The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-07
EFFORTS OF THE BEARS TO BRING
ABOUT A REACTION
ABANDONED.
LONDON SELLING IGNORED.
THE VOLUME OF TRANSACTIONS
LARGE, BOND BUYING BEING
NOTABLY HEAVY.
NEW HIGH RECORDS ESTABLISHED
Market Seemed to Move Upward
Without Restraint, With Only
Few Brief LulIs.

NEW YORK, Aug. 6-The stock market re-
bounded today from the depression manifest
during the greater part of yesterday, many
stocks establishing new high records. The
volume of trapsactions was second only to
that of yesterday in the record of the year
thus far and the animation was without in
terruption, except for few brief lulis, when
profits were taken by professionals. Although
the dealings in stocks were in somewhat de-
creased amount compared with yesterday, the
buying of bonds was heavier The efforts of
the professionals to bring about a reaction
were abandoned today and the market seemed
to move upward almost without restraint, eX-
cept for q few exceptional cases. The sag
ging tendency of prices of American securi-
ties in London and the continued large sell
ing of them here for London account were
ignored, some of the stocks in which the heav-
lest selling done by London, as Illinois
Central showing the widest advances here.
London's sales were estimated at about 25,-
900 shares. The foreign selling was also with
out effect on the exchange market, which
sank heavily, actual business for demand
sterling being done at s4.s6A, and for go
days at $4.S5 with the tendency still down
ward. Posted rates also were reduced hc to
$4S6 for long bills, and $4.S7 for short re-
spectively,
The recovery in wheat had a sustaining
effect in the stock market, most pronounced
in the grangers, and especially in St. Paul,
Burlington and Chicago Great Western. Yes
terday's good reports of earnings of South
ern railways continued to exert a good inf1u-
ence on the stocks of these roads. The stocks
Of iron and steel companies reflected an i'm
proved feeling in those trades, except Colo
RADIO Fuel which lost rs, and Leather pfd.
rose on encouraging reports of prospects i'll
the leather trade. Laclede Gas made further
sensational advances. Consolidated Gas and
Chicago Gas retained their rather heavy tone,
though closing with fractional net gains. Su-
gar was unable to maintain its rally and
closed with net loss Of 1%. Manhattan rose
buoyantly on reports of a union with surface
car interests, the net gain being Az. Other
gains of Importance We're: Lac.ede Gas pfd.,
st. L. pfd., 81; Pullman, 4; Manitoba, g.;
Edison Electric of Brooklyn, Z; 2 points or
over in Northwest pfd.; Detroit Gas, illinois
Central, Illinois Steel, Metropolitan Traction,
or over in Burlington, Chicago Great Western,
Duluth South, Shore & Atlantic, Des MONIES
& Fort Dodge pfd., Flint & Pere Marquette
pfd., Iowa Central pfd., Minneapolis & St.
Louis second pfd. The aggregate sales were
So, zoe, 0G0.
Government bonds showed some Irregular
ity, but closed firmly on light trading
Total sales of stocks today were 541, 600
shares, including: Atchison, 21S5 do pfd.,
6,2OS; c. & o., 646O; Burlington, 34,1s5; Erie
new 4,267; do LIST pfd., S,161; L. & N, 1920;
Manhattan, II, 800; Missouri Pacific, $3.50; do
pfd., $500; Northwestern, $3.50; St Paul &
Omaha, 4,207; Union Pacific, 1880; Spirits,
1850; Tobacco, 80, 500; Bay State Gas, $50;
Lac.ede Gas, 11,4s0; Sugar, 1926; Leather,
$3.50; do pfd.. 1920.
The following were the fluctuations of the
leading railway and industrial shares fur
nished by C. H. F. Smith & Co., members
New York stock exchange and Chicago board