The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-20
STOCKS AND BONDS.

market again reflected the constant
watchfulness of the large professional
traders for a reaction, the days proht-
taking being on very large scale. The
net changes are very small, owing to the
early buying movement, which carried
prices of most stocks quite sharply above
last nights close. But the reaction
brought about by the realizing move
ment and by sympathy with the heavi-
ness in Sugar left most shares below
last nights close The trading was dull
and showed very marked diminuitiOn in
the range of activity. The volume OF the
total dealings was small, and one third
of the whole is credited to Sugar. Much
of the selling of this stock was attributed
| to Washington orders, supposed to be
based on information of the sugar sched-
| ule of the tariff bill being in danger in
| the conference stage. Chicago Gas show
| ed a sharp fractional decline from the
| best price adding to the heavy tone of
| the market. Northern Pacific preferred
| and Union Pacific wer the most largely
| dealt in of the railroad shares and each
| sagged a point at the lowest with only
| feeble rally. The selling of these
| stocks was attributed to foreign orders
| to realize, the recent foreign buying hav-
/
| weak spot in the market and showed
| a wide recession, but Western Union
| rallied to above last nights close. On
| the other hand, Lake Erie and Western
preferred and Minnesota Iron registered
| an advance of two points each and Edi-
| son Electric, of Brooklyn, IA. Sugar
| extreme decline was % and the net loss
| rs. The closing was firm and closing
| prices as a rule were above the lowest,
| but net losses were general throughout
| the list
| The feature of the week has been the
| firm resistance of the market to the
efforts of reaction of professional opera
| tors. On Tuesday and Wednesday there
| was continued heavy selling to realize,
| some of the largest operators on the floor
being credited with complete turn in
| their holdings. These traders based their
| action on the theory that reaction was
| overdue in the market because the ad-
| vance had been so steady and so long
| continued, for a month practically with
out break. The manipulators for a de-
| cline had no ground in the general con-
| dltlon to offer as an argument, the gem
eral condition continuing much as it had
| been ever since the advance had begun
| Their effort to break the market proved
| signal failure, and all joined the long
side on Thursday. The change in the
general level of the market is indicated
by the comparison of prices of some ac-
tive shares at the close on Saturday.
May % and today. Advances are: New
Jersey Central 13a4; Sugar 12& (divi-
dend on; Consolidated Gas, Chicago Gas
and Burlington a fraction over points
each; Rock Island and Tennessee Coal
over points; Northwest, Delaware and
Hudson, Missouri Pacific and Western
Union points or over, and st. Paul,
Louisville, Leather preferred and North
ern Pacific preferred over points each
The number of stocks showing lesser
gains, increases, but with a few excep-
tons all prices are higher. Railroad earn
lngs show improvements in that time.
and the finances of the companies inn
medlately concerned are in better condi-
ton; but the higher prices quoted do not
by any means represent the immediate
return in money hoped for from share
holding in the companies. They must be
accepted as the barometer of expected
and hoped for Improvement in the bus;-
ness of the country at large. 1t is GER
tain that the business of the country at
large has not increased in the last month
In the same ratio as the prices of stocks.
But the firm resistance of the price of
stocks to reaction and the readiness of
buyers to take them at the existing level
is measure of the confidence felt that
business is about to improve in proper
ton. Probably the unimpeded progress
of the tariff bill on the final stage of its
disposal has been the most encoura ging
to Wall street of any one factor The
Hawaiian annexation treaty caused a
mOmentary tremor to pass along the
pocket nerve through the street, but the
complacent attitude assumed towards
the matter by the powers of the world
has quoted apprehension as to Japan's
protest The latter part of the week
shows some growth of apprehension over
the new impetus given to the gold move
ment and the hardening of exchange,
| said to be due to the drawing of ex-
change for tourists account and for July
settlements of divident and interest pay
ments on securities held abroad. But
Wall street has taken note of the fact
that the gold reserve in the treasury
has remained almost stationary at a lit
tie above land for two days a little be-
low $144, 100000 ever since May %.
The amount of specie held by the New
York banks has increased since the date
named from $SS, 295, 800 to $9O,O5O, 200
held today.
The gold shipped from the country by
gold exporting houses since the same
date amounts to $5237, 794. The ship
ments today, amounting to $350,O0O, and
those announced for next Tuesday,
amounting to $1,35O,0OO, have not yet
appeared in the treasury statement. Not
all of this gold will be taken from the
Treasury, but the Withdrawals will
probably be sufficient to bring the Treas
ury reserve to the lowest point it has
reached in the present gold movement.
The increase of $7S2, 400 in specie in
New York banks this week in view of
the fact that 100000 in gold shipped on
Thursday, was all taken from the banks,
is worthy of note.
The weeks advance in prices of stocks
| has added significance from the fact that
it has been made independently of Lon