The age-herald., 1901-07-04
LITTLE TRADING
 ON STOCK MARKET Governors Decided to Close Ex- change Until Monday ALL STOCKS WERE WEAK Announcement of the Governors That the Exchange Would Not Open Again Until Monday Caused
 Hegira of Members.
 

New York, July 3.-Today's stock mar ket was little more than nominal. The volume of business was so small that had there been a wide price movement little significance could have attacned to the fact. The subject of most vital im- portance on the exchange was whether it would be possible to get together quorum of the governors to achieve the longed for adjournment of the exchange until Monday next. When this was &C., complished it was greeted with cheers all through the Wall street district and there was an immediate hegira of members on board Only those who were com peled to stay to close up contracts re- mained in the board room. The leader In such market as there was, was United States Steel. That stock reflected clearly enough to disappoint holders over divi- dends or rather over the wording of the dividend declaration. The omission of the word quarterly in connection with the ] per cent dividend on the common stock was alleged to throw doubt upon the continuity of the dividend rats thus established. The argument of the friends of the stock that room was thus left to increase the rate as well as to decrease it, did not assure the spectators that they sold the stock freely The preferred suffered even more markedly, declining 3ss from the top level. The common fell IFS from the best. Both stocks seemed to be without aggressive support. The ef- fort of belated borrowers to secure loans to carry over the four day interval until Monday caused a lively furry in money. As high as 2S per cent was paid for call loans and considerable liquidation was precipitated. The last hour was In fact the most active of the day on the closing up of accounts and a number of leading stocks were carried down point or more
 The disturbance in the money market was evidence of the delay in the return to the market of the money paid out in dividends and interest. In spite of the payment of government interest the sup- treasury has taken a small sum rom the money market on balance this week. The sharp discount to which Chicago ex- change has fallen is also evidence of the presence in that market of heavy claims on New York. The apprehension was felt that the effect of a weak bank statement would have to be faced when trading was resumed on next Monday.
 The bond market was dull and irregular. Total sales par value, $1,7S5,000. United States bonds wee all unchanged on call.
 There was a general hope and expecta- tion amoug professional operatots in stocks last week that there would be some revival of speculation this week which has been totally disappointed.
 It Is not unlikely that quite favorable developments would have proved made quate to overcome the oppressive inf1r- ence on stock operations. as on every other form of human activity of the terri g ble hes.t of the weather. Business at the exchange was of such small proportion that the price changes offer little signifi- cance. It is no unusual thing for money to continue tigAt after the passage of q half yearly dividend period owing to de- lays ip the distribution of resources &C., cumuloted in loans to the channels of the money market again. but operators for thA rise this year had to face in addition the discouragingly small demand from in- yestment prices in anticipation of dividend disbursements. It Is not customary for prospective recipients Of profits to await actual money in hand to reinvest when there is a rising market before them This year the anticipatory investment demand was conspicuously absent. There has been an undertone of uneasinesS also as an outgrowth of the discussion and crit icisms Of the affairs of large concerns more or less manipulated.
 While the board of governors was in session today a communication was read from number of principal banks saying that tho banks would restrict business as much as possible on July and on account of the heat and that as many employees as could be spared would be excused on those days
 Members of the cotton exchange said that the exchange would be unable to close on Friday and Saturday. Friday is regular notice day for the delivery of July cotton on option contracts. The uncertain condition of the crop is urged by the officers of the exchange as a req son why it would be unwise to suspend business.
 New York Stock Market.