The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-11
STOCKS AND BONDS.

New York. Aug. 10-The price of most
stocks this evening was distinctly higher
last evening, the gains extending to over
a point in some of the most prominent
stocks There are several reasons why
this net result of the days trading is par
ticuiarly notable as indicating the recu-
operative power of the market. In the first
place the market opened with yesterdays
disposition to take profits apparently still
rampant. The offerings for this purpose
were very heavy and the market sold off
sharply under the large transactions. The
tdecline was. accelerated by the pressure
of short sales, professional operators be-
ing convinced that reaction of consid
cradle proportions was impending. The
grangers were subjected to the severest
pressure, but few active stocks escaped a
loss of near point. BY the time the de-
cline had reached this proportion the Of
lferings began to show signs of ediminu
| tion, that unfailing Indication Of an I'M
dertone of strength in falling market
and prices soon became firm. After a pc
lriod of dizziness they resumed an upward
course and advanced steadily and strong
| ly for the rest of the day on continuing
increase of business. A large part of the
tshares which were precipitately thrown
| over yesterday in the desire to realize
profits were bought back today, many of
them below the level at which they were
sold. The early hort sellers, many of
them, felt impelled to accept the inevita-
BILE tendency to advance in view Of the
decisive test of the reactionary power of
the market which was given in the morn
| ing. This recuperation was effected in
face of selling for London account in
rather larger volume than usual and of
Especially severe declines of Americans
on the London exchange. Today was the
lfortnightly settlement or delivery day on
the London exchange. The belief had pre-
vailed in some minds that the recent sell
| ing of Americans by London was for
short account and that the settlement
would disclose the fact in an increased
demand to cover shorts. Contrary to the
Expectations of this class, London sold all
the international stocks very freely with
the exception Of Northern Pacific pre-
lferred. The day was marked by further
decline in sterling exchange of posted
rates to 4.S41a and 4.S61a for long and,
short respectively and of actual rates to
4.S3A and 4.S53s for long and short.
Rates for time money for the long peri
DDS hardened perceptibly and this invited
some selling of long sterling bills for fu-
ture uses ,the, proceeds being put into
loans. Discount hardened in London and
there was active bidding there for gold.
lCrop prospects, reports OF foreign crop
shortages and the accompanying rise in
the wheat market all continued favorable
to the advance in prices of stocks, as did
the further reports of current railroad
earnings. The total decline was more
than recovered in all stocks, but the net
gains extend to a point in only few.
shares. U-
| The bond market gave decided evidence
of strength on liberal purchases, which.
advanced some of the prominent issues,
notably. Business was in considerable
volume, but the aggregate showed con
siderable shrinkage from yesterdays to-
tai. The total transactions were $3,425,-
600. Trading in government bonds was