The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-13

Ehhhs -
Tho stock market made new records to-day
Not only was tho volume Of transactions the
largest recorded in tho present upward move
ment, but the distribution Of business was the
most widespread In tho history OF the
Stock Exchange. surprising q previous
banner record made earlier in the week,
The number Of issues dealt In was Q
hundred and forty-nine. Stocks that have
been dormant for years wcre dealt In, some OF
them to the extent Of several thousand shares,
and at sharply advancing prices. For example,
nearly 1000 shares OF Colorado Coal and Iron
Development preferred were dealt in al
a net advance OF 2 points. and deal
ings in 10000 shares Of Union Pacific,
Denver and Gulf wcro made at q net ad'
vance OF 2as y cent. Brunswick stock. n South
ern land company, appeared upon the tape for
the first time in many months. and several
thousand shares of 1t wero dealt in, presumably
because OF the revival OF interest in the South
and tho impending reorganization of the
company. These stocks are referred to
simply as showing tho extent of the re.
vival OF speculative interest in tho stock
market. They represent equities in com-
panics undergoing reorganization, and tho ad.
vance in them reflects hope that in the general
rise In values those equities may attain a mar
ket value that n few months ago would have
been regarded No chimerical. 1t is possible that
the revival OF interest in this class Of stock Is
duo TO an extent to the advance Of nearly 8
points in Union Pacific during the last two or
three days.
A further advance in the price of wheat to-
day, following a sharp upward movement in
tho Liverpool market, was perhaps the most
potent influence affecting prices upon the Stock
Exchange. Other factors were tho virtual
a A.
gas companies. the announcement OF the
changes in the executive offices Of the
Northern Pacific Company, and tho gross
railway earnings for the first week in August.
particularly those OF the Chesapeake and Ohio
and Louisville and Nashville companies. The
shares Of all Of tho companies named enjoyed
sharp advances In the early dealings. and in
spite Of the natural reaction toward tho
close, resulting from realizing sales in
duced by the buoyant market during
tho fret half of the day, closed higher
than yesterday. Other stocks that made a SINH
lar record were Sugar Refining, which once
more led the list in respect to activity; Pacific
Mail. which was moro extensively traded in
than for a long time past. and the majority of
tho Granger stocks. OF these last Chicago
Great Western showed the effect Of sales to re-
alize profits to the extent OF q fractional decline,
and Chicago ana and Omaha were
comparatively neglected.
The most interesting development to-day was
the greater activity in American securities in
the London market. q circumstance that was re-
fected here by smaller net sales by foreign ar
bitrage houses. While arbitrage operations be-
tween here and London reflect, MS a rule. the
temper of the foreign market. they are not
an absolutely trustworthy indication AS to
the probable course OF the market. 1t is
learned that for several days past bank
ing and commission houses that have
correspondents abroad have been buying con-
siderable amounts of stock for European &C.
count. 1t is also to DO noted that foreign ar
bitrage houses that sold stocks on the bulge In
prices at the opening found difficulty in cover
ing them at q profit In London. 1t may reason
ably be inferred from these circumstances that
the selling movement abroad has about run
its course, and that a buying movement OF no
mean proportions has begun. For the first
time In several weeks. London ceased to sell
Illinois Central, and that stock was quoted in
London this morning fully up 10 the final price
recorded here yesterday. The character Of the
buying of Illinois Central since the advance in
1t began is not calculated to encourage expecta-
tons that foreign sellers will recover their
shares at a profit. The closing was firm, with
the majority of the list higher than last night,
in spite OF the final reaction.
Final sales compare with those OF yesterday
as follows: