The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-11-07

accounts, carrying prices below last
nights level. They hardened again, but
eased off finally, leaving fractional net
gains in the majority of cases. The de-
crease in surplus reserves shown by the
bank statement probably induced some
selling, though the change was due in
Ia greater part to the heavy increase in
deposits and the consequent raising of
the legal reserve limits than to the &C
tual decreases in cash. The large in
creases in loans in face Of the heavy
speculative accounts that have been
closed out on the stock exchange during
the week probably has to do with the
Union Pacific sale. 9-~(
The week has seen a total loss Of con-
|idence on the part Of bull operators who
have been looking hopefully for the turn
in the tide Of reaction on the stock ex-
change. On Friday there was heavy
of long holdings and a sharp
decline in prices, and 50 far as appear
ances 60, no buying support for stocks
at any concession, however, violent. The
lostensive motive was fears Of war with
lSpain on account OF Cuba, which were
intensified by the call from the Chamber
our coast defenses and by the nature Of
ex-Mnister to Spain. The depression
took on rather an artificial and feverish
tone before the day was over and alb
surdly sensa tional rumors were put In
circulation to keep prices down while
shorts covered These incidents coupled
| with today's recovery are significant
technical indications of a elimination
Of a market movement just, as heavy
i INV m "a a..
sharp rise in prices and the stirring up
of dead stocks are the technical concom-
infants Of the elimination of a sustain
ed rise. The declines on the week have
reached 10 points in Sugar, SIS in New
Jersey Central and 3 points or over all
through the active list of railroad and
industrial stocks. Sugars special weak
ness has been due to the serious illness
of the president Of the company. The
decline Of prices has continued now prac-
tically without interruption of any inn
portance since the second week in Sep
TENDER, when the elimination of the rise
was reached. On September 18th. the
average price of twenty active railroad
stocks was about S66S3 a share, and
last night the average price of the same
stock was $500.
On September 10th. the average price
OF twelve leading industrial stocks was
$3.50 share. Last night it was
S45.13. 1t is an invariable rule that an
upward course of prices in the market
does not terminate until it has appar-
emily exceeded Itself and reaction is a
certainty, corroborated by abundant his
torical precedent, even in face of con-
tinuing favorable conditions. The rise
which eliminated in the second week in
September. can be traced to its sources
in the latter part of July. There had
been improvement before that time and
speculation on the prospect of business
revival. But the final passage of the
tariff bill was accepted as clearing the
industrial situation and giving settled
conditions to work on.
There was some reaction in the prices
of stocks afterwards on profit taking
but for the most part the course was a
steadily upward tendency from that
time to the elimination. The growth Of
the conviction of bountiful harvest
and of an urgent demand for our pro-
ducts from abroad were reflected in the
bnll market OF that period. A compare
son Of prices of leading stocks ruling to-
day with those ruling on July Oath last
shows interesting results. The average
Price on that date OF twenty active rail-
road stocks was S57.2S a share, COM
pared with $3.50 last night for the same
stocks. The price for twelve industrial
stocks on July Oath was $4792 share
compared with S45.73 last night. Ex-
cept for the grangers only three stocks
in this railroad LIST vary as much al
three points as between the two dates
named. The exceptions are: Cleveland,
G. G. and st. Louis, Missouri and Nam
haitian. The grangers are from 5 to 10
points higher. In the list of twelve in
dustrial stocks only three show varia-
ton of as much as 3 points as between
the two dates named. Some few stocks,
notably. the coalers, Sugar, leather pre-
ferred, Pacific Mail and Texas preferred
have gone little lower than they wer.
on July oath.
Generally speaking it may be said that
prices have about retracted their courses
to where they were before the late mar
velous increase in traffic and earnings
during that period.
Bonds have been less affected by de-
preston during the week than stocks,
but prices have shown sympathetic de-
clines.
| The total sales Of stocks today were
| 205.S20 shares, including Burlington
l19.OS7: Louisville and Nashville 6,O60;
Missouri Pacific 1892; New York Cen
trail 1926; Northern Pacific preferred
E10.7S3: Reading 4,610: Rock Island ST.
1856: ST. Paul 1868: Union Pacific s.
ego; Chicago Gas 5,41O:a Sugar. 39.670;
4. G. and 3,O65; Chicago Great West
ern 6,404. sfHr III
| New York, Nov. 6.-The Financier
says:
| The bank statement for the current
week is of a favorable character, no
less that 80 Of the G5 clearing house
institutions having participated in the
loan expansion Of $G.S35,30O reported.
1t is true that the changes of three of
the larger banks account for 81 300. 900
of the total increase, but the smaller
commercial institutions figure more
prominently in the aggregate than for
some time past. This of itself is an ell
couraging sign. The week was charac-
terized by the revival OF currency trans