The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-08-04
THE MORNING NEWS WEDNESDAY, AUGUST 4 1897

ual business in bankers bills at sAS7a4S7i4
for demand and AS5a4.S6 for 60 days;
posted rates, S4.86l2d4S7l2 and $4.SSG4 ASH.
Commercial bills, &.S5l2. Silver cert IL
Gates. 5Sl4d5Ssic. Bar silver. 57a4c; Next
can dollars, 45c Government bonds strong;
state bonds were dun railroad bonds were
strong.
New York, Aug. 3.-The market for Sc
curities received a further powerful impet-
us towards d higher level of values to-
day. Buying was animated and in large
volume in all departments, not on.y in the
stock market. but the bond market as
well. The confidence of the general pub
lie in the revival Of business and the inn
prOVemCnt of values the result was plain
~ manifest in the large commission house
orders executed on the floor of the ex-
change those being in such number and
of such importance as TO OVerwhelm ali
attempts of the professional operators to
check the advance and to manipulate the
market for a reaction. AL news was such
as to push on the enhancement of prices,
Reports of crop prospects continued most
encouraging from all quarters and the con-
tinued rise of price in the grain markets
reflected the confidence Of buyers that
good prices were TO be realized for the
crop.
The returns of railroad traffic from the
west and southwest showed the grain
movement TO be in such volume as to
leave the amount of business to be done
by the railroads only a question OF the
number of cars they can secure to trans
port the grain offered. The westward
movement of merchandise is also report
ed to be large for the season, so that the
trains carried westward as well as those
coming eastward are producing revenue
for the railroads.
The buoyancy of the industrial stocks
was the result OF the bright outlook FOR
trade in particular staples in which these
great corporations deal. The gas compa-
MES especially were benefited, Consolida-
ted Gas leading with a net gain OF 512
points.
The exchange situation was also much
cleared, the quotations for actual business
in sterling exchange breaking to A@ for
sight bills and to A.S5A for sixty days
In view of this fact. further exports of
sold are exceedingly unlikely to occur
and the annual reflux of the yellow metal
will probably begin at no distant day. The
heavy adverse trade balance to result
from foreign purchases of grain is con-
sidered to be the motive of the persistent
disinclina ton of foreign exchanges to in
vest in American securities and of their
disposition to take their profits by selling
these securities in the New York mar
ket. Sales of this character were large,
especially of Northern Pacific preferred.
The following list of advances indicates
the proportions of the Improvement: Con-
solidated Gas, 51a East River Gas g.;
Sugar preferred 31s; Sugar, Brooklyn
Union Gas, Chicago Gas, General Elec-
trio. Oregon Navigation, st. Paul and
Duluth, both common and preferred, and
Spirits preferred points or over. The
stocks which gained a point or over were:
Cotton OH preferred, Tobacco, Canada
Southern, Canadian Pacific, Chicago, Gin
cinnat, Cleveland and st. Louis, the
Changers, Lake Shore Louisville, Chicago
Indianapolis and Louisville, Metropolitan
Traction, Michigan Central, Norfolk and
Western preferred, Oregon Navigation
preferred, Oregon Short Line Tennessee
Coal and Iron preferred. Trading in rail-
road mortgages was in large volume, with
substantial variations in many issues
The low priced securities were eagerly
sought for by domestic and foreign pur-
chasers. The general tone was very
strong, with specific influences operating
to enhance values of some liens, notably
Oregon Improvement, consols, 5s, trust re-
ceipts were conspicuous for a rise of 5A
per cent, with a later reaction to rs. The
aggregate sales were So, $4,000. The total
sales of stocks to-day was 475.425 shares
including: Atchison, 1896; do preferred
$3.50; Chesapeake and Ohio, 10440; Bur
hngton, 24850; Chicago, Cincinnati Cleve-
land and st. Louis, 1920; the Louisville
and Nashville. 1850; Manhattan, $500;
Missouri Pacific, 1875; New Albany and
Chicago preferred, 1880; Northern Pa
cific preferred. 27.OO0; Northwestern. 6,S55;
Reading, 7.100; Rock Island, 10, 100; ST.
Paul. 1852; Southern railway preferred
9145; Union Pacific 5,155; American Spir-
it's 14,700; American Tobacco 80, $50; Chi
cago Gas, 20,440; General Electric, 49, 4O5;
Sugar, 26,912; United States Leather pre-
ferred, 500; Western Union, u 700; Chi
cago Great Western II ,292.