The times., 1897-08-01
The World of Business.
Wall Street Yesterday


New York, Jaly3l ~ Now that ttemarket
has attained proportions and level OF
prices more than suggestive OF a general
iseIl movement, bear traders are begin
ming 10 cry that the pace is Too fast, That
the price is high enough for the moment,
and that reaction OF several points is due.
A eeod nlany traders have played the mar
ket for a reaction all the week A large
number held the view Monday that the
tariff fiil and the adjournment Of Con-
greSs afforded excellent opportunity
TO market their holdings, and that the
events referred TO would probably mark
tie elimination of the advance in prices.
Adherence TO this theory resulted in heavy
realization sales this week, particularly for
stocks that had been foremost in the up
ward movement. namely, Sugar and the
granger trunk line shares. The stocks
mentioned closed today lower than they
did last Saturday, and this is not sur
prising, for they had enjoyed very con-
siderable advance. The only one, however,
that is materially lower than last Satur-
day is Sugar.
The net declines in the granger stocks,
including that OF i is in st. Paul, Ii5ay be
regarded as uniiDportant This the show
ing of the reactonists. On the other hand,
the market has continued active, in spite
of the flood Of long stock poured upon it
early in the week and persistent efforts
ever since to establish a lower level OF
prices.
The most conspicuous manipulation all
the week has been by operators who are
fighting the advance. The dealings in
stocks have averaged over $50, 900 shares
a day, ard the number of issues dealt in
| is the largest ever reported for any one
week, namely. 17o. The dealings is bonds
have averaged over So, 900 900 day, and
the nuiabeF Of shares dealt in is tfirty-tiye.
1t is hardly necessary to recount the causes
that have attracted capital TO the market
| for securities.
The cereal situation of the world is
/ fairly wei known, and also the unusually
| advantageous position the United States
/ enjoys this year in regard to the bread
stuff market. Railway organizations which
| arc now in the main completed have
! brought many thousands OF miles OF roads
up 10 an excellent physical conditun. well
| fitted TO handle advantageously the
| enormous business of transporting the
crops TO market and carrying hack the
merchandise that practically pays the
producer for them. Rates, though alb
normally and Uniustly low, are, in the
main, well maintained
as to the location of securities Europe
| has been brought to a standStin IL has
| sold American securities ever since the
Barring panie, untili it now probably holds
| a smaller amount than at any time in the
last tea years
Today's market was of rather a holiday
character; still the dealings We're fairly
j large and some noteworthy fluctuations
/ took place. The greatest activity was in
Northern Pacific preferred and Chesa-
peake and Ohio. These two stocks closed
! / 5-s and "a higher, respectively. Cur
rent reports regarding Northern Pacific
are that an agreement ha s been reached
| between the various interests in the prop
| erty regarding change in management. An
| attack was made upon Reading securities
| particularly the first preferred. appar-
| emily by an operator who is usually con-
| sfHcuous on the short side OF the market
The weekly statement of averages OF
! the associated banks shows loss in law
ful Inoaey OF 81 500, GOO, due probably to
exp6fts of gold In view of the large sur
| plus held by the banks this change is
unimportant- More significant is the in
crease Of neatly So, 600 600 in the loans.
In spite Of the comparative dullness and
the taking OF profits incidental TO the end
| OF the week the market was firm through
| out.