The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-14
STOCKS AND BONDS.


single effective rallying point in to-day's
market and the only interruption to the
sagging of prices was the occasional
brief buying of shorts in some few stocks
to cover. The strength of American Sc
curities in London and the buying by
London in this market, which have been
factors jim the last two days in sustaining
the market, were less conspicuous to-day.
American stocks became heavy and dull
in London after the opening there, that
market apparently having become dis
couraged at the persistent distrust dis
played by the New York markets Of its
own securities. Quite a serious view also
was taken in the street of the develop
ments at Washington and the hints
threwn out by parties to the conferences
of information in the possession of the
government of State of affairs exist
ing in Cuba calling for interference. This,
coupled with the suggestive course of the
Senate towards the Morgan resolution
and a belief that it will pass, was taken
as foreshadowing more aggressive Gu
ban policy on the part or the admins
tration and the dealers in stocks Were
inclined by these advices to discount a
possible fall in values from strained re-
lations with Spain on this question. A
report also found credepce that it was
in prospect to displace the tariff bin in
the Senate by the Cuban question as
more urgently calling for early settle
ment-a report which was used by the
bears with good effect in adding to the
weight on the market. The announce
ment Of $1,0OO,O00 gold shipment by
Saturdays steamer in face of a rather
weak exchange market shows that the
limit of no profit is not vet crossed with
demand sterling at $4S7H. The eX
change market stiffened to some extent
just before the close Of trading and fur
ther shipments Of gold are felt to be not
improbable. Although this proba bility
was discounted several days ago by the
selling of stocks it had an effect in de-
pressing values in the narrow and pro-
fessional market and in discoura ging
trading. Although the days sales were
larger than those Of yesterday there We're
no signs of any outside interest in the
market, aside from the dealings for Lon
don account. There was said to be Sell
ing as well as buying for London account
during the day, but the purchases are es-
timated to have exceeded the sales by
10000 shares-a fact to be considered in
connection with the exchange situation.
The Industrial shares which were most
largely traded in, namely Sugar and Chi
cago Gas were under special pressure and
although they were influenced by special
causes, the volume of transactions in
them impaired sympathetic heaviness
to the general list. The grangers were
quite firmly held in the early tradings,
but later succumbed and showed decline
as great as the average. The losses were
remarkably uniform in all the most ac-
tive stocks the decline ranging from X
to 13s, the latter Leather preferred.
The total sales of stocks for the day
amounted to 151,04 shares including
American Sugar Refinery 81 900; Burling-
ton and Quincy 1920; Chicago Gas Tr.
Rec. 1O,7OO; Reading 1900; Rock Island
5,4OO; ST. Paul 1890; Western Union
Telegraph $500.
Railway bonds eased off on light deal
ings with the recessions unimportant in
the leading mortgages. Some marked
losses were scored, however, including
st. Louis and San francisco Trust fves,
which fell four per cent and Peoria, De-
catur and Evansville frsts, ~ per cent.
The aggregate sales were $4,000. Gov
ernments were in demand and ruled firm.
er on purchases Of $1O4, 900.