The age-herald., 1897-08-15
In " all Street.

lieve. that prices must ultimately go lower. RIORDAN & co.
 In Wall Street.
 New York Aug. 14.-There was another illustration today of the strength of the markets for stocks, heavy orders al the opening to realize being readily abaorbsd and fresh buying lots invited by the low est level of. prices. This new situation soon turned the tide of prices to an up- ward course, once morewiping out the sharp early losses and establishing net gains for the whole list. The early de- cline extended from 1 to points in many prominent stocks and the subsequent rise esta blished net gains of to points in many stocks The grangers were fore most in the activity and in the width of the variations in prices and there was probably an intimate connection between i their movements and the early weakness in wheat and Ehe subsequenk rally in that market. IA further decline of R in hhs ! posted rate for long sterling exchange to SABA was a strengthening influence. Al- though loans in the bank statement are at this .ime of unprecedented volume, the same is true of the deposits and the total reserve held, and a decrease in Ihe surplus is looked forward to as an effort to establish a better net trade It can be said that the lower range of prices in - London 'Hoday had an influence in de- pressing early prices here, but it is fact that good deal of the selling in London was orders from Nhis side and prob- ably designated for manGpula.ive effects Ha on continuing the New York decline yes- terday. Industrial stocks again took, quite a part. Sugar advanced fully a. point after the early decline, and Tobacco after loss of 1A rallied to 21s. The early decline was nearly point in the grang- E. CTS and Northern Pacific preferred and f7 exceeded a point in l.. & N., New York JAS Central and Southern preferred. All of these declines were more than recov- cred sharp net gains being established . which extended 10 poinK or above in Burlington, Sugar, Lackawanna, 2; Dem s . yer and Rio Graalde preferred, La Clede Gas preferred, Lake Shore, 2 Manhattan and Wheeling and Lake Erie preferred.
 The week in Wall street has been marked by an unaba'ting volume of trad ing on rhe stock exchange, where the to- tai sales of all stocks on two separate days exceeded Shajs of any previous day of the present movement. .f
 The record for days trading in bonds was also placed at a new high point.
 Sales of stocks for week reached total of 3,5S1,35 shares, and the par value of the bonds dealt in was $20, 0,S45 900.
 6i The course of prices was not steadily upward as last week. Two sharp reac-z ,t stions occurred, one being made Monday I9o afternoon and continuing through part r; of Tuesday, and the second showing its effect late on Thursday and continuing aS 3through the early part of Eoday's trading. sfFJy and inr1 d.nup be outbreak on Thursday of speculative movement in let of obscure and low priced stocks, some of them without any ss gequity whatever in sight
 The rule that has been applied to 2 rspeculation may be illustrated by wide - @ ly dffused argument for selling on Fri ? day, because it was Friday and at the same time the 18th of the month An in- cident of Friday was the return of large amount of borrowed stock on which sufficient interest was being paid to af- ford a margin to the holders. This shook quite a large amount of weekly margined stocks and aided the decline. The chief development of the week was the fact that foreign investors are largely buying of American investments at the same time that foreign holders have been sell ing largely. The selling has been in the New York market as has been obvious from the operation of arbitrage brokers. There is also understood to have been . some buying in New York for foreign account by houses that are not regular arbitrage brokers. Owing to the deter minedly pessemst attitude maintained by foreign newspapers towards Ameri- 1i can securities the London price has been '5 almost constantly below the New York parity which has added to the tendency to foreign buying in London. At the same time there was foreign selling in New York. The course of the various n- ternational exchanges show that English financial authorities have sought to dis courage the buying of American securi- ties. Foreign bankers are now substan- tially agreed that the balance of credits to be settled by gold imports to this coun- try will be very large. The large~offer- ings of grain and cotton bills in the New York exchange market have caused a constant falling in. both sterling and con tinetal exchange, more particularly the latter The fall in sterling exchange has, in fact. received temporary check ,ly