The age-herald., 1898-08-05
Tn w all Street.

New York, Aug. Alt was obvious from the developments in todays stock that wealthy and powerful speculators were placing very large amounts of money in the granger's stocks in anticipation of rise in prices There were many indica- tions also that some of the funds which were being placed in the grangers were de- rived from sales of some of the more promi- nent industrial specialties which have shown such recent large advance in price as to yield handsome profit on the sales. This shifting of speculation is an episode which invariarby occurs in the course of a long continued advance in prices. The preliminary movement of the highly specu- lative industries is quite generally apart from any general condition of business and industry.
 The later awakening of railroad stocks is looked upon as indicating a more vital stage of speculation and investment. There was broad and confident demand today through the whole of the railroad list, much of which must have come from the outside public In many stocks this growing de- mand was met by steady stream of offer ings which left prices, in spite of the large volume of transactions, only slightly high CT than last night
 The shifting of specula ting accounts in- yolving the profit taking in the industrials, encouraged bear attacks, particularly in sugar, rubber, cotton oil and tobacco. Tho whole railway list was held remarkably firm in face of weakness in the specialties the showing of a strong tone at or near the top. Rock Islands June statement showing an increase over last year ill the net in spite of largely increased operating expenses was one factor in encoura ging. speculation in the grangers, but the state-t ment of the Chicago, Burlington and Quincy. for June and for the fiscal year was the decisive influence. The assurances of peace and the passing of the critical period for the crops. making sure the harvesting of an. unprecedented volume of products, gave assurance of continued prosperity to the country after a year of unexampled foreign trade.
 very heavy blocks of the leading grangers being taken the rise. Of the indus trials cotton oils and tobacco continued conspicuous in the trading. Grains were in all cases restricted to half.
 Buying was very active during the first hour and embraced pretty much every stock on the list. Many properties showed evidence of inside support and there a large demand also through commission houses from the outside public. Round amounts of stocks were taken, resulting in marked improvement in prices all around Trading more animated than for months The grangers led in activity and strength, but wider gains were shown in some prominent stocks, notably New York AirBrake. which rose points
 Most stocks continued to manifest strength, but the trading was rather un- settled by a raid one or two stocks
 The wide distribution of business awak- ened a feeling of confidence as to the fu- ture of the market and purchases were made quite freely all around. Sales of stocks to noon were 165. S15 shares
 Bonds showed decided gains in number of cases. The demand for Denver and Gulf firsts was particularly heavy.
 There were heavy dealings in reilroad bonds to-day, the demand being very wide 1y distributed, but most urgent in the re- organization 4 per cent. The total. s7,94O- GOO, is said to be the largest days business on record.
 There were large dealings in the gov ernment 3s to-day at 105, one block of $780, GOO going at that price, A small block of the issue sold for 105R. U. s. old As, cou- pon, advanced fl the bid price. There was no other change.
 Money on call steady at 1M1h per cent; last loan. IA; prime mercantile paper, 31sM 4 per cent; sterling exchange firm, with actual business in bankers bills at $4.S5ss@ days; posted rates s4.S41@aI4.S5 and $4.S6@ 4.Ssta; commercial bills, $4.s2a4. Silver cer- tifcates, 5S1am591ac; bar silver, 59c; Mexi- can dollars, 451@c.
 Government bonds strong; state bonds dull; railroad bonds strong.
 By Private Wire to Paine, Murphy Co.