The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-21

down so that prices meet a resisting
force before they have receded far.
| Prices in the stock market did not re-
spOnd to the sensational rise in wheat,
as is sometimes the case. SO far as this
rise was due to buying for export and to
the jump in the price of wheat in Eng
land and the continent, it was a favor
able influence on stocks as indicating in
creasing purchasing power in the hands
of the farmers. But so far as it was due
to fears of damage to the corn crop and
to lower estimates Of the spring wheat
CROP it affected the grain carrying roads
unfavorably as indicating a probable de-
crease in the tonnage of the freight to be
transported. Reports of such crop condi-
tons were very prevalent in Wall street
all day and the market responded quick
Ily especially the grangers. The continued
Ifrmness of sterling exchange rates was
not an encouraging factor in the market.
London and the continental money CEN
tiers seem to be fencing to decide which
shall meet the first demand for gold on
Iaccouna of the heavy crop movement, but
1.-THE exchange market reflects no immedi-
ate likelihood of imports of gold. The
curious contradiction in sentiment which
has existed for months past between the
London and New York market found a
new phase today. Prices for American Sc
curities came higher from London this
morning, indicating a disregard of the re-
action manifested in the New York mar
ket. Purchases in New York for London
account were made, also of nearly all the
prominent international stocks, in spite of
the falling course of prices. Sales for this
account were estimated at $4,000 shares.
THE New York market equally ignored
the sentiment of the London market and
went on selling Receipts of American Sc
curities from foreign holders have been
very large recently by incoming steamers
from Europe and recent orders to pur-
chase placed in the London market by
New York houses have developed the
fact that the market has been pretty
we'll stripped of American securities. To
days movement looked like a desire on
the part of the foreigners to replenish
their supply of American stocks.
The extreme decline today was consid
! erably over a point in large number OF
shares, including the grangers and lead
ling Southern and Southwestern railways
and the Reading issues. A hardening OF
prices in the afternoon diminished the
losses, but they reached point in many
cases. Leather preferred was strong or
the rise in the price of the product To
: bacco lost about two points. Sugar moved
over a range of about 2 points, but its net
change was small. The total sales OF
stocks today were 40S, 200 shares, includ
ing Atchison preferred, 1882; Chesa
peake and Ohio, $3.50; Chicago, Burling
ton and Quincy, ex-dividend, $3.50
Louisville and Nashville, 11,445; Man
haitian l., $3.50; Northern Pacific pre-
ferred 1900; Missouri Pacific 1882
Missouri, Kansas and Texas preferred
D $500; Reading, 16,0S0; Rock Island, 10,
800; st. Paul. 65,S23; Southern Railway
preferred, 1924; Union Pacific, 1850
American Tobacco, $500; Sugar, 1862
United States Leather preferred, 1875
Chicago Great Western, 22,075.
The bond market displayed a heavy
tone on moderate dealings. The specula
ton was largely centered in the leading
mortgages and there was a decided
abatement in the foreign demand for Sc
curities. The aggregate sales were ST.,
I975,000.
: Governments declined slightly on light
purchases.