The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-26
STOCKS AND BONDS.

New York. Aug. 25.-The weekly crop
report of the Agricultural Department
at Washington was the depressing iniiu-
ence in the stock market to-day as it
was a stimulating influence upon the
prices of wheat and corn. The opinion
expressed in the government report OF
unfayorable condition of the corn crop
and of impaired yield from the spring
wheat crop was of too serious import
to the grain carrying roads not to have
marked effect on the values. There
were various times during the day when
struggle was made against the prevail
ent depression and when prices seemed
embarked upon an upward course. But
the fact would recur that a large part of
the long advance in the price of the grain
carrying roads has been predicted upon
the abundant grain crop which it was
expected was to be moved and prices
would turn downward again. The cases
where prices were above yesterdays
closing at any time during the day are
exceptional and those where they re-
manned above at the close are still fewer.
The fact that settlement day on the
London exchange developed no short i'll
terest or covering demand was to some
extent disappointing to the bulls. The
heaviness in all departments of the Lon
don exchange growing out of the evidence
of serious disaffection on the Northwest
frontier Of the Indian empire exercised
some sympathetic influence in the iocal
market. Commission house buying was
on a much reduced scale and there was
lull of the activity on the part of the
large moneyed interests which have been
prominent in the market recently. The
sales fell to a total of little more than
one-third of that shown by the dealings
on some days of recent period Of activity.
The extreme dullness at the decline in
dicated healthy tone of the market the
liquidation at no time being heavy and
the resistance at given point being
very firm. The market enjoyed an oc-
casional rally under the leadership of
some individual stock which was infiu-
enced by a development especially af-
fecting it. Thus the publication of the
statement Of earnings of Missouri Paci-
fic for the third week in August show
ing an increase over the corresponding
week of last year of $105O00, gave an
upward impetus to that stock and helped
| the whole market. The stock rose over
point and closed with net gain Of
~. A simultaneous rise in Sugar, to-
bacco, starch and Bay State Gas at an
other time rallied the market. Late in
the afternoon buying developed in New
York Central on reports of increased
earnings. This spread through the Van
derbilt group and carried prices general
| " to the best Of the day. New York
Central led the rise with an advance
of ~ and the net gain was a point.
Michigan Central was the exception il
the group and fell off IL. a selling
movement in the last half hour of trad
ing carried prices to the lowest Of the
day, and left the general list fractionally
below last nights level, the loss ex-
tending to 1B in Burlington, Lake Shore
gained a point. Northern Pacific prefer
Id was a weight on the market, owing
to its poor showing of earnings.
The total sales Of stocks to-day were
292,250 shares, including Atchison pre-
fcrred 1890; Chesapeake and Ohio
5,T75; Chicago b. and O., 24,500; L
and N, $3.50; Missouri Pacific, 1900
New York, 1855; Northern Pacific pre-
ferred, 5,475; Reading, $40 Rock Is
land, 1855; ST. Paul, $4,000; Uniol
Pacific, $3.50; Bay State Gas, 13,207
Chicago Gas, G,0S5; u. s. Leather pre-
ferred 5, 120; Chicago G. W., $500.
} The bond market showed less weak
ness than stocks, prices being general,
higher.
Government bonds were dull AM
slightly frmer. The total sales wer
$2,275.O0O