The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-08-08

SASiA Bar silver. 569SC SIexican dollars,
45Ac State bonds were duu; railroad
bonds were strong; government bonds
were firm.
New York, Aug. wall street has not
seen a liveier day than to-day for quite
an indefinite period. All of the favorable
factors that have been in force during the
week continued to exercise an influence
and there added TO these several special
causes that carried the market up with
a surge TO a higher level all around Prn-
cipal OF these was the sensational jump in
Manhattan Elevated stock, which opened
with running sales of a thousand shares at
lOZ12 TO Jos, as against 1914 at last nights
close Almost Immediately the price
rose further to los and reacted quite
violently, but steadied again and closed
at 1862, net gain of IA
Another very significant feature of the
day was the fact that London changed
front and turned a buyer of American Sc
curltles. Prices of these securities We're
higher in London at the opening, and arbi-
TRACE houses bought stocks for London
account even after prices here had risen
above the London parity. Some Of the
stocks which London has most persistenly
sold of late were the favorites for pur-
chase, notably st. Pau.
Another factor in the rise was the fur
ther reduction by l2c of the posted rate for
long sterling, bringing the price down to
a.S512. The Changers were leaders in
point Of activity and showed sharp gains
10 new record prices in a period of several
years The Nanderbilts also were in de-
mand for investment buying Illinois Cen
tral leading. Belief in anthracite coal
traffic for the coming fall lifted the group
to a higher level the movement being es-
pecially marked in New Jersey Central.
Western Union showed notable gain on
prospects that it would be benefited by gen.
eral improvement in business.
The lndustrials were comparatively neg
lected, although Sugar, Tobacco and
Leather each declined d point. Chicago
Gas, East River and La Clede Gas each
showed declines extending to a point in
the two first named. In the Vanderbilts,
Illinois Central led with Sla per cent ad-
vance. OF the Changers. Burlington and
ST. Paul each gained les and New Jersey
Central ed the coalers with 21c advance
Inc market for securities during the
week has reflected decisivey the confidence
OF capital that more prosperous times for
this country have set in, The develop
ments in the general situation have justi-
ned the faith which began to manifest it.
self IN the tone of speculation three months
ago and the strength of tO-day's market
reflects the belief Of still further improve
ment for the future.
There were about 2,S25,OO0 shares of
STOCK sold on the local stock exchange
during the week. The par value of the
bonds marketed was $18,662 900. These
enormous transactions were made on an
almost constantly rising market and at
level OF prices that has not been reached
before in years and in some favorite stocks
never before, yet the faith of the outside
public in a stan further appreciation of
values has continued undated, as wit
messed by the constantly increasing vol
ume Of commission house purchases
The professional ODeratOrS seem m no
the only ones tinged with scepticism and
their calculations are largely based on
technical considerations such as that re-
action must come after so long continued
a rise They operated in the confidence
that most of the recent buying has under
lying it orders to sell to stop loss at a
given point of any reaction. The bears
made determined effort on Thursday to
reach these stop orders, but the outside
buying took the market out of their
hands and drove them to buy back their
short sales in the last half hour of the
day. This was the only marked reac-
tionary feature of the week. The most
striking fact in connection with the weeks
great market has been the persistent sell
ing for London account, no sign of inter-
est in American securities being mani
tested from that money center until to-
day, when some 10000 shares were bought
for London account.
The London prices up 20 to-day have
been below the New York parity. and
New York operators have made part of
their purchases in the London market
The lndustrials were very heavily dealt
in all the week and Tobacco closed III
higher, Sugar 61s higher Leather pre-
ferred is up 45s and Cotton OIL preferred
"a.
Great activity was also displayed in the
Changers, the gain extending TO 6Ik in
Burlington. 59s in st. Paul and 5lk in Chi
cago Great Western. The latter stock
having come forward to a leading place
in the list of active low priced shares, the
Coalers are all up over points, and New
Jersey Central SIS. Illinois Central leads
the high-priced Vanderbilts, in all Of
which there was good buying. with an
advance of S1R, and New York Central
gained &c. Manhattan leads the whole
list with 1873 points rise.
A few of the other notable gains are:
Illinois Steel, 9; Tennessee Coal, 4; La
Clede Gas, 9Ss; LaCede Gas preferred, Il;
Long Island, 5; Louisville, AZ; Metropoli-
tan Traction, s; Oregon Navigation, 4;
Pittsburg, Cincinnati. Chicago and ST.
Louis preferred, 6; Pullman, ca; Southern
Pacific, AS; Manitoba, s. Western Union
5h and st. Louis and Santa Fe preferred,
~
Transactions in railway and misce!lan-
eous securities were in considerable VOL
ume at advanced prices, reflected the
marked confidence In the general situa-
ton. The developments OF various favor
able Influences tended 10 accentuate the
upward movement, which assumed consld-
cradle proportions. The low priced and
middle grade issues absorbed tho bulk of
the dealings with purchases for specula-
tive and investment account by local and
foreign interests were the factor In the i'm
provcment.
The aggregate safes were SIS, $4,000.
which embraced an extensive variety OF
issues. The principal gains were: Erie
Genera, As, 8; oregon Improvement consols
IS, trust receipts, 6; Wisconsin Central lists,
trust rece pts, 8; ST. Louis Southwestern
lists, 3ai 81. Louis Southwestern ends g.
New York Closing Stocks.
AicEieon ....,... 1ias DO do pref..i3
do pref ....... 2S;s 81. Paul ......... 92ss
llit a Ohio CO.. l0A 10 pref .........142L
Can. Pacific 90 7slt ST. J.. e. o.. lgH
Can. Southern SIX do do pref fl2%
Cent. Pacific o.. l0il ST. p. NJ & Mn
Chcs. a. Ohio . 2i7. So Pacific 49,. 927.
CHI. & Alton LII SO Railway .... i03s
Chi. L. & Co.. 9i do pref ........ 2isa
chi. & T.. ~ b.. IS Texas e. Pa. f9S+
CpcpC.,& ST. L.. 32A Union Pacific ..