The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-21
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FRIDAY, Aug. 20.
The stock market continues to reflect a feeling
Of uncertainty regarding the spring wheat crop
and fears that the corn crop may suffer because
Of unsensonably cool weather. Apprehension
regarding the yield Of spring wheat was intensi.
fed by the extraordinary advance in the price
Of that cereal to-day. The roactionary tendency
Of the stock market was checked in the carly
dealings by moderate purchases by foreign
arbitrage houses. Both press and private
cables from London agree that the London mar
ket is bare Of American stocks, and the indica-
lions arc that professional dealers are short of
them on an extensive scale. A fairly large short
interest has also been created in this market,
and the possibility of it's being covered at a profit
is seriously impaired by tho fact that every spec
ulator. large and small, who has sold his hold
ings at a profit is impatiently seeking to recover
them. 1t Is unfair to credit operators who
favor the short side of tho market with all of
the efforts that have been made this week to
depress prices, for many Of their opponents have
been as aggressive as they in endeavoring to
bring about a lower range Of values. because
they were induced to take profits at the sharp
advance recorded last week.
The attacks upon the market to-day were the
most vigorous that have yet been made, and
also the most successful. At tho same time re-
purchases were conspicuous. This last Is not
surprising in view Of the known tendency Of
railway traffic returns. Within the next week
q number of interesting statements will be made
public, among them those Of the st. Paul. c.. r.
and Quincy. and the Reading companies
for July. The statement Of the last
named will. 1t is understood. reflect plainly
the improvement that is taking place
In the anthracite coal trade and also the re-
vival Of business activity in Pennsylvania. TO
-l.-L .-- ..-t. L. tLtH ~1,,r 49, ~.
morning. Upon this point 1t Ia to be noted that
| operations have been resumed this week by q
largo number of iron and steel concerns. that
Bessemer pig is IS cents a ton higher than last
week. and that the outlook is for rurther I'M.
provement~ The traffic returns OF the Granger
roads for July will make favorable comparisons
with last year, yet they will be dwarfed
by the earnings for the current month,
which, although the new crops have only
just begun 10 move to market. are known to be
~phenomenally large. Az the net earninga of a
large percentage of the railroad mileage of the
country for tho first half of the year were nearly
8 y cent. larger than for the corresponding
period Of last year. 1t may safely be inferred
that for the twelve months ending Dec. 81 next
tho transportation industry will make a better
showing than it has for several years past.
The weekly trade reports are unusually favor
able, being a little larger than for the previous
week. and 40 y cent. larger than for the CORE
spending week of last year. when business was
adversely affected by the agitation in favor OF
Organism. Exports of wheat this week reached
tho unusual total Of 5.2lS.O00 bushels. Ex
ports of corn have also been unusually heavy
aggregating 1929. 600 bushels. 1t will hardly be
denied that operators who endeavored to de
press stock values in the face of the
the circumstances just enumerated show a de
gree of temerity rarely witnessed in Wall street
Although the great majority of stocks closet
fractionally lower than yesterday. the market
showed at times a pronounced disposition tt
rally. Tho heaviest trading was, of course. il
the Granger stocks, of which st. Pau
was the only one that sustained tn,
net decline exceeding a fraction. Reading
issues. United StateG Leather preferred. Man
haitian Railway. and Chesapeake and Ohio wer,
exceptionally strong. throughout. and CLOSED
fractionally higher than yesterday. The tota
dealings were somewhat larger than yesterda,
and the day before. but the dealings were not a
well distributed. owing to the larger transaC
tons in the Granger stocks.
Final sales compare with thoso Of yesterda.
aa follows.