The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-12-19
STOCKS AND BONDS.

was practically uninterrupted during the
short session of the stock exchange to-
day. Some very sharp net gains are
the result, exceeding 2 per cent in some
of the specialties, over point IN large
number of leading active stocks ana -
sharp fraction all through the list. Inc
rise was almost wholly the result OF pro-
fesSional buying outside interest IN the
market being at standstill. Bull oper-
ators extended their lines aggresslyely
and the bears covered heavily. Prices OF
Americans were higher in London tins
morning. that centre having become
quite persistently bullish on the outlook
for values in this country on long
turn.
Sugar was quite buoyant on covering
of shorts. This combination of strength
in individual stocks due to special causes
would have been n powerful sustaining
factor in itself. But the incident that
determined the tone of the general spec
ulation aud awakened general buying
movement all through the list was the
report from London, afterward shown to
he erroneous, that over half million
dollars in gold had been withdrawn from
the Bank of England for shipment to
the United States. Taken in connec-
tion with the easing of the call loan
rate Yesterday afternoon to per cent
and the quantity of funds offering at
that rate this report had the effect of
d:ssipating some of the fears of traders
in securities as to the future of the
money market and aggressive buying en-
sued The weekly bank statement with
the large decrease shown in surplus re-
pn1U
the upward movement; which was then
renewed and continued with buoyant
tone to the close of the market. Up
to Friday of this week it looked very
much as though the expected reaction
in the stock market had set in, which is
as much expected in the natural course
of things as the December rise" But
to-day's developments leave the future
course of the market very much of q
problem.
Owing to the condition OF the money
market, it was not expected that there
would be much ease in rates again be-
fore ,e first of the year. Beside the
usual accumulation of funds prepara-
tory to the disbursement of January in
terest there has been withdrawn from
the market this week over SS,Oo0,000,
which was paid into the United States
Treasury on account of the Union Paci-
fic sale Another similar payment IS 20
be made on December q, and the last
on January ). Fhe reason given that
.hese later payments are eing paid into
the Treasury instead or Icing left on de-
posit in New York banks, as was done
with the earlier payments, is that the
price of United States bonds has risen
to so Ugh point that high premium
would have to be paid to secure sufii-
Gent number to secure these deposits.
There has been, in addition an outflow
of currency from New York to the South
in the last three weeks, which is unus-
( llal at this time of the year and which
promised TO accentuate the temporary
security of money here.
| Foreign exchange bankers express
some scepticism regarding the gold en-
gagement. in view of the prices of ex-
change still ruling The government
trade statement for November, issued
this week shows that balance increased
/ still further in our favor by over Sol,
| 100000 which makes the balance in
| our favor from the beginning of the fis-
cal year to December 1, S239, 456, 900.
| Ihe ruling price Of exchange is known
! to be highly artificial due to the leav-
| ing in England and Germany at interest
/ of millions of dollars due on balance
| to this country. Under the influence of
| the higher rate for money exchange
rates have declined during the week and
there has been a cessation of the invest
ment demand for long sterling. That
there are great sums of money in Eu-
| oil in Of c
| country constitutes one of the strongest
factors in the money situation. Net
changes in prices of stocks are widest
in the coalers, the gains extending to over
| 10 points in New Jersey Central; n
and W., preferred is over points high,
/ er. Otherwise net changes are mixed
and generally within the limit of
points.
Bonds went up and then went down
like stocks but still show net gains, re-
naming in most issues. Total sales $50,
| 100000.
United States SIS have declined 4
bid, the new As coupon u and do regis
tered * during the week while the ole
is coupon have advanced u and regis
tered 3s during the week.
The total sales Of stocks to-day were
173,200, including G. Il. and O., II, 293
Manhattan ~, 1880; New Jersen Cen
trail G,375; Northern Pacific preferred
600; Rock Island, $685. st. Paul, II,
421; Bay State Gas, 14,475; Chicago
G. W., 1850; Peoples Gas, $40; Su
gar, o. 52.
NEW YORK CLOSING sroCRs--W EST.
Atohison.. .....,.. I2k st Paul pfd...,.. .1f2
do. pref....... Bon st p s. O..,.s..... 10
3 & o .,.....,..e.. l3% st r q Q pfd...,.. 150k
Can pac....,...... 624 st u NJ & NJ .,.,..I23
Can Souvs,,,..... TN So Pacific. ..... 20X
Cen pac....., go. l0S South r =. -. pk
los 0........,..,,. 2lB do pref....,, 82%
| (-B,4navO tim Tnvaa IIK