The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-07-04

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 To-
bacco. in which there was heavy sell
ing and notable decline in prices. A
half days session of the Stock Ex-
change preceding an interval of two
days suspension of trading would
naturally account for the dullness in
part. Many dealers and brokers left
town yesterday and took no part in
the trading today at all. But it was
expected that there might be a large
volume of transactions during today's
short session, when the exchange au-
thorities declined to grant request
by members last week to adjourn over
from Friday, July ., to Tuesday, July 6.
The animation of the market at the
time this request was denied war
ranted the assumption that a suspen-
sion for the extra half day might cut
off large volume of business. The
decline in activity today cannot all be /
attributed to the fact that two days |
suspension of trading is TO follow The |
dullness reflects the continued convic- |
ton of dealers in securities that the /
present level Of the market is as high (
as conditions warrant The prevalence /
Of this sentiment might be expected to |
hold the market without causing ac-
tual decline. But the heavy liquida-
ton in Tobacco, a sharp decline in
tennessee Coal and Iron and the in
fiuence OF the lower prices for Amer
lean securities in London affected the
tone of the market and 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 il the narrow and
rather neglected market. Neverthe-
less, there was not lacking evidence of
a reflex of confidence in the general
outlook for business improvement,
which must be given due weight in an
estimate of the days results. These
results show no wide recessions, not
withstanding the heavy tone of the
market outside Of the two special cases
mentioned, and Reading first preferred,
the latter stock closing a point lower.
Tobacco sagged at one time 31s points
below yesterdays close and closed at I
l414 which is really rally of q.
Tennessee Coal and Iron fell %, and J
only the fraction of a figure.
the weakness being due to reports of
labor troubles with the company's en-
pioyees- Brooklyn Rapid Transit was
4 marked exception to the general
weakness and gained 10, closing .
strong at the top. Rio Grande Western 7
preferred also showed a further ad-
rance Of , points. Otherwise fractional
let losses were general and in the
irangers and international shares
luite marked.
The reflex of confidence in the gen
raj outlook for business indicated as n
'eing a factor today has been manifest
Turing the week, and perhaps il a
progressive degree as the week adj
-anced. The recognized organs in the
ron and steel industry have expressed ,
degree of dissatisfaction with the Z
'rogress making toward improvement
4 that business business which
Vail street habitually looks to as a
airly reliable barometer of business
1 large.
The week has witnessed the culmina-
ion for the time being, at least, of the h,
dVance in prices of securities of the a,
rst clearly defined reaction since the ~
lovement set in over a month ago -
here has succeeded a condition of :,
ILLNESS which has grown more marked d
s the week advanced. The market has, 70
owever, retained a large degree of tn
readiness and even of firmness in II
lany leading stocks. The weeks pro- re
ass might be fifty called one of as X
and digestion. IN IN
A feature of the week has been the "S
ecline in sterling exchange to below all
lie point where gold exports are profit tn
Die, even with the consideration sa
to a premium. which is still
fered for gold in Europe sa
A special order for 100000 in gold, {
hich was received from Europe on pr
thursday, found no takers. It is the ioi
sneral belief of exchange and specie on
,port houses that this marks the ter ~!
ination of the outgoing gold move ~.
ent for this year. i'm
The growth Of bank clearings in June his
dicates an increased activity in bust {
SIS. though it is to be noted that the cia
crease Of banks outside of New York WI
ccrding TO the Financial Chronicle. = Of 81
ly l per cent over last year. while sin
r New York City the increase is tai
+ cent supposed to be largely due TO Gill
)ck speculation. Deposits in New pre-
,rk clearing house banks are several Of %;
lliOns in excess OF the highest pre- 80
Jus record, ana currency continues to aga
I'VE to this center. But the weeks Ger
pansiOn in loans of these banks is tiol
49,. 200 greater than the expansion in tol
? deposits for the same period. This iiS y.
licates step towards the absorption mir
surplus idle funds in the New York the
nks. which have glutted the money ma
lrket for many months. and reduces dev
: excess of deposits over loans, which sllil
t week reached S75s13.000 by the n ~
count stated. Net changes for the sta,
elk in the stock market are mostly T,
ses in the inactive shares. but they acc
y reach as high as point in a few the
~, 49,, ,.,o. 49,. $780, hea
g during the week Operations for qua
eign account We're less notable. The mer
h prices for prime mortgages are 81
cling more generous purchases of at J
!, ,,S.;caS lfa,e Tbe aoo~reo,o 70 so1o. and
-e S9.207.0o " II
has