The age-herald., 1897-08-11
In Wall Straar.

stocks this evening was dlSt1nctlVely higher than last evening, the gains ex- tending to over point in some of the most prominent stocks There are sew eral reasons why this net result of the days trading is particularly notable as indicating -reeuperative power of the market In the first place the market opened with yesterdays disposition to take profits, apparently still rampant. The offerings for this purpose were very heavy and the market sold off sharply under the large transactions. The de- cline was accelerated by the pressure of short sales, professional operators being convinced that a reaction of considerable proportions was impending. The grang- CTS were subjected to the severest pres sure, but few actual stocks escaped loss of nearly a point. By the time the decline had reached this proprtion the of ferings began to show signs of diminu- ton, that unfailing indication of an un- dertone of strength in falling market and prices became firm. The shares soon resumed their upward course and ad- vanced strongly and steadily the rest of the day on an advance in business. The larger part of the shares which were pre- cipitately thrown over in a desire to real ize profits were brought back today, many of them below the level at which they were sold. The early short sellers, many of them, felt inclined to accept the inevitable tendency of the advance to test the reactionary power of the market, which was given in the morning. This recuperation was effected in the face of selling for London account in rather larger volumes than usual, and of espec- ially severe decline of Americans on the London exchange. Today was the fort nightly settlement or delivery day on the London exchange. The belief here prevailed in some minds that the recent selling of Americans by London was for short account and that the settlement would disclose the fact in an increased demand to cover shorts. Contrary to the expectations of this class, London sold all the international stocks very freely with the exception of Northern Pacific, preferred This goes to confirm the inn presston that foreign capital is to have really been liquidating their holdings of American securities on a very large scale.
 esThe only symptom of the existence of any sholit demand in London was the at- tempt to borrow stocks here on the part of London interests. The disregard of Gl1e sentimental effect of Londons a.titi- tude by the rally here was all the more marked i'm view of these facts. The day was marked by further decline in ster- ling exchange of posted rates to s4.S41s and s4.S61a fou long and short, respective ly, and of actual rates ito $4.S3% and $4S5ss for hong and short rates for time Y,,auaxy harfisn a1 r,aroesntiI,Iv md this in-s v1sed some selling of long sterling bills for future use. the proceeds being put into loans Discount hardsned in London and there was active bidding there for gold Crop p;losp5cts,, reports of foreign crop shortage and Lhe accompanying rise in the wheat market all continue favorable to Ithe advance in prices of stocks, as did athe further report of current railway ;.earnings. The total declin@ was more sthan covered in all stocks, but the net again extended to a point in only a few shares The rise from the lowest exceed "a poinli in all, the grangefs reaching in lChicago Great Western. St. Paul led the group i'm point of activi,y, with sales of s65O00 shares. Illinois Central rallied 2A from the lowest A recovery of over a spoin also occurred i'm many of the west sern and southwestern railways, as well as in some leading southern railways. A k1afSe nunD-r or fune lIluuStrldlS ana SIlS- .ialteS, including number of the am sA1hracf e roads, are in tIhe same category. .E6nsolidatsd Gas showed a clear gain of s7 poin s, Metropolitan Traction, 21s; New York, Chicago and St. Louis and Pullman I per cent. B.iooklyn Union and Illinois Steel each lost point.
 The bond market gave decided evidence of strength op liberal purchases, which advanced some of the prominent issues no ably. Businss was in considerable volume, bu. the aggregate showed a com siderable shrinkage from yesterdays to- tai The total transactions were S3,425,- G0Q
 siTrading in government bonds was fea- tlp'ad by a sale of block of 9OO,OO0 of the new coupon fours. The market ruled he wy, with slight shading in quotait ons at the close.
 Tae total sales of stocks Today were 5S4.S62 shares, including Atchison prefer r:d. 27. TOO; Chesapeake and Ohio, 5.140; Burlingi.on. 41,01O; Erie, 7700; Illinois Gen. tral 10 995; L. & N. 17,s95; Manhattan Elcwated, 621o; Missouri Pacific, 10,205 NswsJ Jersey Central, S696; New York Gen. 'tral, 7,756; Northern Pacific, 15,150; do. preferred, 20,270; Reading, I3,62o; Rock Isltisd, 21,595; St. Paul, 64,050; S.. Paul and nnaaha, 5,S55; Southern Railway prefer r d. 9.9s0; American Sprt s, 17,19O; Ameri- ean Tobacco, 17,9l4; Bay State Gas, Il ,995; Chicago Gus, S,955; La Clede Gas. 5,560; Sugar, 17,7S2; T. c. & l.. 5557; Chicago Great Westenn 3S.344
 . Money on call easy, al 1@1h per cent. T Prims mercantile paper, per cent. S Sterling exchange, weak, with actual business in bankers bills at $4.S5H@4S5h fo1 demand and at $4.ssaz @4.S4 for sixty days
 Posted ra-es. sis4a@4S6is and $4.S61k0 4.STh
 Ss Commercial bills, S4.S3.
 Silver certificates, mo quotations.
 Bar silver, 55Ac
 Mextcan dollars 421kc. e
 .Government boands, weak.
 State bonds, dull. sA
 RRilroad bonds, strong.
 Psroles1m. Pennsylvania crude, np