The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-08-13
The New York stock Market.

New York, August 1.-THE only in
terruption to the upward course of
prices of stocks today was due to oc-
casional profit taking by room trad
ers. The offerings on this account
were easily absorbed with only a mo-
mentary halt, after which the rise was
resumed. During the morning the in
fluence Of buying for London account
was evident. arbitrage brokers taking
all the international shares quite free
ly. London prices also came higher at
the opening; but before the day was
over London had turned seller again
and, it is estimated, sold rs, 900 more
shares than were bought. This SELL
ing had no appreciate effect on prices.
The low priced shares of non-dividend
paying stocks were largely bought by
London and were favorites also in the
local speculation, the argument being
hat such stocks are bound to advance
if the promise Of better times holds
good, and if it does not, they annOt
recede far. Union Pacific was the fav-
orite in his class and was the leader
of the whole market in point Of activ-
ity, 81, 900 shares being bought during
the day. The stock was helped by a re-
vival Of an old story that the forth
CO1Il111S SClOSuI Sd1S WOulu lldhc
the road a part of a great trans-con-
tinental system under one control.
The stock was heavily bought by pro-
fe~ssiOnal traders for speculative ac-
and closed with a gain Of 81
points on the day.
The excitement in the wheat market
was reflected in the stock market and
was a large element in encouraging
purchases, especially of the granger
0foo1x0 h ~ o~~-So -~@I- T. 49,
northwest, west and southwest all show
ing substantial gains and great activ-
ity. The dealings in the high priced
grangers were Of enormous proportions
n the AtchiSOn securities and North
ern Pacific preferred were also prom
inent features. Reports from western
points were of increasing emand for
car space to move the grain crop and
Of the necessity of great eXertiOns on
the part Of the railroad managers to
avert a a famine. Statements Of
earnings also continue encouraging.
st. Paul showed an increase for the
first week in August Of $50,22 over last
year. Fol- the same period Canadian
Pacific gained $64, 900, Missouri Pacific
$54,0 900 and Kansas and Texas $12, 1873.
Northern Pacific gained $133,947 for the
last week in July. Louisville and
Nashville was active all day, but
moved within narrow limits until near
the close when it jumped to a. leading
place in the advance, with a net gain
Of 2H.
One Of the features of the day was
the s~teadying of the sterling exchange
market and the consequent cessation Of
talk Of gold imports in the immediate
future. The stiffening of the discount
rate in London added to the continued
heavy sales here Of London holdings
Of securities. Continental exchange
continued weak and downward. Gains
extended over a point in a large num-
Der Of railroad stocks and to 10 points
in Cleveland, Cincinnati, Chicago and
st. Louis preferred.
The total sales Of stocks today were
634, 100 shares, including Atchison
1893, the preferred 43, $50, Chesapeake
Quincy 39,165, Erie (new) 7,461, Illinois
Central 1910, Louisville and Nashville
27,575, Metropolitan Traction 6,OO5, Mis-
souri,, Kansas and Texas preferred
5,640, Northern Pacific $3.50, the pre-
ferred 1920, Ontario and Western
$50, Reading 26,S85, Rock Island 49,
GIG, st. Paul 1865, Southern Railway
6,217, the preferred 1850, Union
Pacific 2,49O, American Tobacco
16, 1920, Sugar 1866, Tennessee Coal and
Iron 1882, Western Union $3.50, Chi
cago Great Western 33,100. The in
quiry for railroad mortgages continues
heavy n reflects the increased conf
dence in the general situation. issues
of re-organized properties for pur-
chases of the middle grade liens were
on a large scale. The general market
maintained a very strong tone through
out. The aggregate sales were $4,270,-
600. Government bonds were slightly
irregular On dealings of $2O, 900.