The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1897-08-29
RIORDAN &c CO.
In w all Street

-. w oii otiCCbs
New York, Aug. 2S-Tlhe stock m. lxe,t
mace a remarkable show of strength
throughout The short session today, D. ac-
fically the whole list extending stead y
upward, with scarcely hiaft. There was
profit taking a. intervals during the
morning, but the sales to realize were alb
sorbed All gulp, with scarcely an impress
sion, and the buying resumed and kept up
steadily until the close. Sharp advances
in the prices of American securities i'm
London gave the impetus to prices al
THE opening. Arbfrage brokers also
boughc some of the international stocks.
These, also effected by the decline in
wheat again strikingly manifested today
and The crop damage scare of last week
was displaced by renewed confidence in
1.-THE yield of wheat and the safety of corn
The grangers were largely dealt In on
THE strength of this factor but They
moved over a somewhat restricted range
Omaha was the center of interest in The
whole market, rising by leaps and bounds
to 71B and closing chilly Is under that,
with met gain of 8 points. The buying
was in execution of large orders. Waba sh
preferred gained a point and Missouri
Pacific and Kansas and Texas preferred
u EACH Illinois Steel jumped points
and other iron and steel stocks were firm
1y held in The favorable outlook of that
industry. The industrial stocks other
wise were somewhat neglected. The coal
ers also were noio conspicuous and lacked
Strngth.
THE week in Jhe market has seen the
almost total abatement of the crop dam
age scare, which exer.ed pressure on
prices all lal:t week. Even the publiea-
tfon of the governments weekly crop
estimates OF Wednesday, with its unfa-
Vorable views of Uhe condition of The corn
crop and the yield of spring wheat, only
Affected temporary reach and Ghat
of not large proportions. Otherwise the
market has henoed steadily upward all
the week. The total average decline of
the previous week was obrltrdted ON MoD-
day, and the weeks Use has carried piJceS
ITO the Top level of the movement. A de-
tailed analysis of some of the ra!liOad
reports showed that increased earnings
wered Tie as much 10 the westbound gen
era1 merchandise as to lhe ea5tbouLd
grain traffic. This increase in general
freight business and the reported growth
of passenger business were defecive as
an Indication of expansion of the general
business of the country No serious doubt
is any longer felt that a market is as
Suerd for an unusually heavy crop in THE
United IS ates at prices which are ex-
traordinary. The prosperous year thus
assured to the farme5 Is fell, to be .hs
certain basis for improvement upward
from the first producers through all the
industrial and commercial community. +
A feature of the week has been jhe re-
duced volume of transactions Thus the
reduction in the middle Of me week
brought out no large offerings to hqui-
date. AT the same thine Vt is evfderi, that
the very orders to realize are placed at
a certain level above the market in he
prominent speculative stocks, which
checks any advance above a certain p5iLt.
On the other lhabd '.her els evidence of
heavy buying orders, some of them on am
increasing scale, downward, which are
a strong buttresS to the market below .ihe
existing level and VIII ch demonstrate tie
faith of large operators in the csn'tinll-
ance of the Improvement. This condi-
tion gives a remarkably firm and steady
tone 10 the market. The fact that THE
money market in New York has become
easier during the week is hard to explain
in view of The continuance of the busl-.
ness development all over the couri ry
The failure of money to harden is attrib-
uted to the fact th-t the heavy retrench-
ment and enormous liquidation VIII ch
had been going ON for months in every
department. of business had lsfls la1se
surplus funds availe5le alt Interior points
as we'll as in New York. The plethora of
money IS the cause of deferring the gold
tmporB movement, rates for money ruirg
higeh hin the London market than here.
Net gains for the week equal or exceed
2 per cent. in very large number of
shares. Rock Island leads the grange-s,
with an advance SIS; Burlington, 33s
Omaha, Az Chesapeake ard Ohio, Bal
Whore ard Ohio, Gretzlt Northern prefer
red, Lake Shore. Manhtaictan National
Starch preferred. New York Central ard
Oregon Navigation are up points; CO.
ton Oil prefemed-C c. c. & st. L.. Flint
& Pere Marquette preferred and Norfolk
and Western preferred. points or over
each. dSaSi River Gas, La Clede and CHI
cago Great Western, 5 poirtts or over;
Illinois Sseel and c. c. C. & ST. L. pre-
ferred, 6 points.
The notable features IN the bond list
which was strong throughout was Chesa-
peake and Ohio As, Kansas Pacific 6s,
Consols. and Oregon Improvement IS.
Gains for tNe week reached point or
more In the Atchison adjustment forrs,
Kaneas and Texas seconds; Northern Pa