The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-08-12
FINANCIAL
stocks and Bonds.

New York, Aug. 10.-The price of most
stocks this evening was distinctly higher
than last evening, the gains extending 10
over a point in some of the most proml-
nent stocks. There are several reasons
why this result of the days trading Is
particularly notable as indicating the re-
Cooperative power of the market. In the
first place, the market showed YESTERDAY, "
disnosition to take profits apparently sui.
Tbe 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 snort
sales, professional operators DeiilS COZ
WINGED that reaction of considerable
nroportions was impending. The Gran
gers were subjected to the ScvereSt pres
sure, but few active stocks escaped Il
loss of nearly point. BY the time thc
decline had reached this proportion .nc
offerings began to show Signs Oh uiiiic ~,
tiOn. that unfailing indication OF an un-
dertone of strength in falling market
and nrices soon became firm. Alter IL
neriod of dullness they resumed the up,
uward course and advanced steadily ana
strongly for the rest of the day on an IN
crnase of business. A large part OF the
shares which were precipitately thrown
over Yesterday in the desire 10 reallzc
nrofits were brought back today. many
of them below the level at when 'he!
were sold. ,,,. ,,,,,,, If
tbnm felt impelled to accept the lhr'-
table tendency to advance in view oil the
decisive test of the reactionary power OF
the market which was given IN me morn
mo This remuneration was effected III
the face of selling for London account
in rather n larger volume than usual anu
If especially severe declines OF A'herf
cans on London exchange:
Today was the fortnightly settlement or
delivery day on the London eNchaiist,
The belief had prevailed in some minus
that the recent selling of Americans ny
Tnndon was for short account and the SET
tio,,nnt wonld disclose the fact in an III
creased demand TO cover shorts ioii-
trorv 70 the expectations of TINS ciaSs,
Tondon sold all the 1nternatlona! STOCKS
,orv freely. with the exception OF Norlh-
. nun Pacific preferred. This goes to con
ein +bo immersion that foreign capital
intS have really been liquidating their
hnld;nos of American securities Oh II NtL!
inr"n scale. The only symptom OF sne
nx;stence of any short interest IN London
was some demand to borrow stocks mere
on The mart of the representatives oil LoI-
don interests. The disregard OF the semi 1t
mental effect of I.ondon's atutuhe ps we
rally mere WIS un iiU'~
low low If these facts. The day was marKed
hr y further decline in sterling exc ina g
" nasted rates to S4.S4 IL and S4.so ~
for lour and short respectively ana %
40, ,ctrsl rates to $4.S3 "a and $3.50 80
s ae. long and short. Rates for time MONEY
f for the long period hardened pereepuo,y
Ioi this invited some selling OF long SUI
iing bills for future uses, the p toceseTs
I nn;ng n,n,lied to loans. Discount har3 La.
s sdii II I nndon and there was active pi of
al d;rp for gold. Crop prospects, reports ,n al
sors;cn crop shortages and the acGpih npm-
tote,sn rise in the wheat market az con- on
nynsa t favorable to the stocks. as ana I'M, me
tln UtSer reports of current railroau e tban
further The total decline was more t n r,ias
ings, ored in all stocks. but the net tb cams
recov uded to point in only rev sl,aIes
eXtena a;sa + from the lowest exeeeae9 ia
Inc i IN al the Changers, reachains bomi
polni noa ~ and Great Western; 81; a. With
Chicago az rroup in point of activity; Central M
led the ef eS0OO shares. Illinois o racov.
sales o. "a IA from the lowest. n le verv
sa 8 : e STsseP P'G Y t$5s
many 2, as, as well as in some ie ef the
rall railroads roads "a A large NUMBER oi '"e