The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-11
STOCKS AND BONDS.

New York, July 10.-To-days market
for stocks was devoid of interest To-day
was holiday on the London exchange.
The usual tone impaired to the opening
here by London was lacking. The whole
temper OF the stock market furthermore
has taken ON waiting disposition.
Transactions on the exchange in the ag-
gregate reached near barely half a hun
dred thousand shares sold and one fourth
of this amount was Sugar This stock
was erratic during the day on the con-
ficting rumors regarding the tariff, but
did not move over a very wide range.
1t fiuctuated above last nights close
during the whole session at one time,
going Ia above but closed with frac-
tional net gain. Only ten other stocks
were dealt in to the extent of a thou
sand shares. The grangers were most
active next to Sugar and enjoyed con-
tinued benefit from the reports of good
crop prospects. New York Central was
active and higher on account of the per-
sisteLce Of the rumor that its leading
interests were about to secure control
of the Lehigh Valley Railway.
Pacific Mail added a fraction to it's
price owing to the continued belief in an
additional dividend to be declared. Chi
cago Greatwestern, Des Moines and
Fort Dodge and Keokuk and Des Moines
preferred continued to improve under
market operations of inside interests, the
latter stock advancing AZ points. st.
Paul was sustained by the first week
statement of gross earnings, showing an
increase of over $1,000. Minnesota
Iron rose a point and Rio Grande West
ern preferred ~. The Rubber shares
were heavy. The close showed a ma
jority Of stocks a small fraction higher.
The stock market retained its usual
middling summer lethargy during the
week. There have been indications Of
strength on several days during the
week, but the upward movement was fee
BILE and not sustained The commits
sion house business which has reflected
the growing interest in the market by
the outside public up to last week has
practically ceased. The heavy buying
by. large capital which sustained the
market for so many weeks is no longer
in evidence and the conclusion Of deal
ers is obviously that it is prudent for
the stock market to wait for general
conditions to come up with it. The most
attention in Wall street is paid at pre-
sent to the reports of crop prospects and
prices. The harvesting OF abundant
crops at good prices by the farming pop
ulation are regarded as most vital to the
sustaining of prices at the advanced
level. The granger roads have led the
advance throughout and continue to
show the greatest strength and firmness
The passage of the tariff bill through
the Senate had been looked forward to
as favorable factor in Wall street, but
had been discounted. The strike of soft
coal miners has had it's effect in check
ing the upward tendency of prices. But
there are not lacking expressions of
confidence that the strike may lead the
way to an opportunity of lettering the
deplorable conditions existing all through
the soft coal trade by improved wages
as well as by improved profits to oper-
ators and transportation lines. The
week has passed without shipment of
gold to Europe and the belief is general
that the years outgoing gold movement
has come to an end. Sterling exchange
has, however, shown a slowly harden
ing tendency as the week progressed
even in very dull market. The COM
mencement of grain exports promises a
supply of exchange and there is a dis
position to sell long exchange for future
use.
The low rate for call money has fallen
during the week from III per cent to 1
per cent. The net changes in leading
stocks for the week are small, but are
mostly lower. Some noteworthy gains
are shown by inactive stocks.
The bond market ruled fairly active
during the week and considerable
strength developed in the gilt edged
liens. The dealings generally lacked
feature aside from extreme irregularily
to the industrial securities which impart-
ed tone to the general market. Pur-
chases for investment account were dis
cernable in many instances and q bet
ter speculative demand occurred for
some Of the low grade mortgages. Some
heaviness was noted towards the close
of the week in the more active mortgages
but without effect on the general trend.
Governments were quiet and fairly
we'll held during the early dealings, sub
sequently, however, general weakness
developed on proft-taking with the new
coupon As reacting to 12412.
STOCKS
Atchis0n.. ....... Tx Northwestern ..l11K