The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-02
STOCKS AND BONDS.

new IUTk, July Io-udy . ndlhSI
was somewhat erratic, the earlier hours
Of the day inclining to reaction, but a
stronger tone developed after noon which
carried prices all through the list above
last nights closing level. There was
no news regarding the general situation
to account for the early decline and it
must be attributed to a general appre-
hension among the preferential traders
that the advance in prices has Uutstripped
conditions The late strength did not de-
velop until after period of feverish I'M
certainty and a hesitating and some
what timorous effort on the part of the
bears to take control of the market.
There was a decided falling off in activ-
ity and in the outside interest in the mar
ket all day. Nor was there any general
heavy selling to realize apparent. The
decline gave every appearance of being
purely manipulative in character, the
bulls seeming to assent to it as promis-
ing benefit to the tone of the market.
1t was not of a character to invite ag-
gressive short sales and, in fact, the sales
that were made for short account were
covered before the end of the session
and were largely responsible for the raj
~. A feature of the market all day was
the ease with which prices moved both
up and down ON small transactions. The
late rise was accomplished without any
very great buying, rejecting the DISPOSE
| ton on the part of the heavy operators
| to nurse the reaction for the purpose of
recuperating the market and preventing
its too rapid advance. London already
reflected an increased confidence in the
stability on the part of the heavy Oper-
ators to nurse the reaction for the pur-
stability of values here and bought quite
| freely during the day. General news
as to the outlook for business continued
| favorable. The transfer of 100000 in
currency from the sub-Treasury to New
Orleans is considered an indication of in
creasing business activity in that section
An order from Europe for 100000 in
gold went begging in Wall street, there
being no adequate profit in the transac-
ton at the ruling rate of exchange. The
governments good showing for the fiscal
year with deficit of less than $19,OOO,-
| 900 against an estimatea year ago OF
over S64, 100000 is looked upon as a ia
yorable factor. Louisville and Nash
ville's good showing for May of an in
crease of $S2,021 in gross earnings and
Iof $64, in net helped that road tC
maintain its price above yesterdays close
or near the level all day. This was
true of the international as group with
one or two exceptions. Manhattan was
also markedly strong all day on rumors
that surface railway interests were a.
bout to acquire an interest in the proper
lty. With these exceptions the whole list
declined below yesterdays close, the loss
PREACHING IN in Sugar and over a point
in Tobacco, Chicago Gas and North.
west.
The total sale of stocks to-day were
l276,443 shares including American To
bacco Company 7,700; American Sugar
Refinery "a, 700; Burlington and Quincy
l27,6OO; Chicago, Gas Tr. Rec. 30,70O;
Manhattan Consolidated $4,000; Reading
1900; Rock Island 10000; st. Paul 49,,
800.
The bond market displayed good tone
on moderate. transactions which were
largely restricted to the leading mort
but were fairly uniform in fractional
cages. Fluctuations were quite narrow
gains. The market showed some irreg-
ularity at times, but ended with the
principal liens showing advantages. The
aggregate sales were 81, 800, 900.
Governments were dull but hardened
Ifractionally. The transactions were ST.
1000.