The morning news., 1897-07-08
THE MORNING NEWS: THURSDAY. july s. 1897.

Company. 104 bid. los asked; Sibley Man
ufacturing Company. 20 bid, 76 asked; Sa-
vannah Brewing Company. - bid, IS ask
ed
New York July Money on call easy
at lalis per cent; the last loan was at IL
per cent, and closed at Ia per cent
Prime mercantile paper, Sd4 per cent.
Sterling exchange steady and dun, with
actual business in bankers bills at AS6aA
G4.S for demand, and s4.S5s4 d94.S6 for 90
days; posted rates, S4S615QAS7Ia and A.SS
q4SSls. Commercial bills, S4.S5h. Silver
certificates, 6olsQ607sc. Bar silver, 60@c
Mexican dollars, 47c. Government bonds
were hrm. State bonds dull. Railroad
bonds firm.
New York, July 1.-THE Evening Posts
London financial oAblegram says: The
stock markets opened idle and depressed
to-day. There was no increase of busi-
ness but stocks were generally firmer at
the close. Mines were dull. Americans
opened nat. Sales disclosed weakness, the
bulls being frightened by the political sit.
uation.
New York absorbed all the stocks Of
fered, however, and prices closed at the
best, with a firm tone. The decline in the
Bank of Bombay rate of discount Is be-
lieved to be preparatory to the immediate
issue of a rupee loan in India. The week
ly drawings of council drafts have been
Paris and Berlin markets were steady"
New York, July 7-To-days markets
for securities showed the most notable ad-
vances in prices that have occurred since
a week ago from last Monday, the day OF
the bulge" which was looked upon as
marking the elimination of the upward
movement But whereas the sales of
that day reached an aggregate of over
200 shares, to-day's total sales fell be-
low 10000 shares, which is the minimum
for many weeks except yesterday. The
market was in the least degree profess
ional and reflected no widespread public
sentiment regarding the outlook for values
and probably no very well defined or COM
petent private sentiment. The professional
leaders ever present desire to see prices
move was about the only movement that
could be discerned in the trading. The
short selling of the last few days has had
so little effect in bringing out large offer
ings of stock that timidity oVercame the
shorts where the rise had attained only
small proportions, and the measures they
took to cover losses helped the rise. The
outside public took no part in the market,
the commission house orders having drop
ped practically to nil Dealers also con
tinued their distrustful attitude towards
American securities and sold down prices
of the railroad shares dealt in on both ex-
changes. 1t was not until after the Lon
don exchange had ceased for the day that
any strength appeared in this market.
The local security dealers have accepted
a demonstrated fact that foreign capital is
as vet not ready to buy American securi-
ties as it was hoped they would do when
improving conditions and a rising market
formed the attraction. The rise in prices
here has simply invited foreigners to take
profits. Estimates of the number of
shares now crossing the Atlantic for de-
livery to purchasers here run as high as
sc, ,OOO a large part of which are said to be
of St. Paul. This stock absorbed one
dfth of all the dealings on the exchange
to-day. London selling depressed it half
early, but it recovered buoyancy and clos
ed with net gain of 1h The strength in
this stock and Sugar had an important
bearing on the movement of the whole
market. The prospects for crops and in
creased earnings was the argument for
the advance in the railways. st. Paul
touched S41s, which carries it again above
last weeks rise. Sugar enjoyed the bene-
fit of yesterdays votes in the Senate and
the prospect of the early enactment of the
tariff bill. It's net gain was 19s. The An
thracite stocks were bought on the belief
that the prolongation of the strike of soft
coal miners would help the anthracite bus
lness. Manhattan was an exception to the
general strength, and lost a point. A few
other shares lost fractions, but gains were
the rule.
The sales of stocks to-day were 176S1S
shares, including American Sugar, 80 COO
Burlington and Quincy 1900; Manhattan
Consolidated, S,40O; Pacific Mail, $500
Rock Island, 1900. Bond values gener-
ally tended upward on a moderate volume
of dealings, but gains were slight as a
rule. Brooklyn Transit IS touched 35c
The aggregate sales were 81 1,417,O00 Gov
ernments were quiet, but firmly held. The
sales were 5000.