The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-08-11
Financial.
Despite the Efforts of Bears the Market
Continues to Rule Firm.

Continues to Rule Firm.
New York, Aug. 1O-The price of
most stocks this evening was slightly
higher than last evening, the gain ex-
tending over a point in some of the
most prominent stocks. There are sew
eral reasons why this net result of the
days trading is particularly notable as
indicating the recuperative power of
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
operators being convinced that reac-
ton of considerable proportions was
impending. The grangers were sub
jected to the severest pressure, but few
active stocks escaped a loss of nearly a
point. BY the time the decline had
reached these proportions the offerings
began to show signs Of diminutlon, that
unfailing indication of an undertone of
strength in a 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 a
continuing increase of business.
A large part of the shares which were
precipitately thrown over yesterday in
the desire to realize profits We're bought
back to-day many of them below the
level at which they were sold. The
early short sellers, many of them felt
impelled to accept the inevitable ten
dency to advance in view of the de-
cisive test of the reactionary power of
the market which was given in the
morning.
The recuperation was affected in the
fact of selling for London account in
rather larger volume than usual and Of
especially severe declines Of Americans
on the London exchange. To-day was
the fortnightly settlement or delivery
day on the London exchange. The be-
lief has prevailed in some minds that
ties by London was for short account
and that the settlement would disclose
the fact in an Increased demand to
cover shorts. Contrary to the expec-
tations Of this class London sold all the
International stocks very freely with
the exception of Northern Pacific pre-
ferred. This goes to confirm the i'm
preston that foreign capitalists have
really been liquidating their holdings
of American securities on very large
scale.
The only symptom of the existence of
any short interest in London was some
demand to borrow stocks here on the
part Of representatives Of London In
terests. The disregard Of the senti-
| mental effect of London's, attitude by
the rally here was all the more marked
| in view of these facts.
| The day was marked by a further de-
cline in sterling exchange of posted
| rates to s4.s4h and Sassy for long and
short, respectively, and of actual rates
to $4.S3A and s4.s5A for long and short
Rates for time money for the longer
periods hardened perceptibly and this
invited some selling Of long sterling
bills for future uses the proceeds being
put into loans. Discount hardened in
London and there was active bidding
there for gold.
Crop prospects, reports of foreign
crop shortages and the accompanying
rise in the wheat market all continued
favorable to the advance in prices Of
stocks, as did the further reports OF
current railroad earnings. The early
decline was more than recovered in al
the stocks, but the net gains extend tc
point in only a few shares
The rise from the lowest exceeded a
point In all of the grangers, reaching
in Chicago Great Western. st. Pau
led the group in point of activity with
sales Of $4,000 shares. Illinois Central
rallied ~ from the lowest A recov.
cry of over point also occurred ir
many of the western and southwestern
railroads as we'll as some leading south
ern railroads. A large number of the
industrials and specialties, including
| a number of the anthracite roads, are
in the same category. Consolidated
Gas showed a net gain of points
Metropolitan Traction 21a, New York
Chicago and st. Louis and Pullman /
Brooklyn Union and Illinois Steel each
lost a point.
The bond market gave decided evi.
dence of strength on liberal purchases
which advanced some of the prominent
| issues notably. Business was In con
siderable volume, but the aggrega tt
showed considerable shrinkage from
Yesterdays total The total transac.
lions were SO, 900.
The trading in government bonds
| was featured by sale of block Of
| 100000 of the new coupon tours a.
1251s. The market ruled heavy with 6
slight shading in quotations at the
close.
Following are the closing prices re-
ported by Prince & Whitley, bankers
| and brokers. 16 Broadway, New York
ond TX Canter street New Haven.