The daily morning journal and courier., 1897-08-12
EtmaMctal.

 Stock Market Continues Firm and a Gen
 eral Advance Resulted Yesterday.
 New York, Aug. 1.-The only inter ruption of the upward course of prices of stocks to-day was due to occasional profit taking by room traders. The of ferings on this account were easily ab- sorbed with only a momentary halt, af- ter which the rise was resumed Dur ing the morning the influence of buy ing for London account was evident, arbitrage brokers Staking all the inter national shares quite freely.
 London prices also came higher at the opening. But, before the day was over London had turned seller again and it was estimated sold 25,000 more shares than were bought. The effect of this selling had no appreciable effect on prices. The low priced shares of non-divldend paying stocks were large ly bought by London and were favor ties also in the local speculation. The argument is that such stocks are bound to advance if the promise of better times holds good, and if it does not they cannot recede far. Union Pacific was the favorlte in this class, and was tine leader of the whole market in point of activity. 1000 shares being bought during the day. The stock was helped by the revival of an old story that the forthcoming foreclosure sale would make the road part of a great trans continental system under one control. The stock was heavily bought by pro- fessional traders for speculative ac- points on the day.
 The excitement in the wheat market | was reflected in the stock market and was large element in encouraging pur- chases, especially of the granger stocks, 1 the grain carrying roads in the north west, west and southwest all showing substantial gains and great activity The dealings in the high priced grang- CTS were of enormous proportions and | the Atchison securities and Northern Pacific preferred were also prominent | features. Reports from western points were of increasing demand for car space to move the grain crop and of the necessity of great exertlons on the
 
 a car famine.
 Statements of earnings also continue encouraging. St. Paul showed an in- | crease for the first week in August of | $50, ,225 over last year. For the same period Canadian Pacific gained $64, ,0OO. | Missouri Pacific gained S133,947 for the last week in July. Louisville and Nash vile was active all day, but moved within narrow limits until near the close, when 1t jumped to leading place in the advance with a net gain of 21.
 | One of the features of the day was the steadying of the sterling exchange | market and the consequent cessation | of talk of gold imports in the immedia te | future The stiffening of the discount rate in London added to the continued heavy sales here of London holdings of securities, are probably responsible for the check to the fall in exchange. Continental exchange continued weak | and downward.
 i Gains extended to over a point in a large number of railroad stocks and to 10 points in Cleveland, C., c. and St, Louis preferred, 2h in Metropolitan Traction, 2ss in Minneapolis and St. Louis first preferred, 21s in Pittsburg, C.. c. and St. Louis and in Rubber preferred. Losses of over a point were shown in Laclede Gas preferred, Chica- go and Alton, Consolidated Gas, Lake Shore and Long Island.
 The inquiry for railroad mortgages continues heavy and reflects the in- creased confidence in the general situa- l tion. Issues of reorganized properties forged to the front and purchases of middle grade liens were on a large scale. They generally maintained a very strong tone throughout The ag- gregate sales were s4,27OOO0.
 Government bonds were slightly ir- regular on dealings of s2O,OOO Following are the closing prices re- ported by Prince & Whitely. bankers | and brokers, 16 Broadway, New York. and 15 Center street. New Haven: Bid. Asked.