Birmingham state herald., 1897-06-27
Markets by Telegraph.

improve to warrant higher prices The advance IS spoken or as steady which is ,is,,ot rlae ot 9ne a average price put the whole times some one stock has taken the lead as has been the case In a marked degree with Northwest this week on the prospect Of rs- funding it's bonds so as to benefit the stock Sugar made a simi'ar bound the agree menf of the republicans upon the sugar schedule several weeks ago. These sDe- ciai movements have helped to raise the level of othr prices though in less degree. h.-Ye at other times assumed the leader ship. Each day also has witnessed it's own ,,,. uiaI i v, tne N42Idt;oh sohstiHles car Iylng prices generally below the previous day with rally and some times above with a reaction The result has been to make invariably on the sida ef the advance. Many professional operators are confident that the level of the market had advanced tro tions. They are at work constantly 10 bring about reaction, but all their utmost except in slight degree and all their of ferings have been quietly though steadily absorbed, The idea is that If they were able to work reacton of imposing pro- portions by manipulation they would catch an enormous number of stop orders ard have even a larger amount Of long stocks tempted by the very considerable advance of the last few weeks after the long and weary wait to take profit. But such a. manipulative reaction could only be tenn porary. That the current upward move ment of prices in the stock market is due ~ 9HS coiNiDtloi lisit tne country IS ready to realize the benefit of it's severe process of retrenchment and liquidation as the view taken by such traders are going willingly with the current.
 Total sales Of stocks today were 15g.TA shares. Including Ar riean Tobacco Ii S0l. American Sugar 12.6eo Bur'ington and Quincy 175c), Chicago Gas S300. Iouisvila and Nashville 5,Co0 Rock Island 15S00, St. Paul 23 300.
 The bond market shared in the general buoYancy which permeated the security markets during the week and there was an absence of that hesitancy to values which develcped at intervals in the stock market. Trading in large volume and exceedingly hrdl hrd mfw i1aty sn and excellentiy well distributed numerous inactive issues forging to the front al sub stantial improvement Prices by opera tors was quite a sustaining factor and a brisk domestic demand for low grade issues was regarded with considerable favor by Iead- ing interests. The middle grade secur'- ties developed the most aggressive strength and were favorably influenced by develop ments in specific issues. The speculative liens Jagged in the advance but neverthe- less gains of point or whereabouts were made in some instances.
 The aggregate sales were 80 S20 000
 Money on cal easy at lM1A per cent. last loan l per cent; closing offered at 1n1A per cent
 Prime mercantile paper, 3I4 per cent
 Sterling exchange easy with actual busi- ness in bankers bills a $4 S7lt 6l4S S7I5 for de- mand and at s4.S604. .S6l4 for sixty days
 Posted rates, $4.S76f4S7 STE and $4S60l 4.s6Ik
 Commercial bills, S4.S5.
 Silver certificates, 601s@609sc.
 Bar silver 60hc.
 Mexican dollars, 473sc. i
 Government bonds firm.
 State bonds dull. att 5ff r .'r