The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-04


the highest prices reached IN years were record
cd. In somo oases, notably that Of Chicago Gas.
an absolutely new record was made, tho cortir-
Gates selling at 1o3. A reasonable Inference
from these facts would DO that tho market en-
oounterod no untoward circumstances That,
however. was not the case. Foreign arbltrage
houses sold quito a line OF stocks, and the GER
tninty OF damage to corn In various sections Of
the West was not without effect upon many
local operators. In certain quarters tho extent
OF the damage done by the excessively hot
weather has doubtless been exaggerated for
effect upon either the stock market or tho current
speculation In tho produce markets. The most
trustworthy Information obtainablei 10 that while
some localities have suffered, the total Yield OF
staple cereals will be above the average, and re-
garding the agricultural situation rs a whole,
the higher prices obtained for tho country's SUR
plus OF wheat and corn will more than offsot any
reduction In the yield caused by unfavorable
meteorological conditions in scattered locali-
ties.
Tho selling OF stocks by foreign arbitrago
houses can hardly DO regarded as liquidation.
Formerly the New York market followed the
London market; now the London market Is fol-
lowing the New York market, but at a very slow
pace. This makes 1t possible for foreign arbi'
traGe houses to sell securities here and buy
thO" NuhtubtOubly IN bOnuOu tAo
market there catches up with the linz
%provement in prices hore. 1t does not follow
that the stocks bought there in connection
with sales made here come from actual hold
ers. 1t Is not improbable that much of the
stock that the London correspondents OF arbi-
trage houses buy to cover sales made here 10
put out by jobbers and others for short account.
However that may be, to.day's market paid
very little attention to operations between here
and London or to sensational reports regarding
damages to the crops. The buying movement was
continuous from start to finish, and loft the list,
with very few exceptions. higher than last night
Tho most pronounced advance among the Or
dinarily active stocks. that Of % . cent.
In Sugar Refining, was to n considerable extent
duo to the covering of shorts. Speculation In
the Granger stocks was revived, and under the
lead Of st. Paul, which led the list in respect to
activity. those stocks closed materially higher.
The movement In tho Granger stocks included
Illinois Central. the dealings In which arc be-
ginning to attract attention.. Chicago. Great
Western and st. Joe and Grand Island issues.
The consolidation finally of the Chicago gas
companies and the declaration Of what is now
regarded as the usual quarterly dividend of Zig
y cent. account for the sharp advance in Chicago
Gas trust receipts. These certificates will soon
disappear from the list and be succeeded by tho
ploSh vi thO SohlPohys Gii bho
stocks were exceptionally strong to-day and
fairly active. At a reaction of 2 points from the
highest price Consolidated Gas closed 5la points
higher than yesterday. Reports of an i'm
pending consolidation Of tho local COM
panies are persistently circulated, and with
the continuous and decided advance in
tho prices of all Of their shares are
calculated to arouse strong suspicion Of m
a~malgamation Of tho various enterprises in tho
near future. Brooklyn Union Gas and Laclede
Gas participated in the advance in Chicago and
local gas securities. Other noteworthy move
ments were those in General Electric, American
Tobacco. Louisville and Nashville. American
Spirits, and Brooklyn Rapid Transit. all of
which closed considerably higher than yes.
terday. In Northern Pacific preferred there
appeared to be some realizing. II was the
only active stock that did not close
higher than yesterday. The decided advance in
the prices OF many of the preferred stocks of
recently reorganized railway companies Is
beginning to direct attention to the common
stocks or other junior issues OF those companies.
II is noted, for example, that Reading common
is selling for only 4 q cent. more than the as.
sessment and that Northern Pacific common is
selling for only a fraction more than tho assess.
ment. Other stocks in the same category are
Kansas and Texas common, st. Joe and Grand
AoAeio sAN ann Soil
way.
The most important development to-day out
side of the market for securities was the weak.
ness in foreign exchange. Tho indications are
that to-day's shipment Of specie is the last one
in many months. The takings of wheat for ex-
port wero unusually large. and bills against
present and prospective exports are flooding the
exchange market. This early demand for bread.
stuffs is of inestimablo advantage to the coun.
try, for 1t establishes a comparatively high price
for wheat before any large proportion Of the
crop is marketed. This means that the pro.
ducer will get his fair share Of tho advance
resulting from the unusually large demands
that will be made upon this country for susie.
nance by the remainder of the world. 1t also
means n great deal to the railroads in tho mat.
ter ola prompt movement of the crop and good
rates, and to manufacturers and merchants be.
cause OF the greater buying power of the agri.
cultural community. Tho closing of tho stock
market was strong, at about the best prices.
Final sales compare with those of yesterday
na fOllowa.