New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-08-08
Saturday. kugust In. nj.

An enormous business done In the two
hours of trading the Stock Exchange to-day,
and accompanying the heavy transactions
prices made further gains toward higher level.
At the opening advances were from p to / per
cent above last nights closing and a higher
range of quotations in London and London buy
ing in this market added fresh zest to the specu-
lative appetite for advancing values and the
presence Of the good buying which has charac-
terzed the market all the week, together with
the factors just mentioned caused a complete
retreat of the reactionsts. leading to heavy
buying for both accounts. The business was
we'll distributed. and extended over Ill issues
while in the bond department the same encour-
aging conditions prevailed. Total transactions
in stocks were the heaviest for alf-holiday
since December 81 1885, at the time OF the
Venezuelan panic. Then the activity was due
to fear and loss OF confidence, which led TO
heavy liquidation. while to-day 1t was induced
by enthusiastic confidence and O. desire on the
part Of substantial stock market interests and
investors to buy securities. The total transac-
tons in stocks were 323St3 shares, and in bonds
to the par value of $1,612OO0. Manhattan Rail
way made a sensational advance to los at a
maximum gain above last nights last price Of
nearly points, and a net gain Of "a points, on
reports that the METROPOLITAN Traction Com
pany had made bid for block OF Manhattan
stock, and on what appeared 10 be, in the first
few minutes of trading, a corner" in the stock.
Western Union was strong in sympathy with
Manhattan. The Grange stocks took an active
part in the upward movement; also the anthra-
cite shares, and good investment buying of ILL
nois Central and the Vanderbilt shares caused
conspicuous strength in these issues. The In
dustrials were compare lively quiet The close
Of the week showed prices higher throughout
the list. and total volume of business in stocks
Of 2S329SJ shares daily average OF over
4lo.OOO shares and in bonds par valie OF
Sl9,053,OO0, or an average of more than
50, 10000 day. More issues were traded in
than ever before I'm the history Of the Exchange.
nl,a tha hast
years. London sold all the week until to-day
and 1t was believed that the buying to-day re-
Elected permanent change in its recent atti-
tude on American stocks.
Changes in bank holdings this week reflect the
improvement in the business situation, the move
ment of gold to Europe last Saturday and Tues
day. end the demand for money in connection
with stock market operations and mercantile re-
quirements. OF course, at this season OF the
year offerings Il prime mercantile paper are
light but at the same time a moderate business
is being done. and the paper which is put out
finds a ready market In time money. rates
have shown disposition to stiffen, and the de.
mand for call money has been considerably
larger than most bankers expected. the reason
for the inquiry being found in the continued ac-
tivity in the stock market. The loan item OF the
associated banks showed an expansion or 3D.
566 200 in the week. and cash holdings decreased
So 92l 200 made up by a loss in legal tenders OF
S4553,6OO and gain In coin OF So5Z 4Oo Inc
loss gold exports. which included those mace
last Saturday and Tuesday. was $3.9oO.oW. ana
It is likely that 1t will not be necessary again
this season TO record losses in bank holdings
from this source The shipments OF currency ,
to the West are still small. Western banks hold
ing sufficient funds to meet all requirements
and until their accumulations have found EN-
ployment, calls on this centre VIII not pe aaei
IL is estimated that the banks In the principal
Western cities hold from 80 to 30 per cent OF
their reserves in exchange or cash The interior
last week resulted IN net s "a 900
the local banks Deposits increased S3.lSi3V'
and surplus reserve decreased $4.1lS.02o to S4l..
OO2 125 against $13.S15.575 this week last year
and S3S $40 T75 In the same week In 1850 -
compared with this week last year. loans OF ,ne
associated banks show an increase OF S",, snG
500 and deposits an increase OF sl4eps,S,
The weakness in the sterling exchange marhss
this week has amounted to a decline or one cen.
in the pound The chief supply OF exchanse a
present Is drawn against grain to De shipp"