The news & observer., 1897-09-29

ceeding the allotted output and that
tbere was no increase in demand that
made any advance in the price of coal
likely. Some of the prominent indus
trials and the Grangers were also under
pressure. What ever spurts of activity
were shown during the day were on a
downward course of prices and any
steadying of the market or recovery
brought intense dullness, indicating the
weak undertone. Conditions neverthe-
less all continued favorable as pointing
to a further increase in real values of
property. Railroad earnings all con-
tinued to show improvement.
London sent higher prices at the open
ing and was a buyer of stocks all day,
presumably to meet the settlement
which was in progress there. The report
that the government had assented to the
foreclosure sale of the Union Paclhc on
the terms proposed by the reorganlza-
ton committee, with only slight modi-
fcaton created a demand for the stock
of that company and served to steady the
list generally to some extent. The de-
velopment of interest in the money stu
alton was a hardening tendency of do
mestic exchange on New York at some
western centres, indicating some relaxa-
ton of the drain on New York money
reserve. Local money rates, however,
continued firm and foreign exchange was
steady. This steadness of foreign ex-
change is attributed to the covering Of
recent gold importations at San Fran
cisco. The net losses on the day extend
ed from a fraction up to two points.
| Bonds moved in sympathy with stocks.
Total sales were only $1,5O0,00O.
The total sales of stocks today were
373,50O shares, including: Atchison pre-
ferred II ,995, Chicago, Burling ton and
Quincy 23,423; Louisville and Nashville
5000; Missouri Pacific 7,755; New York
Central Gill; Northern Pacific pre-
ferred 11,94S; Reading 6,055; Rock
Island $40; st. Paul 40,705; St Paul
and Ohio $500; Southern Railway pre-
ferred 5000; Union Pacific 55,984; Wa
bash preferred $3.50; Chicago Gas 23,-
525; Sugar 26,341; Chicago Great West
ern 10,245.
LONDON MARKET.
| New York, Sept. 2S.-The Evening
Posts financial cablegram says:
| The stock markets were quiet today,
attention being confined to the arrange
ment Of the account at the settlement,
but the tone was better than for some
time past, anu Tue LuuTketS lOOkiHS Scn-
orally healthy. The rise in investment
stocks is due to the indefinite idea that
money may not get much dearer. Six
months English treasury bills for e.
100000 were allotted today at an aver
age of per cent, which assisted this
notion of easier money.
i Contangoes on Americans were 312
Ito per cent.
The account was not specially large.
The tone was good and there was a dis
position to deal for the new account,
but the New York selling tonight sur
prised and discouraged the operators,
and prices closed weak.
Canada Pacifcs were specially strong,
as were also Grand Trunks. Mines were
distinctly better. Unless something un-
foreseen occurs, the new accounts bid
to be fairly active in most markets.
| Bar gold was offered today as low as
IT'S 10%d per ounce, but too much stress
must not be laid on this decline as there
are no buyers or sellers at the moment.
The Paris Bourse was dull. The action
of the government in regard to silver is
closely watched there. The Berlin mar
ket was steady.