New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-31
CLOSING PRICES OF CHICAGO STOCKS.
Thursday, July Bop. m

An upward movement In stocks at the opening
to-day was started by covering of shorts under
the influence of better London quotations and
by a more cheerful sentiment in the banking
community over the political situation. The
better feeling which developed yesterday
tinued and the practical opening Of the sound
money campaign by Mr. Reed in Maine
important factor In the argument for higher
prices. Mr.. Hannas business-llke methods in
starting the political headquarters in this city
has also impressed Wall Street favorably. and
now that active work has begun in the cause of
sound money the temperament OF the investing
public has reached a caner and more hopeful
condition. There will be less opportunity for
bear raids on the market from now on. and. while
the absence from town Of large Stock Exchange
interests and the indisposition OF investors TO
enlarge their holdings will restrict operations,
there csn be. 1t seems, good reason advanced
for predicting any material success by the opera
tors for lower prices 1t Will doubtless be q
professional market the greater part Of the sum-
mer. with alternate declines and advances. The
public will not be in the market. and outside buy
ing will be confined to small proportions in com
Iarison with professional transactions. but the
strong position Of the Treasury's gold reserve
and the promising conditions in the foreign
change market will help to offset any decided
weakness which may develop during the days OF
political uncertainty.
Actual business in stocks was small. and. with
the exception of very few outside orders
wholly professional. After a strong opening
prices declined h01 per cent from the first, but
renewed covering of shorts around noon caused
an upward movement which increased in
strength before the close leaving last prices for
the majority of shares with small net gains The
only feature of the days trading was raid on
Manhattan, which forced the price down nearly
, per cent from the opening, an uniOunded re-
port being circulated to the effect that the
statement of the company for the June quarter
would be published in the afternoon and that IL
would be an extremely unfavorahle showing.
st. Paul and Louisville and Nashville were In
better demand from the foreign account, and
Sugar Refining active at an advancing
price its net gain being over per cent Opening
prices were at advances OF EQA per cent; at
noon net losses Of AQA per cent were made, and
at the close final changes were generally 1rac-
tional advances with a few gains OF l per cent
and above. II will be noticed that extreme ir-
regularity marked the course Of trading. Recess
sions were easily brought about, from lack Of
support despite the fact that sentiment was
improved. Government bonds were higher. The
foreign exchange market was firm, without any
urgent demand for exchange. with no gold blls
in the market, and with fair amount or com
merCial offerings A small amount Of gold
$50 OO0-was withdrawn for shipment to
Canada and the Treasurys gold reserve IN
creased from yesterday S23I4.S2l, now stand
ing at 500 1886 1t is understood that
number OF capitalists and corporations have
agreed to subscribe to a guarantee syndicate
which will assume the losses. II any. in the work
of controlling the foreign exchange market ana
share in the profits that may be MADE out OF the
operation. The subscribers are men VINO nave
larger interests 10 protect tnan the eA|"o"eS
bankers themselves. 49,,
Closing prices to-day Of number OF active
stocks compare with Yesterdays as follows: