The age-herald., 1898-07-24
In Wall Street.

New York, July 23@The dullness of the stock market was not relieved in the clos ing hours of the week, though there were one or two incidents of interest in the days trading. One was buying for London &C., count. This was not large, but 1t was in- fluential, and it was pretty well distributed through the international list Later the local traders took the market away from the foreigneres and bid up the prices of the Pacific railroad stocks. This movement grew out of the consultations repiorted as having taken place between the executives of the Canadian Pacific and the Great Northern, and the resulting rumors that the leng-drawn out dispute over the trans continental passenger rates had been ad- justed. The buying by London in face of the downward tendency of sterling ex- change, which is already within measure able distance of the gold importing point, was rather unexpected. Money continued easy in London, but 1t showed itself sensi- tive to demands for gold. The present ease in exchange is due as yet to offerings of grain and cotton futures, but rates are bound to yield further as grain and cotton come forward and the pressure in London is likely to lead to pressu. in New York or in an import movement or gold
 There was 1dlr USIndiiu loI poHuo to- day but prices were not well held. There was a reaction of as, to IA. in the price of the new government S's 'wken issued.'
 The bank statement reflected continued operations on account of the government loan, the decreases in cash being clearly due to payments of subscriptions into the sup treasury The heavy decrease in deposits and the contraction in loans are not so easily accounted flor. The loan decrease n a'fiDnE in gov ernment bonds by banks which have held povernnfeut deposts, a reduction in which seems clearly indicated.
 Sales of al( stocks for the week were only q little over 1000 shafes against near k ROO 900 last week and more than 2 e95ee e9J in the corresponding period of last year. Such business .as'thsre has~been was almost entirely confined to the industrial specla'- ties. Speculation reflected the midsummer duness of general business and is likely to halt until the commercial future Is pet ter defined. The hesitation in specula- ton is due to doubts as to the ability ol the railroads to make encouraging com parisons of earnings with the corresponoihs periods of last year from this time forward. The decline in the gain movement leaves the granger roads particularly at disad- vantage compareh with last year when the demand or Export had already com menced to moy9 grain in large quantities. Wall street is eagerly seeking light on the puzzle of how far Europe will be able to support it's town grain needs and at what the p:iee the Country supplies will be mar keted. Thera is,a significant dropping ten dency in wheat futures
 Railroads, however, are making prepara- tions to han4le the largest traffic in their history. Money Is abundant and cheap even with. the large increase in the coun- try's busin9ss The frmness with which prices of stocks are held through the pc riod of dull hess is due to the confidence of holders that the countrys condition will re- suit in a rise of values.
 The latter part of the week has wit messed .large increased investment de- mand for railrSad bonds at advancing fig ures. United States seconds have advanced ?, the new As (44 the 5s coupon S4 and the 5s registered &nd the old As coupon half in the bid pric&.
 Total sales, stocks to-day, S5 800 shares, including 12@44 Atchison preferred; 3, $50 Sugar. I
 Money on Gall steady at 101A per cent; last loan, 11S per cent Prime mercantile paper, 3&44j per cent; sterling exchange steady, wftH actual business in bankers bills at S4. @D4S51b for demand and $4.S5G 4.S5h for sixty days; posted rates, $4.S5lD 4.b61s con1meY Ycial bills, $4.s36I4.SSh silver certificates. 5Nsa659c; bar silver, 59∾ Mexi- can dollars, 4bAc; government bonds irreg- ailar. -~~4