The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-07
STOCKS AND BONDS.

New York, Aug. 6.-The stock market
rebounded to-day from the depression
manifest during the greater part of yes
terday, many stocks establishing new
high records. The volume of transac-
tons was second only to that of yester-
day ON the record of the year thus far
and the animation was without inter
ruption, except for q few brief lulls
when profits were taken by professionals.
Although the dealings in stocks were in
somewhat decreased amount compared
with yesterday, the buying of bonds was
heavier. The efforts of the professionals
TO bring about reaction were abandon
ed to-day and the market seemed to
move upward almost without restraint
except for few exceptional cases. The
activity permeated every department of
the market. The sagging tendency of
prices of American securities in Lon
don and the large selling of them here
for London account were ignored. Some
stocks in which the heaviest selling was
done by London, as Illinois Central,
showed the widest advances here There
was a temporary lull in the advance of
some international stocks during the
process of absorption of London offer
lngs, but it was resumed when these
offerings had been taken. London's sales
were estimated at about %, 900 shares.
The foreign selling was also without eff
feet on the exchange market which sank
heavily, actual business for demand
sterling being done at 4.S6A and for
sixty days at 4.S5 with the tendency
still downward. Posted rates also were
reduced half cent to 4.S6 for long bills
and 4.S7 for short respectively. The
failure of the London selling to affect
the exchange market led to some sur
misses that the selling is for short ac-
count Skilled estimates place the a.
mount of American railroad stocks still
remaining in the London market at a
very low figure.
The recovery in the wheat market had
a sustaining effect in the stock market,
most pronounced in the grangers and
especially in st. Paul, Burlington and
Chicago Great Western. Yesterdays
good reports of earnings of Southern rail-
ways continued to exert good influence
IN the stocks Of those roads. The stocks
of iron and steel companies reflected an
improved feeling in those trades, except
Colorado Fuel which lost 15s and Ileath-
er preferred rose on encouraging reports
or prospects in the Leather trade. La
clede Gas made further sensational ad-
yances. Consolidated Gas and Chicago
Gas retained their rather heavy tone.
though closing with fractional net gains.
Sugar was unable to maintain its rally
and closed with a net loss of 1%. Man
haitian rose buoyantly on reports of a
union with surface car interests, the net
gain being AZ.
The total sales of stocks TODAY wore
541, 600 shares, including Atchison pre-
ferred, 6,2O8; G. and O., 646O: Chica-
go. B. and O., 34,195; Illinois Central.
1916; L. and N, 5000; Manhattan.
L., 1890; New York Central 6.919:
Northern Pacific, 5,4OO; do preferred.
$500; Rock Island, 23,64O: St. Paul.
40,310; Southern Railway. 16.875: do
preferred, 1910; Union Pacific, 11,3OO;
American Spirits, 10,S1O; American To
bacco, 33,5O0; Bay State Gas, 9,13O;
Chicago Gas, 12,050; Laclede Gas. IL
4S0; Sugar, 1927; r. G. and Iron. o.
O55; United States Leather, 5.S45; do
preferred, 1920; Western Union. $40:
Chicago, G. W., 25,75O.
Values of railway and miscellaneous
securities continue to trend upward on
heavy purchases which include a num-
Der of the gilt edged liens. The middle
grade and low priced mortgages scored
the more noteworthy changes with for
eign purchases again in evidence. The
aggregate sales were $3,7OO,0OO.