The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-08-04
Financial.
The Stock Market Continues to Rule Firm
and Bound Upward.

and Bound Upward.
New York, Aug. S.-The market for
securities received further powerful
impetus towards a higher level Of
values to-day. Buying was animated
and in large volume in all departments,
not only of the stock market, but of
the bond market as WELL The conf
dence of the general public in the re-
vival of business and the improvement
of values to result was plainly mani
fest in the large commission house or
ders executed on the floor of the ex-
change, these being in such number
and Of such Importance as to over
whelm all attempts Of the professional
operators to check the advance and to
manipulate the market for reaction.
All the news was such as to push on
the enhancement of prices. Reports of
crop prospects continued most encour-
aging from all quarters and the con-
tinued rise of prices in the grain mar
kets reflected the confidence of buyers
that good prices were to be realized for
the crops. The returns Of railroad traf-
f1c from the west and southwest showed
the grain movement to be In such vol
ume as to leave the amount of bust
ness to be done by the railroads only
a question of the number of cars they
can secure to transport the grain Of
fered. The westward movement Of
merchandise is also reported to be
large for the season, so that the trains
carried westward as well as those COM
ing eastward are producing revenue for
the railroads.
The buoyancy of the Industrial stocks
was the result of the bright outlook for
the trade in the particular staples in
which these great corporations deal.
The gas companies especially were ben
Gifted, Consolidated Gas leading with a
net gain of b1a points. The exchange
situation was also much cleared, the
quotations for actual business in ster-
ling exchange breaking to 4S7 for sight
bills, which are likely to increase from
this time on. In view Of this fact, fur
Their exports of gold are exceedingly
of the yellow metal will probably begin
at no distant day. The heavy adverse
trade balance to result from foreign
purchases of grain is considered to be
the motive of the persistent disinclina-
ton Of foreign exchanges to invest in
American securities and Of their dis
position to take their profits by selling
these securities In the New York mar
ket. Sales of this character were large
to-day, especially of Northern Pacific
preferred
The conservative habit of the British
investor to refrain from putting his
money into foreign enterprises when
such action Is likely to deplete the sup
ply Of gold in currency channels is well
known. London offerings Of Northern
Pacific preferred were well absorbed to-
day and after the close in London the
stock rallied to a point above last
nights close.
The following list Of advances indi-
Gates the proportions of the improve
ment: Consolidated Gas, 51s; East
River Gas, 8; Sugar preferred, 3M;
Sugar, Brooklyn Union Gas, Chicago
Gas, General Electric, Laclede Gas,
| Oregon Navigation, st. Paul and Du-
| luth both common and preferred and
Spirits preferred 2 points or over.
Those stocks which gained a point or
over were: Cotton Oil preferred, To-
| bacco, Canada Southern, Canadian
| Pacific, Cleveland, G. c. and st. Louis,
the grangers, Lake Shore, Louisville,
Chicago, Indianapolis and Louisville,
Metropolitan Traction, Michigan Cen
| trail, Norfolk and Western preferred,
Oregon Navigation preferred, Oregon
Short Line, Tennessee Coal and Iron
preferred.
Trading in railroad mortgages was in
| large volume with substantial varia-
| tions in many issues. The ow-priced
securities were eagerly sought for by
domestic and foreign purchasers. The
general tone was very strong with spe-
cific influences operating to enhance
| values of some liens, notably Oregon
| Improvement consol IS trust receipts
were conspicuous for rise Of 81 per
cent. to 80 with a later reaction to Is.
| The aggregate sales were So, 990,000
Following are the closing prices re-
ported by Prince & Whitley, bankers
| and brokers, 16 Broadway, New York,
and is Center street, New Haven:
| Bid. Asked