The age-herald., 1901-07-03
WEATHER TOD HOT FOR MUCH TRADING Smallest Transactions of Any
 Day This Summer LONDON SHOWED DECLINE The Failure of Another Buffalo Bank Causes an Investigation of the
 Character of Investments
 Held By Banks.

New York July 2-Probably the all- embracing topic of the weather Is the sufficient explanation of all that called for notice in today's stock market. The attendance at the board fell to the summer and business fell to insignificant proportions The recording of transac- tions of todd lots" or lots of less than 100 shares. was resumed for the first time since business on the exchange reached abnormal proportions after the election last fall. Quotations were made of bid could be effected. The movement of prices in the few active stocks was also barren of significance. London was in- clined to take Q pessimistic view of American affairs. especially of the steel strike and caused some sympathetic ef- feet at the opening here. But prices did. not fall as far as the London parity and there were dull rallies after the opening. There is not entire freedom from appre- hension over the labor outlook in the steel trades. but Wall street has arrived at a conviction that in it's present phase the desire for a vacation from arduous work plays a large part in the action of the men and that crucial stage in the controversy will not be definitely devel- oped until later in the year. The street had no light on the probable action of the United States Steel directors, as their meeting will be called for the hour of the closing of the exchange. The isolation at sea of J. Pierpont Morgan caused a iy11fN a r1t projects in which he is force, would await his presence and advice and em- phasized the waiting disposition of the market. Yesterdays crop scare rumors were partly offset by reports this morn- ing of rains in the corn belt but the con- tinued hot wave and the government weekly report of cotton were rather de- pressing factors in the market. The fall ure of another small bank in BuHalo created an unfavorable impression ana was the occasion of conjecture regarolng the nature of the securities held for col lateral by banks in general. The call money market was distinctly easled than yesterday and the sub-treasury dept or over a million at the clearing house was the result of the presentation or the treasury's checks for payment Of July government interest. The sharp fall m  sterling exchange at Paris and at Berlin was the principal factor of interest abroad on account of the question thus raised whether the decline in London lh- terest rates from government dispurse- ments is not likely to lead to the With drawal of French capital through ols- satisfaction with the interest return ar forded in London. With the days busi- ness below 100000 shares and the pros pect of continued hot weather, unani- nous approval was given to movement to request the governors to reconsider Their refusal to adjourn the exchange from Wednesday, July 3 at D. m. to Monday, July 8, at 10 a. m. The lndlvlo- ual movements of prices during the day does not call for special comment.
 The bond market shared In the dullness and heaviness of the stock market. Total sales par value S1,565,000. United States bonds were all unchanged.
 New York Stock Market.
 D,, Eriyate Wire to Murphy & Go.