The age-herald., 1897-08-06
Tn Wall Street.

New York, Aug. 5.-Today's market { was reverse of yesterdays in that it displayed a heavy tone during most of the day and rallied strongly during the last half hour. The days net gains were almost all in the last half hour, which was on yesterday a. half hours profit taking at the close wiped out nearly all the early gains. There was a feverish tone to the trading today and cratic variations, which, coming after yestef- days freedom in speculative buying was pointed to as significant of the culmin+ ation of a bull movement There were evidence of powerful manipulation in the market to further the unsettling ten dency and to cause a reaction. But thet heavy short sellers of the day appar- ently lost confidence in their theory of reaction and started to buy back their stocks on a fast rising market. This short covering was the main cause ofs the strong rally at the close. There was nothing unfavorable in the general sit-s ustfon which they could avail themselves of, crop prospects and the decline in for eign exchange continuing to favor a rise. In addition to this some reports of rail- way earnings for the fourth week and month of July, especially those of south ern roads were strong influences for an anvance. Thus Louisville's increase in earnings for the fourth week exceed ed over the corresponding period of last year was $10S 153. The stock responded to the statement which was published after noon, rising over a point and in fluencing the whole market Other in creases for the fourth week were Chesa- peake and Ohio, $69, ,649 Missouri Pacific, $77000; Kansas and Texas, $29,5S2; the latter figures being also compared with the largest previous July week in the company's history. Buoyancy dis played by some of the individual stocks such as Tobacco, La Clede Gas and Spirits also operated against the efforts at reaction. On the other hand the re- action in the wheat market due to profit taking and to some falling off in foreign buying orders affected the western rail- way stocks sympathetically. Heaviness in some of the most active industrial stocks made the vulnerable points of attack by short selling Sugar was att tackled with vigor and receeded 27sc from the high point. Consolidated Gas suf- fered from fear of obstruction to the scheme of amalgamation of gas com panies and slumped points. The av- craze decline in the market worked by the bears was nearly 1 per cent and in Chicago Gas and Northern Pacific pre- ferred was more, the latter being affected by continued long selling London sold during the day 100000 shares of all stocks. Early declines were almost wholly re- covered and net gains achieved though they were for the most part small Grangers and Vanderbilts responded to the rally in conspicuous degree.
 The total sales of stocks for the day were 567S9 shares, including Atchison preferred 13,27S Chesapeake and Ohio 9,04O, Burlington 27, 450, Erie 5915, Louis vile and Nashville 21, ,350, New Jersey Central 15,220, Northern Pacific 15.250, do preferred 14,120 Rock Island 17,735, St. Paul 35,390 Southern Railway 12,S25. do preferred 9,020. American Spirits 29,-. 250, American Tobacco 59,220, Bay State Gas 1880, Chicago Gas 27,4S0, General Electric S,25s, La Clede Gas Il, 300, Lead 6,359, Pacific Mail S,S3o, Sugar 23, ,S30, Western Union 5.650 Chicago Great Western 20,050.
 Liberal realizing imparted heavine ess to the dealings in the speculative mort- gages with the losses however. restricted to moderate fractions. The middle grade lines were firm with small advances reg istered. The aggregate sales were $2,- 970, 900.
 Mony on call easy at 1@1h per cent; last loan, l; closing offered at per cent.
 Prime mercantile paper, 31s@4 per cent.
 Sterling exchange very weak with ac- tual business in bankers bills at $4 S6ss @4.86A for demand and at $4S5A @4.S51s for sixty days. E
 Posted rates, s4.S6h@ @4.S7A and $4.s71a@ 4.SS.
 Commercial bills, $4.S5h.
 Silver certificates, 56057c.
 Bar silver 55%c.
 Mexican dollars. 4219c.
 Government bonds firm.
 State bonds dull.
 Railroad bonds heavy.
 Petroleum Pennsylvania, crude,- no market
 Closing Stocks.
 Atchison ......................... IA Atchison preferred. ........... ...... 2SI9 Baltimore and Ohio. ........... 10M Canada Pacinc. ................... 71% Canada Southern. .................. SlL Central Pacific ......................... 9A Chesape ake and Ohio. ..................... 214