Birmingham state herald., 1897-07-04
InWall Stree.


 InWall Stree.
 New York, July 3,-Dealings were small
 on the stock exchange today in the aggre-
 gate, and about one-third of the small total was absorbed by tobacco, in which there was a heavy selling and notable decline in prices. A half days session of ghe stock exchange preceding an interval of two days suspension of trading would naturally account for the dullnees in part Many deal.Ns ard brokers left town today and tock no part in trading today at all The decline in activity to- day, however, cannot all be attributed to the fact that two days suspension of
 trading is to follow. The heavy liquida- tion in tobacco, sharp decline in Ten
 nessee Coal and Iron and the influence of
 the lower prices for American securities in London affected the tone of the mar ket and were added 10 as far as possible by the bear con tingent. Manipulation for the decline and short selling were quite palpable and proved effective. Nsverthe- less, there was not lacking evidence of a refiux of confidence in the general out look for business improvement These showed no wide recessions, notwithstand- ing the heavy Hone of the market outside of thetwo special cases mentioned and Reading first preferred, the latter stock
 closing point lower. Tobacco sagged at one time 3h points below yesterdays close. and closed at 74A, which is a rally ~ and recovered only tha fraction of that figure, che weakness being due to reports of labor troubles with the company's employees. Brooklyn Rapid Transit was
 marked exception to this general weak
 ness and gained 1A, closing strong at the top. Rio Grands Western preferred also showed a further advance of 2 points. The ref1ux of confidence in the general outlook for business indicated as being a factor today, has been manifes. during nly thn ertatry iron and steel industry have exprs ssed degree of dissatisfaction with the prog ress making toward improvement in that business. r,e
 The strike of coal miners in the btum- inous coal districts of Pennsylvania, Ohio, West Virginia, Indiana and Illinois, has grown In impressiveness to the minds of security holders. The soft coal indus try itself and the railroads which trans port it's products have been recognized as drag on general improvement and the prospect of further Reorganization and demoralization in the industry is re- garded as serious dra awback to indus trials in the revival. These facts came to reinforce the argument as constantly harped upon by the bears during the pe- ri d of the pres mt advance in stocks, that prices of securities were out-stripping the improvement in business. AS a re- suit the week has witnessed the culmin- ation for the time being at least of the advance in prices of securities and the four clearly defined reaction since the | movemen set in, over a month ago. The market has, however retained a large degree of steadiness and even firmnss in many leading stocks. Monday and Tues day saw the heaviness transactions on the stock exchange of any day since that following the election last fall. On Mon day all offerings seemed to be well ab- sorbed and the selling seemed nothing
 more than the professional profit taking which has ben a feature at intervals of the steady advance in stocks. But Tues days transactions made it evident that the buying which has led the advance, had, to large extent, liquidated it's hold ings and was not prepared at once to buy | for another upward step in the market. | St. Paul. the leader of the market all week in point of activity, and enormous | speculative holdings in Burlington have | been sold out and transferred to St. Paul. | The weekly statement of gross earnings of St. Paul have shown an excess for each week in June over the correspond ing period in any year since 1893. For the fourth week in June, the earnings report ed yesterday are in excess of the corre- spending week for any year in the his- tory of the road St. Pauls net gain on the month is 1h and Burhngton's 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 companies of the country continue to show Improvements A feature of the week has been the de- cline in sterling exchange to below the point which gold exports are profitable, even with the consideration amounting to a premium, which is stiSl offered for gold in Europe. A special order for $500. 900 in gold, which was received from Europe on Thursday, found no takers. It is the general belief of exchange and specie export houses that this marks the termination of the exporting gold move
 msnt for this eyar The growth of bank
 clearings in June indi ioates an increased
 activity in business, though it is to be
 noted that the increase of banks outside
 New York is, according to the Financial
 Chronicle, only 1 per cent over last year.
 while for New York city the increase Is
 6 per cent supposed to be largely due to
 stock speculat ton. Deposits in New
 York clearing house banks are several
 million in excess of the highest previous
 record, and currency continues to move
 ito this centre. But the weeks eXpan-
 sion in loans of these banks is $3137. GOO
 greater than the expansion in the de-
 posits for the same period. This indi-
 cates a step towards the absorption of
 the surplus idle unds in New York banks
 which has glutted the money market fo
 which has glutted the money market for
 many months and reduces the excess of
 deposits over loans, which last week
 reached s55. 900 by the amount stated
 Net changes for the week in the stock
 market are mostly losses in the active
 shares, but they only reach as high as a
 point in a few shares. Tobacco Is off
 3A Bay State gas 3 and Chicago and
 Eastern Illinois preferred 2h. On the
 other hand, sugar is up 2, Rio Grande
 preferred 8A Rio Grande common 5L.