The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-18
STOCKS AND BONDS.

be conceded to have won the hOnors in
todays stock market. Prices were never
more than fraction above those of last
nights close during the day except in a
flew cases and most of the days sales
were made at level quite sharply be-
low this close. The holders of stocks kept
one eve on the wheat market all day and
were keenly alive to the heaviness mani
tested in that market and to the notable
decrease in the export demand for wheat
on account of the high range of prices
reached for that cereal The first effect OF
this was to impart dizziness to the stock
market owing to the determination of
holders not to sell at the low range.
! This dullness settled upon the market
soon after the nights accumulation of
commission house orders had been
worked off. But the bear traders took
possession of the market in the absence
of an active buying demand and sold it
down to catch stop orders. The buying
ceased on any marked advance and this
eneourag ed the bears to persist, with the
result that they finally succeeded in shak-
ing out a large amount of weekly mar
gined stocks and precipitated heavy Of
lferings on stop loss orders These were
the market. There was a noticeable fall
ing off in commission house buying and
the total sales fell another 10000 shares
below yesterdays record and consider
ably over a hundred thousand shares be
low the record of any full day last week.
The bond transactions Were also in
very much diminished volume. The aver
age net decline in the prominent railroad
stocks is over MONT and in individual
cases is considerably mere. The fall was
assisted by reports of damage to the
spring wheat crop and prices for Ameri-
cans in London were decreased on these
reports and on the belief that the mini
mum rate of discount would be raised
above 2 per cent by the Bank of England.
The grangers, the coalers, the interna-
tional stocks and, in fact, all western
railroad stocks were notable sufferers,
Northern Pacific preferred being drag
on the market all day Louisville and
Nashville, Atchison preferred, Missouri
Pacific and Union Pacific were active in
the late selling movement. Notable de-
clines were shown in Sugar and Tobacco.
Lake Shore jumped two points in the
early dealings to 17S1a which is a new
high price record, but the gain was most
" lost in the final transactions. Burling
ton shows a net decline of rs, the heavi-
est loss in the grangers. Lake Erie and
Western preferred loses 2, New. Jersey
Central 231, Reading first preferred rs,
Erie first preferred rs, and many others
a point or less.
The total sales of stocks today were
437, 100. shares. including Atchison 49,
190; Chesapeake and Ohio, S,S75; Chica-
go, Burlington and Quincy, 1884; Den
yer and Rio Grande preferred, $500;
Missouri Pacific, 1870; Northern Pa
cifc, 5000; Union Pacifis preferred, 25,-
900; Reading, 21,185; Rock Island, TO-
sos; ST. Paul, 37,790; Southern Railway
preferred, 5000; Union Pacific, 1870;
4 American Spirits, 5,09S; American To-
bacco, 1920; Chicago Gas, 6,760; Pacific
Mail, $500; Sugar, 22,090; Chicago
Great Western, %, $50; Western Union,
\ 6,300. e +... 1e pug l4e @ toL
\ The bond market was moderately ae-
tive and displayed considerable zfrrnness.
bSomes Of the q usually neglected issues
{fuctuated quite widely, but the varia-
ftions in thes speculation liens were re-
lstricted to narrow limits. The aggregate
sales were 81, 425 900.
!, Governments eased off slightly for the
new As. The other issues were fairly
; steady. The transactions were $4,000.