The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-05

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The transactions in stocks to-day wore tho
largest on any day this year. and the distribu.
tion Of business has never been equalled In the
history Of the Stock Exchange. One hundred
and forty-two issues were dealt in. Tho busi-
ness in bonds was not quite az large as yes
terday, still that market was unusually ac-
tive. and transactions were recorded In 1875
issues. The tone Of both markets was
strong throughout. The unusual breadth Of
the market and the further material advance in
prices naturally invited q good deal Of profit
taking. which affected prices In the last hour;
but at the reaction the market showed no i'm
pairment of the firm undertone that has char
acterized 1t all along. A more decided reaction
may take place, but 1t Is not conceivable that
any fuctuation that may occur will disturb tho
increasing confidence of substantial inter
ests and of tho public generally regard
ing tho future of the business Of tho
country. 1t is possibly true that tho stock
market is discounting that future at q some
what rapid pace. On the other hand, such facts
as the increase in the gross earnings of the
Rock Island Company for July and in those of
the st. Paul company for the last week In that
month. both Of which took place before tho
movement of this years crop began. suggest a
probable condition of affairs SINH. lar to that
which existed in 1879.
Nv ohtinuco " bcl bcCuTlLlC0 IN Gnlb
market. and its sales to-day were upon q fairly
large scale. but all offerings were readily
absorbed. and prices advanced In tho face of
foreign arbitrage operations. As trustworthy
cable advices are that the English public is be-
ginning to buy American shares, 1t seems logical
to draw the conclusion that the foreign selling
is largely Of a professional character. and much
Of 1t is probably for short account. Moro
conspicuous and effective than the for
eign arbitrage operations In stocks are
the continuous heavy purchases of wheat
for export. The takings to-day at New York
and other ports were upward Of ] 200, 900 bush.
The taking OF that amount on two days In sue
cession is most unusual. The foreign exchange
market continues to reflect this enormous yet
%incipient movement of breadstuffs out of the
country. 1t was decidedly weak to-day, as tho
increasing supply OF commercial futures, chiefly
against grain. induced bankers to offer their
bills moro freely than for a long time past When
1t Is considered that this movement will DO
supplemented in a comparatively short time by
offerings Of bills against cotton. the future of
the foreign exchange market can easily be fore
Swallowed. Foreign operators. and even invest
ors, may continue their sales OF American
securities for some time to come, but they can
not check nor in any way interfere with the
European demand for wheat, cotton, and other
oeopAS Ptouu1to VI thio uhlI -hOTCOVcI, IL 1b
only a question Of time when the present agri-
cultural advantages of the United States. with
their resultant prosperity, will reattract Enro-
pean capital.
Specific influences affecting prices to-day be-
sides those already mentioned were reports of
abundant and much needed rains in Kansas and
a further advance in the price of wheat. Owing
to the reactionary movement In the last hour.
very few of the usually active stocks scored
noteworthy net advances. In the early dealings,
however,, new records were made for a
number of them, notably Sugar Refining.
The best showing was made by stocks
that have only recently become prominent, nota.
bly, American Tobacco. Bay State Gas. Laclede
Gas. and Erie securities. OF the more substan.
tial stocks Consolidated Gas, New York Central.
and Illinois Central received more attention
than for some time past, and closed
from l to 8 points higher than yesterday.
The dealings in Reading securities were n
feature OF the market, and under the lend
of the common stock they closed at an average
net advance Of nearly a point. American Spirits
received fresh attention, but the price fuctuated
within narrow limits, possibly because tho
Street failed to realize the Importance of the
agreement that has Just been reached between
all or tho larger producing and distributing in.
terests relative TO production and prices. This
negotiations. places the trade, 1t Is claimed.
upon a more substantial and profitable basis
than ever before.
Final sales compare with those Of yesterday