The Wichita daily eagle., 1897-08-08
STOCKS AND BONDS
LlVELIEST HALF DAY ON TBE
STREET IN MANY MOONS.

All the Favorable Factors of the Week Still
In Operation and Others Besides, AL To
gether Carrying Prices up With q Surge
Shorts Calculations Fail to Work Out,
as on Thursday-Outside Buyers Con-
tinue to Manifest Their Faith In the Gen.
eral Business Outlook-Revlew of the
week-Tbe Bank Statement.
New York, Aug. 7-Wall street has not
seen a Hvelier halliday of trading than that
Of today for quite an indefinite period AL
o. the favorable factors that have been in
1crce during the week continued 10 exercise
an influence and there were added to these
several causes that carried the market up
with surge to a higher level all around.
Principal Of these was the sensational jump
In Manhattan Elevated stock, which opened
with running sales of 1,O00 shares at 102la
per cent to 105 per cent, as against 99i.
per cent at last nights close. Almost i'm
mediately the price rose further to 1t8 per
cent, and reacted quite violently, but stead
leo again and closed at 1862 per cent, net
gain OF ~ per cent Probably the large
existing short interest in this stock was
responsible for this sensational movement
Traction company had made an offer TO
purchase the Elevated system, which offer
was under favorable considera ton, sent the
stock up. and uncovered stop loss orders
for the shorts The scarcity of the stocks
Tesultd4 in the shorts quickly bidding up
the price on themselves. Another very
significant feature Of the day was the fact
that London changed front and turned buy
er.of American securities. Prices of these
securities were higher in London at the
opening and arb;trage houses bought stocks
Tor London account egen after prices here
had risen above the London parity. Some
OF the stocks which London has most per-
s.stently sold Of late We're the favor;tes for
purchase, notably St. Paul. Another fac
tor in the rise was the further reduction
by half-cent of the posted rate for long
sterling, bringing the price down TO si.S5i2.
The grangers were leaders in point of ac
tivty and showed sharp gains TO new
record prices In period of several years.
The anderbiltsV, also, were in keen de-
mand for investment buying, Illinois Cen
tral leading. Belief in an improvement IN
the anthracite coal traffic for the coming
fall lifted that group 10 higher level, the
movement being especially marked IN New
Jersey Central. Western Union showed
notable gain in prospects that 1t would be
benetitteS by general Improvement IN bus:-
ness. The industrials were comparatively
neglected, although Sugar, Tobacco and
Leather preferred each realized point.
Chicago Gas East River Gas and LaClede
a
point in the two first named. In the Van
derbilts. Illinois Central led with 3i2 per
cent advance, Canada Southern showing
26 per cent. OF the grangers Burlington
and St. Paul each gained rs per cent, and
New Jersey Central led the coalers with
pa per cent advance. Other notable gains
were: Long Island, per cent; Metropol-
tan Traction, , per cent; Western Union,
2h per cent; Pittsburg, Cincinnati, Chicago
and st. Louis preferred, 2 per cent, and
1lA1
Steel and Iowa Central preferred.
THE DAYS SALES.
The total sales of stocks today were 2T.-
eos shares, including: Atchison, $3.50;
Atchson preferred, 3,lS0; Canadian South
ern. 1870; Chesapeake and Ohio. 3,145; Bur-
lngton, 1870; Delaware and Western, A.
200; Erie (new). $3.50: Illinois Central, 6.13o:
Louisville and Nashville, $50; Manhattan
l. 2,S)6; Missouri Pacific, 1850; New Jer-
sey Central, 4.s27; New York Central, 5,295;
Northern Pacific preferred, 5.170; Reading
$500: Rock Island, u,090; ST Paul. N,600
Southern Railway 10,5l0; Southern Railway
preferred, 500; Union Pacific, GAS; Ameri-
can Tobacco, $40; Bay State Gas, $3.50;
States Leather preferred, $3.50: Western
Union, $500; Chicago Great Western, TO-
30
THE WEEK REVIEWED.
The market for securities during the eweek
has reflected dec:sively the confidence of
try have set in. The developments in the
general situation have justified the faith
which began to manifest itself in the tone
of speculation three months ago, and the
strength of todayS market reflects the be-
lief of still further Improvement for the
future. There were about 2.S25,0o0 shares
OF stock SOLD on the local stock exchange
during the week. The par value of the
bonds market was SIS Co, 900. These enor-
nous transactions were made on an al
most constantly rising market, and at a
level of prices that has not been reached
before IN years, and in some favorite
stocks never before. Yet the faith of the
outside public in still further apprecia-
ton Of values has continued unabated. as
witnessed by the constantly increasing VOL
ume OF commission house purchases. The
professional operators seem TO be the only
ones tinged with the skepticism, and their
calculations are largely based on technical
considerations, such as that a reaction
must come after so long continued a rise.
They operate in the CAntidence that most
OF the recent buying has underlying Il or
ders 10 sell stop loss at a given point In
any reaction. The bears made a deter |
mined effort on Thursday 10 reach these |
stop orders, but the outside buying took |
the market out of their hands and drove !
them 10 buy back their short sales in the |
last half-hour of the day. This was the |
only marked reactionary feature OF the |
week. The most striking fact in connec-
ton with the weeks great market has been |
IL,
no sign of interest in American securities |
being manifested from that money center |
until today, when some 1000 orl5. coo shares |
were bought for London account. The Lon |
don prices up TIL today have been below |
the New York parity. and New York opera !
tors have made part of their purchases on |
the London market.
The industrials Were very heavily dealt |
In all week. and Tobacco closes 111s per !
cent higher and Sugar 6i2 per cent.
Leather preferred IS up 4ss per cent and |
Cotton Oil preferred 81 per cent. Great |
activity was also displayed in the srang-
ers, the gain extending to 6is per cent in
Burlington. 5as per cent in 81. Paul and 5Is
per cent in Chicago Great Western. the
latter stock having come forward 10 a
leading place in the list of active low
priced shares. The coaiers are all up over
per cent and New Jersey Central 5Is per
cent. Illinois Central leads the high-pric-
ed Vanderbilts, in all of which there was
good buying. with an advance of si1 per
cent. and New York Central gained per
cent. Manhattan leads the whole list with
a l2as per cent rise.
The few other notable gains are: Illinois
S teei. per cent; Tennesse Coal and Iron.
per cent: LaClede Gas, ass per cent: La
Clede Gas preferred. II per cent: long Is
and. ) per cent; Louisville and Nashville. !
&. per cent; Metropolitan Traction, per
cent; Oregon Navigation, per cent; Pitts
burg. Cleveland. Cincinnati and ST. Luis
preferred, s per cent: Pullman, 6a. per cent;
southern racine, as per cent, MANITOBA
per cent; Western Cion. 81 per cent. and
st. Louis and San Francisco first prefer
rel. 7a. per cent.
BONDS
Transactions in railway and m:scellane-
ous securities were in considerable volume
II improved prices, which reflected the mar
~ confidence in the general situation. The
development OF various favorable infiu-
.nces tended to aceentuate the upward
movement. which assumed considerable
proportions. The low-pr,ced and middle
yrade issues absorbed the bulk OF the deal