several million in excess of the
highest previous record and currency con-
tinues to move to this center. But the
weeks expansion in loans of these banks is
$3,137, 200 greater than the expansion in the
deposits for the same period. This indicates
step toward the absorption of surplus
idle funds in the New York banks. which
have glutted the money market for many
months and reduces the excess of deposits
over loans. which last week reached s75.-
4lS,OO0 by the amount stated. Net changes
for the week in the stock market are mostly