The daily morning journal and courier., 1897-08-06
FtnaMclal.
Stock Market Yesterday Was Heavy, but
 It Rallied Toward the Close.
agents.

It Rallied Toward the Close.
 New York, Aug. 5,-To-day's stock market was an inversion of yesterdays in that 1t displayed heavy tone dur ing most of the day and rallied strongly during the last half hour. To-day's net gains were almost all achieved in the last half hour while on yesterdays half hours profit taking at the close wiped out nearly all the earlier gains.
 There was feverish tone in the trading to-day, and cratic variations either way, which, coming after yester- days freedom of speculative buying, was pointed out as significant of the culmina ton of bull movement There were evidences of powerful manipula- ton in the market to further this un- settling tendency and to cause a reac- ton. But the heavy short sellers of the day apparently lost confidence in their theory of reaction and started to buy back their stocks on a fast rising market. This short covering was the main cause of the strong rally at the close.
 But there were special causes also at work to defeat the efforts of the re- actionists. There was nothing unfav- orable in the general situation which they could avail themselves of, the crop prospects and the decline in for eign exchange continuing to favor rise In addition to this some of the reports of railroad earnings for the fourth week and month of July, espec- ially those of southern roads, were strong influences for an advance. Thus Louisville's increase in earnings for the fourth week over the corresponding period of last year was $10S,139. The stock responded to the statement which was published after noon, rising over a point and influencing the whole market. Other increases for the fourth week were: Chesapeake and Ohio, s69,649; Missouri Pacific, $77,OO0, and Kansas and Texas, 9,562, the latter figure be- ing also compared with the largest pre- vious July week in the company's his- tory. The buoyancy displayed by some of the individual stocks, such as Tobac- co, Laclede Gas and Spirits, also oper- ated against the efforts at reaction. On the other hand, the reaction in the wheat market due to profit taking and to some falling off in foreign buying orders, affected the western railroad stocks sympathetically.
 The heaviness in some of the most &C., tive industrial stocks made the vulner- able points of attack by short selling Sugar was attacked with considerable vigor and receded 2B from the highest point. Consolidated Gas suffered from fear of obstruction to the scheme of
 amalgamation of gas companies and slumped ' points.
 | The average decline in the market worked by the bears was nearly 1 per cent, and in Chicago Gas and Northern
 Pacific preferred was more, the latter l being especially affected by continued | London selling. London sold during
 the day about 25,000 shares of all stocks.
 Early declines were almost all recover ed and net gains achieved, though they ! were for the most part small. The l grangers and vanderbilts responded to
 the rally in conspicuous degree. | Important net gains were shown by Tobacco, Laclede Gas, Michigan Gen.
 tral, National Starch, New York, Chi cago and St Louis second preferred, l St. Louis and San Francisco first pre-
 ferred, Burlington. Chicago and East ern Illinois, Chicago Great Western,
 Delaware and Hudson, Duluth, South
 Shore and Atlantic Lake Erie and
 Western preferred, Long Island, Louis vile, Lead preferred, New York Gen.
 tral, susquehanna and Western, Erie
 Oregon Navigation preferred. Of the
 active stocks Omaha, Chicago Gas, Erie i first preferred and Manhattan were off
 an important fraction
 Liberal realizatlons lmparted heavi-
 ness to the dealings in the speculative
 mortgages with the losses, however,
 restricted to moderate fractions. The
 middle grade liens were notably firm with some material advances register ed. The aggregate sales were $2, 970, 900.
 Governments were fairly active and | generally firm.
 Following are the closing prices re- | ported by Prince & Whitely, bankers l and brokers, IS Broadway, New York, and 15 Center street, New Haven: