The San Francisco call., 1897-08-12
NEW YORK MARKETS.

NEW YORK n. " Aug. 1.-THE opening OF
the stock market was strong, the grangers and in
ternationa stocks leading the advance, the latter
in sympathy with the improved pri, es IN London.
St Paul Burlington, Louisville and Northern
Pacific, preferred, each rose l1s, Western Union
ia and Manhattan 11a The industrias were
comparatively inactive, but showed Improvement.
Gains of "a were frequent throughout the list.
The stock market soon developed more buoy
ant tone, which extended TO all classes OF securl-
ties The o~ -prcea locks were in considerable
demand and fluctuated widely. Sugar bounded
up point on the announcement OF an advance in
refined grades of the staple.
There was no ssati of the bull speculation
during the loren Ion and pure bases made
with greater confidence than for some time. The
sustained upward movement in wheat, coupled
win the heavy export inquiry and the favorable
traffic statements, invited aggressive action by
the leading bulls Various roups stocks were
taEe in hand and improved substantially, the in
active Southwesterns looming up in prominence.
taking.
once more to-day wheat and securities advanced
together, and notwithstanding the uncertainty
tending the predictions concerning speculative
markets nothl e seems more sure than that the
Two IL arKets VIII attaln yet MINER levels FOR
eign advices to-day Indicated shortages In crops Of
ali the European wheat porting coun ries, and
the advance in grain was chiefly the reflection of
the tone IN the Liverpool, Paris and Antwerp
markets
Railway earnings reported to-day for the last
week of July aud The first week of August were
very encouraging Although In the corresponding g
week last year the traffic heavy all the i'm por
tant roads reporting show Increase over last year
of TO 70 per cent he largest gain made by
the Northe Pacific The latter was in part the
result OF special conditions as traffic returns
swelled by the extraordinary passenger earnings
resulting from the recent convention IN san Fran
clsc, but the prospects are bright for well main
talned Improvement from this time on. and with
the general outlook clear it is, railway
tngs are things 10 be watched now.
London houses traded very heavily in this
market to-day and at the opening were fairly
large buyers OF stocks. Later they reversed their
position and sold heavily their sales eedlng
their purchases by probably $4,000 shares. 1t
was characteristic of the market that while the
early favorable disposition of foreign order, was
an additional stimulus to the tone OF dealings
subs quent liquidation for the account
without any particular effect Tue days business
ag in attained notably large total, and as here
toiore interest was apparent in great Dumb Der of
securities. Gran ,er shares, hicago and Great
Western, Northern Pacific, Union Pacific and
Atchlson shares were In The cad in the reSpecL of
strength AMI ACTIVITY. The striking advance in
Union Pacific was on buying doubtless referrable
10 the undertaking OF the most aggressive work
in the organization OF the company, together with
the Likelihood that modification: oft plan may
be made in view of the improved general cond
participate. The market did retain the full
N eaSuIe OF the days gain and fractional recess
sions. d ue to profi.-taking, were general in the
afternoon, with trading Cove rnments small
with the market slightly firmer in tone The
dealings Railway aud niscel aneous bonds were
on a large scale and well distributed. Throughout
the day prices were strong and many advances
were scored
21a%. 50 days, 3@512%: 3 and months. 31h@4%;t
com me rcial paper S12GS3l% for 60 to 90 days:
indorsed, 31294% for 4 months acceptance and
choi singie names, and 4@5% for go d names
csco-Sisht, I5c premum; telegraph, l71ac
Dremium.