The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-09
STOCKS AND BONDS.

New York, July S.-Proft-taking was
the order of the day in the stock market.
The sending of the tariff bill to confer
ence ends the Senate stage of THE bill,
the termination of which has formed sub
Ject for speculation in the recent mar
ket. The termination is regarded as a
favorable influence on valuables, but has
been previously discounted and realiz-
ing sales were to be looked for in the
natural order of things. The reaction did
not develop Immediately at the opening
owing to several sustaining influences.
The Sugar Refining industries special
interest in the tariff bill made that stock
sensitive to Washington reports as to
the chances of the sugar schedule in the
conference. These reports varied all
day as a matter of course, but carried
Sugar up at the opening. The grangers
and international stock also opened with
an upward tendency. The former group
enjoyed an impetus also from the an
nOuncement by the refunding committee
of the Chicago and Northwestern that
, the directors of that company had au-
! thorized mortgage for $165, OOO,O0 to
run 80 years. A marked Improvement
about the same time in group of us
ually inactive securities, due to marked
operations by an interest which has
large holdings in each of the groups, was
further influence toward an advance as
was also the special strength shown in
some other individual stocks. Those
combined influences resulted in a rally
after the first decline that carried prices
generally to the highest of the day and
st. Paul to 84$s, the highest Of the pre-
sent movement. The influences were of
| only temporary effect, however, in
checking the reactionary tendency Of the
market and in fact served only to ac-
! centuate the desire to take profits. The
realizing was based both on the passage
of the tariff bill by the Senate and on
the continued belief in the elimination of
the long turn the market has made on
general conditions of business. There
were traders, also, who expressed their
disappointment that the presidents mes
sage recommending currency commits
sion had been deferred and that the au-
thorization Of the commission with the
membership Of the Senate as at present
was unlikely. Such traders gave these
as their reasons for selling stocks. There
was an increase of activity in the deal
before, but quite one half the dealings
was absorbed by st. Paul, Sugar and
Burlington, Chicago Greatwestern, Des
Moines, and Fort Dodge and Minnea-
polls and st. Louis were quite conspicu-
Gus and strong as group. The first
gained ~ net and the second points
East River Gas made an apparently
sensational jump in the closing dealings
to 79A, net gain of 81 points, but
it was a reflection of a rise effected in
outside nsactions ON the curb. Lac.
ledge Gas gained 1as and do preferred
and Starch End preferred point each
Otherwise losses Of a fraction were gen.
eral all through the list, reaching near
a point in many prominent sstocks, Sugar
lost 1as, Burlington 11A and spirits pre-
ferred, Rubber preferred and Western
Union point each.
The total sales Of stocks to-day were
193, 1851 shares including American To
bacco Company, $500; American Sugar
Refinery, $4,000; Burlington and Quin-
cy, $1,000; Chicago Gas Tr. Rec. $500
Northwest 6,100; Reading, 500; St
Paul. $4,000.
The bond market lacked feature aside
from some notable variations in the in
dustrial issues in which special influ-
ences operated. The general market dis
played hardening tendency, but the
improvements were mainly slight. The
aggregate sales were $1,563, 900. Gov
ernments were easier for the new as,
but the other issues were steady. Sales
were $4,000.
| RONU 0uOr n1nNs