The herald., 1897-03-07
The Market Grows Dull bu. the Week Shows
GatS


NEW YORK, March 6.-Today's stock
market was again almost wholly In the
hands of the professional element. The
course of prices was rather irregular and
nuctuating quite wide In many properties,
Tho result of the days trading left prices
about where they started a decline of
trivial proportions being registered at the
close. Prices tended downward at the open
ing. There was continuation of selling
Tor London account in this market. The
railway list observed the large proportion
Of attention.. principally the grangers and
the international stocks. The volume OF
dealings in both St. Paul and Burlington
Of the market The other high priced in
dustrials were comparatively neglected.
There was a continuation of selling move
ment In the last hour and a movement to
cover suddenly by the shorts developed.
The bank statement was accepted as ia
vorable. with the increase shown In the
an increased demand for money for mer-
camille. purposes. Under favorable cir
cumstances prices stiffened throughout
the entire list The closing was steady
and the average of the net losses trivial.
The result of the weeks trading showed an
improvement In the weeks market and
higher level for prices. though the gains
for portion of the week have not been
maintained. Unquestionably the most i'm
e'd the issue o BY the Lake Shore Of $4,000 coo
hundred-year gold bonds at the rate OF 3is
per cent for refundng purposes. This, 1t
IS Sdil, was dutnOTlZtu anu thtCtcu oi
Tuesday and the effect on the values all
through the list of stocks was marked and
immediate. Lake Shore has already
owing of the loan. The low rate of inter-
est at which the bonds were foated and
the good prices at which they were imme-
diately taken sent the whole street to look
up the status of the railroad properties
in the matter of per cent bonds matur-
ing In the next few years and when i CIVIL VIII
quent reduction of interest charges. New
York Central. with s42. 900 of per cent
eod wf s en- wss al
most Immediately affected in sympathy
with Lake Shore. 1t was found also that
New Jersey Central has also about $l0,-
OOOOOO bonds maturing BY 1892. Northwest
ern over 900 in 1902; st. Paul an ag~
gregate of over $22, OO0, 900 due between now
90, 900 due in 1898, and Michigan Central
81. .000 900 due in 1902. all bearing interest
at per cent. Prices tended uninterruptedly
upward by wide bounds the price OF some
high priced stocks being bid up many
points without elicitlrg any offers OF stock:
The upward tendency was also accentuated
by the disposition to anticipate the IN
anguration boom" which all tracers have
confidently counted upon with the incoming
Sa rae upder mew the influence o reactionary
tSe0eni sSe end of the week. This was partly due
confidence to Inauguration day as one OF
high prices and they proceeded to take
profits. The trust paragraph in the presi-
dents inaugural address also depressed
the price of the industrials. London be-
came heavy seller of American securities
in this market, estimated at $1,000 shares
for the week. These were well absorbed
and the prices here were well absorbed
a point with the London parity. The re-
action was not complete In any notable
case except those of the industrials ana
some of the internationals. There Gas
about a million shares sold on the ex-
change during the week and the field was
remarkably broadened. The outlook for
speculation is better as result OF the
weeks operations. ENCOURAGEMENT Is felt
over the prospects OF general business;
the promise of the new administration and
the special Improvement in the business OF
the railroads. A feature of the week was
a fall in the price of silver from 64ss an
ounce to 63%. The fall is attributed to the
act of Japan In adopting a ratio of 81 l-3
of silver to 1 of gold for the inauguration or
the gold standard. The bond market dur
ing the week was characterized by marked
animation and strength, which was mainly
reflected in the high priced mortgages
The glut of money together with the favor-
able outlook generally is Influencing
brisk demand for prime securities by tnsti-
tutions and Individual capitalists. Oper-
ations over the country have been quite
large with municipal liens in special IA
vor. The aggregate sales of the week were
S99 900. The government bond market
displayed aggressive strength throughout
on active dealings. The Improvement was
restricted to slight fractions, with invest
ment purchases the sustaining influence.
The sales were $637, 900.