The San Francisco call., 1897-08-25
NEW YORK MARKETS.

NEW YORK. n. Y, Aug. 24-The stock market
opened with strong upward tendency. The grang-
ers were prominent in the dealings, but the gains
extended all through the list. The frs! quota
tione of the Union Pacific and Atchison were
slightly of but the loss was soon recovered. The
sharp rise in price invited some realizing sales
during the first hour Offerings for the most part
were well aDsorbei, and prices did not recede be-
low last nights close.
The bears ~ ade q determined att ack against the
high-priced industrial shares and aided in
their efforts to depress values oy liberal real zing
orders in grangeIs and low-priced speca!ties.
Sugar aud leather preferred yielded over point
but the recessions otherwise were small. The
market subsidized into dullness at the decline but
showed a steajier tone at midday
further sharp decline in the grain marx ct was
the conspcd 1 fea, in the gen raj situa-
tion today although it had no direct reflection on
the stock market A wholesome accom- pa niment
of the decline in wheat the resum pton OF
purchases ny foreign houses who nave heid a!oof
during the recent excited advance. AT the pres
ent time taking into consideration the extent Of
the advance IN wheal, it seems questionable
whether an additional rise in that cereal Shoul1
be accounted as favorable ia tor in the stock
marSet should 1t have the effect OF putting
stopto European buying II would certainly not
have favorable import The ain market, like
any other speculative market is susceptible TO the
effects OF over speculation, and the decline there
since Mondays opening is probably intIinsically
due to technical market conditions.
trustworthy advlces from Chicago were to the
effect that the rapdity OF the break iu prices there
ulntors, VINO had committed themselves far be-
yond legitimate limits the long side. The
course OF prices in the New York market of
little 81. nificance, as it merely the ref k of
the Chicago Board OF Trade. The tone OF The
stock market was uncertain and the course of
prices Irregular throughout. The undertoue of the
market was healthy, and there was no pressure of
stocks, save That due TO the offerings OF profess
sional room-traders and to renewed selling for
eign houses. J he news of the day contained
nothing that could be construed as a lo-ical ex-
planatIon OF the market policy of either foreign
houses room traders
StIl the roomJraders were particularly aZgTes-
sive on The bear side the greater part of the day
] rading WAS on fair sea OF activity, and he isl
terest widely distributed Dealings were
largest IN the granger shares Of Atchison. Mis-
souti Pacific and Northern Pacific Anthracite
stocks, while not particularly active, showed a
continuation of the recent hrmness. The indus
trial group was only fair active and Irregular
Sugar refining anu leather preferred unset
tied. the latter presumably rejecting the disap-
pointment at the rate OF dividend dec ared tod ay
Lead shares were firm, and in the outside m Ia ct
a remarKable advance scored in Glucose
Sugar Comp pany, a industrial combination
In late dealings generally firm tone developed
accompanied by pronounced revival of activity.
Government bonds were strong and railways firm
Money on call l14@l1a per cent: time money
go days ~ per cent, 80 days per cent, 5
change Collateral. Prime Endorsed bills receiva-
bic, 31zd4 per cent: prime single names. per
cent; first class names, 4G412 per cent; good
names, 41a@5 per cent. Posted asking rates for
demand Actual rates. Long bills, $4 S312:
sight drafts, 81 S51s: cable transfers, $4 S5$4 a
So Domestic exchange on New York: san
Francisco sight, &c premium; telegraph, 713c pre-
um.
Money IN London 1a per cent Rates Of dis
c. uni in open market both short and 3month bills
~ per Cent. Amount of bullion gone into Bank
o. England on balance to-day, $4,000