The herald., 1897-08-11
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Aug. 10.-The price of most
stocks this evening was generally higher
than yesterday, the gains extending to over
a point in most of the stocks. There are
several reasons why this net result of the
days trading is particularly notable as
indicating the recuperative power of the
market In the first place the market
opened with yesterdays disposition to take
profits apparently still rampant The
offerings for this purpose were very heavy
and the market sold off sharply under the
large transactions The decline was accel-
Grated by the pressure of short sales, pro-
fessional operators being convinced that
reaction of considerable proportions was
impending The grangers were subjected
to the severeSt pressure, but few active
stocks escaped loss of near a point. BY
the time the decline had reached this pro-
portion the offerings began to show signs
of dimnution, that unfaiing indication of
an undertone of strength in a falling mar
ket, and prices soon became firm. After
period of dullness they resumed an up
ward course and advanced steadily and
strongly for the rest of the day on a con-
tinuing increase of business. A large part
of the shares which were precpitately
thrown over yesterday in the desire to
realize the profits were bought back to-
day, many of them below the level at
which they We're sold. The early short
sellers. many of them felt compelled to ac-
cept the inevitable tendency to advance
in view of the decisive test of the reaction
ary power of the market which was given
in the morning. The recuperaton was
affected in the face of the selling for Lon
don account in rather larger volume than
usual. Today was the fortnightly settle
ment or delivery day on the London ex-
change. The belief had prevailed IN some
minds that the recent selling of Ameri-
cans by London was short account. and
that the settlement would disclose the fact
in an announced demand to cover shorts.
Contrary to the expectation of this class,
London sold all the international stocks
freely with the exception of Northern Pa
cifc preferred. This goes to strengthen the
opinion the European capitalists have
really been liquidating their holdings of
American securities on a very large scale.
The only symptom of the existence of any
short interest in London was some de-
mand to borrow stocks here on the present
representatives of 1bndon interests. The
disregard of the stock markets effects of
London's attitude by the rally here was
all the more marked here in view of the
facts. The day was marked by further
decline in sterling exchange on posted
rates to 4.S41a and 4S61a for long and short
respectively and of actual rates to 4.S324
and 4.S5M for long and short. Rates for
time money for the long periods hardened
perceptibly and this invited some selling
of sterling bills for future uses, the pro-
ceedings being put into loans. Discount
hardened in London and there was active
bidding there for gold. Crop prospects, re-
ports of foreign crop shortages and the
accompanying rise in the wheat market all
continued favorable to the advance in the
price of stocks, as did further reports of
current railroad earnings. The total de-
cline was more than recovered in all stocks
but the declines extend to point for only
a few shares The rise from the lowest
exceeded a point in all of the grangers. A
recoveryNof over a point also occurred in
very many of the western and south
western railroads as well as in some south
ern railroads. large number of the in
dustrials and specialtes. including a large
number of the anthracite coal roads, are
In the same category. The bond market
gave decided evidence of strength on lib
eral purchases which advanced some of
the prominent issues notably. Business
was in considera bic volume, but the aggre-
gate showed considerable shrinkage
from yesterdays total. The total trans
actions were $9,425,OO0 Trading in govern
ment bonds was featured by the sale of
a block of $500, 900 of the new coupon fours.
The market ruled heavy with slight shad-
ing in quotations at the close