The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-03
RALEIGH TOBACCO MARKET.
GRAIN AND PRODUCE.

New York, Aug. 2.-The market for
stocks to-day displayed an irregular
tendency at times, but the net result of
the days trading was a general average
gain extending all through the list. 1t
was the general outside interest in
the market shown by the purchases
made by the commission houses that
checked the slight sagging tendency
which developed at some points in the
list.
The professional bear operators who
are constantly watchful for the reaction
which they think must come after the
long upward course of the market, made
some attempt to take advantage of this
sagging tendency and to extend the
weakness through the list. But they
soon retired from the field. Some re-
ports of crop damage gave the ground
for a selling movement in the Changers
and also in the Southwesterns, but it
was short lived. The commission house
buying sustained the general list was
supplemented by the large buying in in
dividual stocks, invited by special causes.
Consolidated Gas continued to show the
aggressive strength which has character
lied it recently. This strength is be-
lieved to be connected with the approach
ing declaration of dividend Other
local gas securities failed to develop
activity or to show sympathetic strength.
Chicago Gas, however, continued its
upward course and it's price made the
long predicted passage of the par mark,
selling as high as 100k. This is new
high price record, the previous highest
price, 993s, being made several years
a. Init nfa, al v ,nt oin
The Northern Pacific preferred stock
was also a centre of strength, due to
the belief that the voting trust had
agreed upon a basis of harmonious ad-
justment, with the interests in sympathy
with the Great Northern. The price rose
17k, but reacted partially on account of
the difficulty in securing any authorita-
tive confirmation of the very explicit re-
ports set afloat regarding the choice Of
the new president. A number of the
Industrial stocks were especially strong,
notably Sugar and Tobacco, the former
showing recuperation from it's depression
of last week and rising sharply on short
covering. Leather was also prominent.
The Changers effectually overcame the
early attempts at a raid and developed
strength. Chesapeake and Ohio was
strong on the statement of earnings. The
weakening of the exchange market was
the refutation of bear rumors that fur
ther heavy gold shipments were to be
made this week.
The total sales of stocks to-day were
3S9,965 shares, including Atchison, pre-
ferred, 14,SSS; Chicago, Burlington and
Quincy, 1889; Louisville and Nashville,
,730; Missouri Pacific, S,976; North
ern Pacific, 5,543; Northern Pacific, pre-
ferred, 1920; Rock Island, 11,125; st.
Paul, 1890; Southern Railway. pre-
ferred, 6,419; American Tobacco, 23,O3O;
Chicago Gas, 1880; General Electric,
$500; Sugar, 16 ,525; United States Leath-
err, preferred, GAS; Western Union. o.
254; Chicago Great Western, 1920.
Business continued in large volume in
the bond market, the speculative issues
absorbing the bulk of the dealings Kan
sas Pacific consols showed rise of 2
points. The market generally showed
decided strength but realizations caused
heavy tone in the Atchison mortgages.
Sales were $2,950,O00.
Governments were dull but firm on
purchases of $11 900.