The times., 1897-08-15
The World of Business.
wall street Yesterday.

New York, Aug. aI4.-The reactionary
movement OF the stock market. which Was
IN progress the greater part OF yesterday,
ran its course within the first half hour Of
business this morning. Further, and In
some cases, sharp declines were recorded,
the result of additional liquidating sales
and vigorous tactics on the part or pro-
fessonat reactionists, both OF which were
evidently inspired by q low market for
all securities in London. According TO cable
advices the London market was disturbed
by political troubles III the far East, and
prospects of dearer money resulting from
impending exports of grain In Parliament
OF The Unusual amount OF bTeadstuffs that
Europe will have to take from this country
during the present crop year. 1t is possible,
however, that the condition of the London
market for securities this morning was
brought about 10 an extent by manipulative
osders from this side
Ihe decline in prices at the opening dis
closed a volume of buying orders that in
many quarters was entirely unexpected
Stop orders of the character described were
reached yesterday and again today, but
they were manifestly Y Exceeded in nunber.,y
orders to purchase at the close of busine IS
all OF the early declines Were recovered
and considerable progress had been made
toward wiping out the losses. In some
cases these losses were fully recovered
The feaures of the days trading We're
Sugar, {. n. & G.. Rio Grande preferred,
Atchison preferred, Northern Pacific pre-
ferred, and among the less active shares.
st. Joseph and Grand Island comuon and
second preferred, chesapeake and Ohio.
rfa of
The stocks of granger reads have attained
unusual prominence this week, and for
good reasons. A abundant crops are yer,
nearly DIT hand, and rising prices, caused
by the extraordinary foreign demand for
our surplus cereal products, are guarantee
that all the grain-carrying roads are about
to enjoy q period of great prosperity.
Some OF the railway earnings reported
today furnish basis for estimating wn,t
the traffic returns Of the granger reads
may be during the next few months. For
example the New York Central company
reports an increase in gross earnings for
July as compared with last year OF $254,-
coo. Unofficial advIces from Chicago to-
day state that the gross receipts Of the
Rook sland system for the first week in
August show an increase over last year
OF Soo,uub.
The earnings Of Southern railroads re.
ported tins week show that they are lo-
ing fgly as We'll as transportation lines
III the West and Ia both cases the move
ment Of staple crops in both sections is
not Yet fairly under way
In view OF Constant criticisms that tie
. advance in prices on the stock exchange
Is too rapid, attention IS directed TO tie
net changes for the week. Among the ;tc-
tive stocks, the, largest net gains are / IL
per cent, in Union Pacific; = 3-4 per cent
III Missouri Pspific, aud . 3-S cents In
Chicago and Great Western.
The dealings in stocks this week, count
ing Saturday a. Il full day, have a ver;,ged
$4,000 shares day, an increase OF Ig0,-
600 shares per day over last week, when
the average was 100 600 shares larger
than for the previous week.
In tie tomb market the dealings ha ye
averaged three, and one-h half millions. ,ar
value day, an increase OF $500 900 a
day compared with last week The dis
tribution of business was the greatest IL,
the history of the exchange, the number Of
iss 1es dealt in being 1871.