The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-10-02
NEW YORK STOCK MARKET.

New York, Oct. 1.-The dealings in
stocks to-day were upon a considerably
lighter scale than on Wednesday, and
the distribution of business was not
quite as good. The market, however,
displayed am absorbent power that
had not been expected, and proved
superior to the further heavy realiza-
lions and bear attacks. Commission
houses reported increased business,
especially in the low priced shares, and
declared that the market displayed
greater resistance than heretofore to
bear attacks, despite the clamor for
reaction. In the last hour large OPP
orator sold the active railway stocks
all around presumably ITO depress
prices for effect upon the London mar
ket tomorrow.
The course of prices was irregular
but the variations, aside from a few
of the specialties, lacked Importance.
Trading at the outset was marked by
weakness on realizations and bear Of
ferings. The declines were insignifi-
cant, and the bears discovering the
stubborn attitude of holders of secur-
tiles, severed their lines. The traders
who have not been fighting the rise
bid the market upon the shorts. Man
haitian and Reading were in brisk re-
quest at improved figures. The aggres-
sive strength displayed by these prop
critics contributed to the firmness in
the foreign market, despite liberal
foreign selling, and increased frmness
in the foreign exchange market. Act-
ual and posted rates were further adj
vanced, the last mentioned touching
4.S3h@4.86 for long and short bills.
Current quotations preclude imports
OF gold at a profit on ordinary ex-
change conditions.
The strength of this market is at
tributed to an increased demand for
remittances and to a decreased move
ment of commercial bills owing to the
sharp advances in the price of our
breadstuffs and other food products.
Even at the advance, however, an ElI-
Iopean demand is reported. On the
other hand, the imports of gold have
reached so large an aggregate that the
temporary check ITO the movement
is regarded with equanimity while the
Treasury gold reserve has been swelled
to a sum that removes all Immediate
concern. Pacific Mail was marked up
IA to %, but the gains in other shares
were less noteworthy. An advance of
~ per cent. in Chicago Gas followed
the news of the break centered by the
legal opponents of the companies until
the decision of Judge Gibbons. Louis
vile & Nashville was well held, despite
the falling off of $118,000 in the net re-
turns of August, and the persistent
foreign sales. 1t is believed that sue
ceeding exhibits viii reflect improve
ment in the rate situation and the indus
trial condition of the South. Interests
that have recently been influential in
advancing Reading securities were
again prominent and moved the stock
up III per cent. to 20M.
The bonds rose sharp fractions. The
announcement of the default in the
October interest on Louisville and
New Albany consol SIS was not a sur
prise and failed to influence the secur-
tiles. Manhattan displayed irregu-
larity succeeding the rise of u to 1914
and the price eventually receded to the
closing figure of the previous day. In
the last hour general reaction oc-
CURED. Illinois Steel rose 27s and
Minnesota Iron / per cent on the I'm