The herald., 1897-08-29

throughout the short session today, prac-
ttcally the whole list tending steadily up
ward, with scarcely a halt. There was
prof1t-taking at intervals during the morn
ing, but the sales to realize were absorbed
at a gulp with scarcely an impression, and
the buying resumed and kept up steadily
until the close. Sharp advances in the
prices of American securities in London
gave the impetus to prices at the opening.
Arbltrage brokers also bought some of the
International stocks. This buying was not
OF large proportions but at least one bank
ing house not regularly engaged in arbi-
TRACE dealings is known to have been
buyer for account of foreign investors.
The see-saw effect of the decline in wheat
was again manifest today and the crop
damage scare of last week was displaced
by renewed confidence in the yields of
wheat ana the safety of corn. The
grangers were largely dealt in on the
strength of this factor, but they moved
over somewhat restricted range on ac-
count OF realizing sales, which affected no
very marked reactions. The week in the
market has seen the almost total abate-
ment of the crop-damage scare which ex-
erted pressure on prices all last week. Even
the publication of the governments week
ly crop condition of the corn crop and the
yield of spring wheat only affected a tenn
porary reaction, and that not of large pro-
portions. Otherwise the market has tended
steadily upward all week. The total ave-
rage decline of the previous week was
obliterated on Monday, and the weeks rise
has carried prices to the top level of the
movement. A detailed analysis of some of
the railroad reports showed that increased
earnings was due as much to westbound
general merchandise as to eastbound grain
traiilc This increase in general freight
business, and the reported growth of tele-
graph business were made effective use of
as reliable indications of the expansion of
general business in the country. The SEN
timental effect of dollar wheat was no
small factor in effecting the resumption of
the upward movement in the stock mar
ket. feature of the week has been the re-
duced volume of transactions. Thus the
reaction in the middle of the week brought
out no large offerings to liqudate. On the
other hand, the sharp advance on Monday
and some other days were on a total vol
ume of transactions only about one-third
as large as some days during the recent
period of greatest activity. A number of
stocks have attained prominence during
the week; Missouri Pacific and c. and o.
are the most notable examples and today
Omaha was added to the list with jump
of three points in the half days trading.
The fact that the money market in New
York has become easier during the week
Is hard to explain in view of the continued
increase in business activity all over the
country. The failure of the money market
to harden is attributed to the fact that
the heavy retrenchment and enormous
liquidation, which have been going on for
months in every department of business
nave left large surplus funds available at
interior points. well as in New York
The plethora of money is the cause of de-
ferring the gold import movement. rates of
money ruling higher in the London market
than mere. Net gains for the week equal
or exceed two points in a very large num-
Der of shares. The bond list was strong
throughout. The total sales were SIS 500.
600 Government bonds moved upward Y
az during the-week on sales fonly S39.-
OOO
Wheat suffered from tired feeling to-
cay NOT only did prices settle to point
about 10 cents below the best prices of the
session. but speculative dealings were the
smallest for any similar period of time in
weeks Except for a little selling on for
eign account, the mornings trade was
mostly in the hands of scalpers. Weak
ness was favored by indifference on the
part of exports, better harvesting Gather
in the extreme northwest and expanding
farmers deliveries of new winter wheat.
On the other side an advance of 1b0i1d in
the Liverpool cables and very heavy
wheat and flour shipments for the week
making l0'00O,OOO altogether in the past two
weeks. Opening prices were little lower
than last night, at 94% for December They
rallied to 959s, but the bulge inspired ac-
tive selling for long account which
tumbled values to 937s. The official close
was at 941s Subsequently on the curb
new covering orders lifted to 9lat, the one
oclock close being 9i$i bid