The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-11
STRENGTH IS THERE
REACTION FROM THE HEAVY
SELLING MOVEMENT OF
MONDAY.
STOCKS STEADILY GO UPWARD
IN THE FACE OF A BEARIsH TONE
REPORTED FOR LONDON
MARKETS.
ADVANCE WIPES OUT THE Loss.
Net Gains Shown in All the Stocks
Affected by the Recent
Slump.
ADVANCE WIPES OUT THE Loss

NEW YORK, Aug. 10-The price of most
stocks this evening was distinctly higher
than 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 particularly
notable as indicating the recuperative 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 decline was accelerated by
the pressure Of short sales, professional op-
orators being convinced that a reaction of
considerable proportions impending The
grangers were subjected to the severest pres
sure, but few active stocks escaped loss Of
near point. By the time the decline had
reached this proportion the offerings began
to show signs Of diminution, that unfaiing
indication of an undertone of strength in
falling market, and prices soon became firm.
After a period of dullness they resumed an
upward course, and advanced steadily and
strongly for the rest of the day on con-
tinuing increase of business large part
of the shares which were precipitateiy thrown
over yesterday in the desire to realize profits
were bought back today. Many of them were
below the level at which they were sold.
The early short sellers, many Of them felt
compelled to accept the inevitable tendency
to advance, in view of the decisive test of
the reactionary power of the market which
was given in the morning. This recupera-
ton was effected in the 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 fortnightly settlement, or delivery
day, on the London exchange. The belief
had prevailed in some minds that the recent
selling 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 expectation,
London sold all the international stocks very
freely, with the exception of Northern Pa
cif1c preferred. This goes to confirm the i'm
preston that foreign capitalists have really
been liquidating their holdings of American
securities on a very large scale. The only
symptom of the existence Of any short in
terest in London was some demand to Dor
row stocks here on the part of the repre-
sentatives of London interests. The disre-
gard of the sentimental effect of London's
attitude by the rally here was all the more
marked, in view of these facts. The day
was marked by further decline in sterling
exchange on posted rates to $48414 and 81. S61a
for long and short respectively, and of
tual rates to $4.S3A and s4.S53s for long and
short. Rates for time money for the longer
periods hardened perceptibiy. and this m
vited some selling Of long sterling bills for
future uses, the proceeds being put into
loans Discount hal aeneu i'll Lonoon, and
there was active bidding there for gold.
Crop prospects, reports of foreign crop short
ages and the accompanying rise in the wheat
market all continued favorable to the adj
vance in prices of stocks, as did the further
reports of current railroad earnings. The
total decline was more than recovered on
all stocks, but the net gains extend to
point in only few shares. The rise from
the lowest exceeded a point in all of the
grangers reaching 2 in Chicago Great West
ern. st. Paul led the group in point of &C
tivity, with sales of 5000 shares. Illinois
Central rallied "a from the lowest. A recov-
cry Of over point also occurred in very
many of the Western and Southwestern rail-
roads. large number of the industrials
the anthracite reads, are in the same cate
CORY Consolidated Gas showed a net gain
of points; Metropolitan Traction rose 21a,
New York, Chicago & st. Louis 2, Pullman
1. Brooklyn Union and Illinois Steel each
lost point.
The bond market gave decided evidence of
strength on liberal purchases, which adj
vanced some of the prominent issues not
ably. Business was in considerable volume,
but the aggregate showed considerable
shrinkage from Yesterdays total. The total
transactions were So, 425, 900.
Trading in government bonds was featured
by a sale of block OF $500 900 of the new
coupon tours. The market ruled heavy with
sight shading in quotations at the close.
The total sales of stocks today were 534, 962
shares, including Atchison pfd, 81 $50; Bur-
ltngton, Al 01G; Illinois Central. 10, 995; North
ern Pacific, SOIL; do pfd, 20, 100; Northwest,
AGO. St Paul. 64,O50; est. P, M & O., 1865;
Union Pacific, 4,330 American Spirits II 720;
American Tabocco, II $40; Chicago Gas, S,955:
Sugar, II, 1872; United States Leather pfd, $40;
Chicago Great Western, 49, 440.
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
of trade: