Show DEALINGS ON WALL ST SMALL Usual Occurrence Preceding a Double Holiday I NOTABLE DROP IN ALL PRICES MANY DEALERS AND BROKERS HAD LEFT TOWN j I Eeflex of Confidence in the General Outlofck For Business a Factor That Has Been Manifest During the Week Sterling Exchange at Point Below Where Geld Shipments Ship-ments Are Profitable Bond 2Iar ket Was Strong and Active During Du-ring the Week New York July 3 Dealings were small on the Stock Exchange today In the aggregate and about onethird of the small total was absorbed by Tobacco To-bacco in which there was havy selling sell-ing and a notable decline in prices A half days session of the Stock Exchange Ex-change preceding an interval of two I days suspension of trading would naturally account for the dullness in 1 part Many dealers and brokers lert town yesterday and took no part in the trading today at all But it was expected that there might be a large volume of transactions during todays short session when the exchange authorities au-thorities declined to grant a request by members last week to adjourn over from Friday July 2 to Tuesday July 6 I The animation of the market at the time this request was denied warranted war-ranted the assumption that a suspension suspen-sion for the extra half day might cutoff cut-off a large volume of business The decline In activity today cannot all be attributed to the fact that two days suspension of trading Is to follow The dullness reflects the continued conviction convic-tion o dealers in securities that the present level of the market is as high its iunuiuuiis warrant JLne prevalence of this sentiment might be expected to hold the market without causing actual ac-tual decline But the heavy liquidation liquida-tion in Tobacco a sharp decline In Tennessee Coal and Iron and the influence In-fluence of the lower prices for American Amer-ican securities in London affected the tone of the market and were added to as far as possible by the efforts of the bear contingent Manipulation for the decline and short selling were quite palpable and proved effective in the narrow and rather neglected market Nevertheless Neverthe-less there was not lacking evidence of a reflex of confidence in the general outlook for business improvement which must be given due weight in an I estimate of the days results These results show no wide recessions notwithstanding not-withstanding the heavy tone of the market outside of the two special cases 4 mentioned and Reading first preferred the latter stock closing a point lower i Tobacco sagged at ont time 34 4 points below yesterdays close and closed at 74i4 which is really a rally r 3 I Tennessee Coal and Iron fell 2i and recovered only the fraction of a figure I the weakness beIng due to reports of labor trouMes with the companys employees em-ployees Brooklyn Rapid Transit was a marked exception to the general weakness and gained li closing strong at the top Rio Grande Western preferred also showed a further advance ad-vance of 2 points Otherwise fractional net losses were general and in the Grangers and International shares j quite marked The reflex of confidence in the general gen-eral outlook for business indicated a being a factor today has been manifest during the week and perhaps in a progressHe degree a the week advanced ad-vanced The recognized organs In the Iron and steel Industry have expressed a degree of dissatisfaction with the progress making toward Improvement in that business business which Wal street habitually looks to a a fairly i reliable barometer of business t 1fl t i The week has witnessed the culmination culmina-tion for the time being at least of the advance in prices of securities of the first clearly defined reaction since the movement set in over a month ago There has succeeded a condition of dullness which has grown more marked as the week advanced The market has however retained a large degree of steadiness and even of firmness In many leading stocks The weeks process pro-cess might be fitly called one of assimilation similation and digestion A feature of the week has been the decline in sterling exchange to below the point where gold exports are profitable I profit-able even with the consideration Y amounting to a premium which Is still offered for gold in Europe A special order for 500000 in gold which was received from Europe on Thursday found no takers I is the general belief of exchange and specie I I I export houses that this marks the < te termination ter-mination of the outgoing gold move I 1 meat for this year The growth of hank clearings in June I inaitates an increased activity in business busi-ness though it is I to be noted that the increase of banks outside of New York according to the Financial Chronicle only 1 per cent over last year while for New York City the increase is 6 per cent supposed to be largely due to stock speculation Deposits in New York clearing house banks are several millions In excess of the highest previous pre-vious record and currency continues to move to this center But the weeks i expansion in loans of these banks is i J3137200 greater than the expansion in I the deposits for the same period This j Indicates a step towards the absorption j of surplus idle funds in the New York banks which have glutted the money i market for many months and reduces I r rrorg f I the excess of deposits over loans which last week reached 75413000 by the j amount stated Net changes for the week IP te stock market gef mostly j i losses In the inactive I shares but they rdcl tat only reach as high as a point in a few i shares J The bond market was stronir and ac tive during the week Operations for foreign account were less notable The high prices for prime mortgages are forcing more generous purchases of low priced liens The aggregate sales r were 50207000 r t STOCK QUOTATIONS Atchlpon 12V4U P D G 2 Adums Express151 Northwestern 1IC 4 Bait Ohio 1 < Preferred IBS Tentral Pacific r > N Y Centra 10iyt Chicago Alonl Oregon Nay 20 > A Chic Gas WiOS LU N 2y Cor Gas 70G Pittsburg 1K > r C fz Iron s < Pullman aIacelG7U D L W 157 in G W 2t Y T R G i > fJ 41U Preferred Stat S-tat Tenn 14Rock Island 73 t Erie SJ Poufi Pacific 15V > Preferred 1S njrar Refinery17 Flocking Valley lTnion Pacific eyt Hilnols Central ftP4 I S Express 40 I tl I L E West 14 Western Union SIU I Preferred 0 W S1 L P 5V I Lnk Shore ins Prrferred 145S rd Trust 29VS1X R G 1 i i j Mem Clmrl 15 Gen Electric 33T Micd Central ti Nan l Linseed 15U i I Missouri Pac IDHCol Fuel I 17 j N y Central SJ Preferred SO I NEW YORK MIXING STOCKS Cholor TOOnturlo 500 I Crown Point 20Ophir I 0 Con CnLVa l Plymouth 101 I Deadwood 95QuIcksIlver 1 00 t 9 Qulekfer I G C 3 prefer d 701 j IL X SSIorni Nevada SI I Homestake 0 Standard 1DO j fron Silver SJCnlon Con r 1 Mexican 33VeUonr Jacket 4 J I w r 0 = BOND QUOTATIONS U S 1 4s r123Erie 2nd r Ere U S n 4s cJ G H SAS107 ½ U S Is regl G H S A 7s O H U S 4 re6118 H T C Is1C4 U S 4s c12tH T C 5sI1 U S 2s rejr Sxwpst Cons 6s10 Va Centuries tl Nwest S F y Deferred 3 Deb 5s 117 11 Atchison 4s S4S Paul Cons 7sl368 Second A COriSt Paul C P Can S 2nds107w W 5 < IHV C P isIs S310U4U P ists SfilOr 9IO DP R G 7S110 B G Its 77U Preferred S7 s Chicago Live Stock Chicago July 3 stock cattle II I were generally no higher than a week ago with sales of native steers at 380 E15 the bulk bringing 4000483 Sales of hogs were at an extreme range ot 310S45 with the bulk at I 33o340 Sheep were saleable at 175385 ambs at 300533 chiefly at 450 I iOO Receipts Cattle 400 hogs 1400 sheep 3000 Kansas City Live Stock Kansas City July 3CattleRe clots o No sales Hogs Receipts 5000 market strong to 5o higher Bulk of sales 322327 < > heavies 322 > 43CO packers 320327 mixed 322 0330 lights 3208327 Yorkers 325327 pigs 2SO330 No sheer Omaha Live Stock Omaha July 3 Cattle Receipts 3 000 market active steady native beef steers 37I1S5 > western steers 3CO450 Texas steers 3150333 cows and heifers 27o3S5 canners 17I 1 275 sleepers and feeders 3600365 calves 460 400gCOO bulls stags etc 340 HogsReceIpts 4500 market shade toSe higher heavy 327t31714 mixed 320f1322i1 light 321325 bulk of on I sales 3200322 I Sheep Receipts 100 Market steady Fair I to choice natives 325375 fair to choice westerns 300360 common and 500 stock sheep 2750350 lambs 375Q Boston Quotations Boston July 3 Atchison 12 Bell Telephone 228 C B Q S3 Mexican Mexi-can Central 9 Oregon Short Line 17V San Diego 9 Boston Montana 13354 Butte iS Boston 227s Liverpool Wheat Liverpool July 31 p m closing WheatSpot No 2 red winter no stock No 1 red northern spring dull dul fs9d Weekly Bank Statement New York July 3The weekly bank statement shows the following changes Reserve decrease 57854275 loans increase in-crease 11020300 specie increase SC 400 legal tender decrease 575S400 deposits increase 7839100 circulation decrease S9700 circulaton The banks now hold 41384875 in excess cent ex-cess rule of the requirements of the 25 per Special Shipments New York July 3The exports of I specie from the port of New York for I the week amounted to S7S30S3 in silver No gold The imports were Gold 63 477 silver 92718 dry goods 3904796 general merchandise 7305690 |