The daily morning journal and courier., 1901-08-09
EsimaMetal.
THE STOCK MARKET
Prices Carried to a substantially Hig he
 Level.

Prices Carried to Substa ntial1y Hi g h.
 New York, Aug. S.-Developments in
 the stock market to-day favored oper-
 ators for the long account and the de-
 mand which was broader than for some
 time carried many properties to a sub
 stantially higher level. Traders appar-
 ently were attaching more importance
 to the character of the crop news and
 the high ratio of railroad earnings, and
 stocks were purchased with an appar- ent great show of confidence. Unusual prominence was given to the trading in
 the United States Steel stocks owing
 to the frequency with which large blocks changed hands at rising scale. Professional operators were inclined to cover short lines in these issues owing to the resumption of work at some plants and the official announcement of | the absorption of the Shelby Tube
 Works. When the prices of the steel stocks reached a level ? IA and 2 per cent respectively above yesterdays close for the common and preferred, the general market kept pace with the movement and even exceeded those | gains in some instances. There were | many Interruptions to the general rise during the day by profit taking and | short selling by the room operators, but the recessions were not very noteworthy except for the United States Steel stocks, which ended about point be- low tho host yrhpn a rarnrt 1ria6 That prominent operator was unloading stock purchased at much lower level This selling soon affected other stocks but the dealings fell off and the close showed steadiness,
 St. Paul, Union Pacific, Missouri Pa cif1c, Sugar and Lackawanna were from 3-4 to points higher and led the gains in their respective groups. The declaration of only the regular dividend on Union Pacific was without effect on the stock, the price in fact ruling at 91 1-4, the best price of the day, when the announcement was made. No ex- planation was made of the rise at the close by Missouri Pacific to 99 1-S but it was asserted that a speculative in terest was responsible for the move ment. Stock usually not prominent at tracted some attention to- day owing to the material character of their ad vances, the list including Great North ern preferred, General Electric, Con solidated Gas, Hooking Valley, Colo rado and Southern first preferred, Cleveland, C., c. & St. Louis, St. Law renee and Adirondack and Lake Erie and Western, which were ? and points higher. Monetary conditions were viewed favorably owing to the steady gain by the banks on sub-treas- ury operations. Sterling exchange rates continued upward. Commercial bills are in scant supply and as there is a very heavy demand the question of gold exports is being discussed, The week. ly statements of the Bank of France and the Bank of England showed both institutions in a strengthened condi- tion, which may possibly prevent early exports of gold, as they are not con eidered likely to offer any especial in- I ducements to get 1t.
 The bond market was strong to- day, the feature being Mohawk and Malone incomes, which advanced nearly six points. Total sales par value $l 800 900. |
 United States bonds were all un- changed on the last call.