The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-28

SuAy S''
The opening of tho stock market was strong,
owing to an improvement in tho prices for
American securities In London and purchases
OF about $4,000 shares Of various stocks. prin-
cipally Reading first preferred, st. Paul and
Louisville and Nashville, by foreign arbi-
trage houses. Tho first prices recorded,
however, proved to be. as o rule. tho best
Of the day, for as soon az tho foreign
orders wero filled the market began to feel
the effects Of realizing sales and Of efforts to do
press prices. Both wero most pronounced In
Sugar Refining. In which there was q maximum
decline of 8 points, making q total Of nearly
10 points since the highest point was reached.
q week ago to-day. A part Of the ground lost
was recovered In the lato trading. SO that the
net loss was reduced to 2Ns . cent. There was
no nows regarding the sugar refining industry,
hence the reaction, like the recent advance.
may fairly be regarded as largely speculative.
The remainder of the list was not seriously af-
fected by the movement Just described, though
1t induced realizing sales and encouraged fresh
attacks upon values by operators who favor a
moro decided reaction than has yet taken
place. As Is usually the case after q
decided advance In prices. q good many
stop orders were uncovered on the way
down. q circumstance that always helps to
unsettlo the market. At the extreme decline
commission houses appeared as buyers, and
tho chances are that some Of the specula-
tive holdings Of the moro active stocks recently
DISPOSED OF by operators who have been active
in stimulating the upward movement were re-
covered. The setback was worth a good deal to
| commission houses. for many of their clients
have apparently become convinced that tho
character of the market has undergone q change.
and they arc therefore seeking opportunities to
buy stocks. The increase in the volume of COM
mission business was greater than on any day
since the present bull market began. The shares
OF the Granger trunk lines continued well in
the fore of the market In every respect; but
there vas some shifting of interest to-day
to the anthracite coal stocks, all of which were
exceptionally strong and moro extensively dealt
In than for some time past. Delaware and Hud.
son was the leader In the rise In this group, with
Jersey Central a good second. The greatest
activity. however, was in Reading first
preferred, which also scored a noteworthy
net gain. The advance in Delaware
and Hudson was generally attributed to
prospects that the company will effect a reduc-
ton in its fixed charges by refunding. at a low
rate of interest. the bonded debt of it's leased
line, the Albany and Susquehanna Railroad.
With tho other anthracite stocks. 1t wns also
affected by the belief that developments are i'm
pending that will improve the condition of all of
the coal-carrying roads.
The transactions on the Stock Exchange to-
day. viewed In the aggregate. show a broaden
ing tendency. and also that the market ia de-
v~eloping a swing that Is Indicative OF activity
on the part OF important interests, as we'll as on
the part Of the public. 1t is also plain that the
market Is no longer a one-sided one. and it Ia
manifestly safer because OF that fact.
The dealings in bonds, like those in
stocks, were smaller than yester-
day, but the bond market was strong
throughout. and a number of noteworthy net
advances took place. Tho issues OF Southern
and Southwestern railroads are receiving in
creasing attention after being neglected for q
long time. This is because interest has hero
toforo been directed chiefly 10 the grain.carry-
ing roads by crop prospects,. that have already
bogun to affect earnings. In the South the prin-
cipal staple crop, namely. cotton. is about two
weeks behind time. and In any event 1t does
not begin to move to market as soon as the
cereals grown In the Northern and Northwest
ern States. For this reason the earnings OF
Southern roads may not show decided improve
mcnt In the near future. but the certainty Of
heavy traffic during the last half Of tho year
Is already beginning to attract investors to the
securities Of railroads traversing the Southern
States. In tho last hour tho market rallied
sharply. 30 that the only noteworthy not do
cline other than that in Sugar Refining was in
American Tobacco.
Final sales compare with those of yesterday
as follows:
-TIIu Oa TuIn OF T.I,, n In. n6