The herald., 1897-08-08
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Aug. 7.-Wall street has
not seen livelier half day of trading than
that of today for quite an Indefinite period.
All the favorable factors that have been
in force during the week continued to ex-
ercise an influence, and there were added
to these several causes that carried the
market up with a surge to a higher level
all around. The principal of these was the
sensational jump in Manhattan Elevated
stock. which opened with running sales of
thousand shares at 1921 to 105 al against
99A at last nights close. Almost immedi-
ately the price rose further to 10S and re-
acted quite violently, but steadied again
and closed at 106ls net gain of IA Prob
ably the large existing short interest in
this stock was responsible for this sensa-
tiona movement in part. A story that the
metropolitan Traction company had made
an offer to purchase the elevated system,
which offer was under favorable consider
alton, sent the stock up and uncovered
stop loss orders for the shorts. The scar
city of the stocks resulted in the shorts
quickly bidding up the price on themselves,
Another very significant feature of the
day was the fact that London changed
front and turned buyer of American Sc
curities. Prices for these securities were
higher in London at the opening and ar
bitrage houses bought stocks for London
account even after prices here had risen
above the London parity. Some of the
stocks which London has most persstently
sold of late We're the favorites for pur-
chase, notably st. Paul. Another factor
in the rise was the further reduction by y
per cent of posted rates for long sterling,
bringing the price down to 4.S51a. The
grangers were leaders in point of activity
and showed sharp gains to new record
prices in period of several years. The
market for securities during the week has
reflected decisively the confidence of capi-
tai that prosperous times for this country
have set in. The developments in the gem
eral situation have justified the faith which
began to manifest itself in the tone of
speculation three months ago, and the
strength of today's market reflects the be-
lief of still further improvement for the
future. There were about 2,S25,000 shares of
stock sold on the local stock exchange
during the week. The par value of the
bonds marketed was SIS. 900. These
enormous transactions were made on an
almost. constantly rising market and; at a
level of prices that has not been reached
before in years, and in some favorite
stocks never before Yet the faith of the
outside public in still further apprecia-
tiol Of value has continued unabated as
witnessed by the constantly increased vol
ume of commission house purchases. The
industrials were very heavily dealt in all
week. Transactions in railway and mis-
cellaneous securities We're in considerable
volume at improved prices, which reflected
the marked CONFIDENCE in the general situ-
alton. The development of-various favor
able influences tended to actuate the up
ward movement which assumed consider
able proportions The low priced and mid
die grade issues absorbed the bulk of deal
ings, with purchases for speculative and
investment account by local and foreign
interests and the chief factor in the i'm
provement. The aggregate sales were $1S,-
$1,000, which embraced an extensive va
rety of issues.
In the wheat market this morning there
was an opening break of about cent
bushel on the weakness at Liverpool, fol-
lowed by full recovery on the announce
ment that Paris markets were decidedly
higher. This in turn was succeeded by
sharp break, prices sinking to the lowest