The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-08-10

Inere was little doing in cotton. LIvs
erpool was hardly a feature and. the
market assumed the usual half holiday
tone, with narrow fluctuations. t
Wheat opened weak. on foreign
bles barely steady and rumors
change in French duties and proh4
tive expectation to Russia. Northwi
receipts were large. and the shorts VT
encouraged to put out new lines. 4
break OF over l cent a busbci was d
lowed with a slight rally. I'VE look
after Monday visible Y
ceipts. "
II. w. tSILsBY & CO.
(By Associated Press.)
New York, August 7.-wall street has
not seen a livelier half day of trading
than that Of today for quite an inded.
mite period. All OF the favorable fac.
tors that have been in force during h
week continued to exercise an influence
and there We're added to these several
spcial causes that carried the market
up with a surge to a higher level all
around. Principal OF these was the
early jump in Manhattan elevated
stock. which opened with running sales
Of 1000 shares at 1929 to los. as against
99A at last nights close. Almost inn
medfately the price rose further TO los
and reacted quite violently, but stead
led again n closed at 1861, q net gain
of IA. Another very significant fea-
ture Of the day was the fact that Lon.
don changed front and turned buyer OF
American securities. Prices OF these
securities were higher in London at the
opening and arbitrage houses bought
stocks for London account even after
prices here had risen above the Lon
don parity. Some Of the stocks which
London has most persistently sold OF
late were the favorites for purchase.
Aal O. D-. a. H.
the rise was the further reduction by
" cent in the posted rate for long ster-
ling, bringing the price down to 4.S5h.
The grangers were leaders In point OF &C. ,
tivity and showed sharpest gains in
period Of several years. The Wander
bilts also were in keen demand for In
vestment buying, Illinois Central lead
ing. Belief in an Improvement In he
anthracite coal traffic for the coming
fall lifted that group to a higher level.
the movement being especially marked
in New Jersey Central. Western
Union showed a notable gain on pros--
poets that 1t would be benefited by
general improvement In business. The
industrials were comparatively neglect
ed, although Sugar, Tobacco and
Leather preferred each realized a point.
Chicago Gas, East River Gas and La
clede Gas each showed declines extend
ing to a point in the first two named.
In the Vanderbilts, Illinois Central led
| with 3h points advance, Canada South
ern showing 2k. OF the Bur-
! lington n st. Paul Zach gained 1K
and New Jersey lead the coalers with
| az advance.
| The market for securities during the
week has reflected decisively the con.
fidence of capital that prosperous times
for this country have set in. The de-
velopments in the general situation
l-- Ia --L-
to manifest itself in the tom Of the
speculation three months ago. and the
strength OF today's market reflects the
belief Of still further Improvement for
the future. There were about 2,825.0 900
shares Of stock sold on the local stock
exchange during the week. The par
value Of the bonds marketed was $18,-
662 1000. These enormous transactions
were made on an almost constantly ris-
ing market and at a level Of prices that
has not been reached before in year,
and in some ~favorite stocks never be-
fore. Yet the faith Of the outside pub
lie in a still further appreciation Of val-
ues has continued undated, as witt
messed by the constantly increasing
volume of commission houses pur-
chases. The professional operators
seem to be the only ones tinged with
scepticism and their calculations are
largely based on technical considera~
tions, such as that reaction must come
after SO long continued q rise. They
operate in the confidence that most Of
the recent buying has underlying ft or
ders to sell to stop loss at a given point
in any reaction. The bears made . de-
termined effort on Thursday to reach
these stop orders but the outside buy
ing took the market out OF their hands
and drove them to 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 stri1u
ing fact in connection with the weeks
, F, great market has been the persistent
selling for London account, no sign a
interest in American securities beiul
manifested from that money centre un.
til today, when some 10000 or 1906
shares were bought for London &C
, count. The London prices up to today
have been below the New York parity
: and New York operators have made
part Of their purchases in the London
2 market.