The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-27


lied. But the firmness with which the
high prices are held is measure of the
confidence of securing holders that fu
ture conditions will improve to warrant
higher prices. The advance is spoken
of as steady, which is true of the aver
age price, but the whole market has not
moved uniformly. AT times some one
stock has taken the lead as has been the
case in a marked degree with Northwest
this week on the prospect of refunding
its bonds so as to benefit the stock. SUI
gar made similar bound on the agree
ment Of the Republicans upon the sugar
schedule several weeks ago. These spe-
cial movements have helped to raise the
level of other prices though in less de-
gree. The grangers and Vanderbilts as
groups have at other times assumed the
leadership. Each day also has witnessed
it's own irregularity, the vibration some
times carrying prices generally below the
previous day with a rally and some
times above with reaction. The result
has been to make the average net
change small, but almost invariably on
the side of advance. Many profession
al operators are confident that the level
of the market had advanced too far to
be warranted by present conditions. They
are at work constantly to effect a reac-
ton. but their utmost efforts have hither-
to been unsuccessful except in a trivial
degree and all their offerings have been
promptly and steadily absorbed. The
idea of the bear traders is that if they
were able to work a reaction of impos-
ing proportions by manipulation they
would catch an enormous number of stop
orders and perhaps even large amount
of long stock, tempted by the very con-
siderable advance of the last few weeks
after the long and weary wait to take
profit. But such manipulation reaction,
unless justified by less promise of pros
porous development, could only be tenn
porary The current upward moce-
ment of prices in the stock market is
due to the conviction that the country is
ready to realize the benefit of its severe
process of retrenchment and liquidation
is the view taken by such traders are
going willingly with the current.
The total sale of stocks to-day were
500; Sugar 1900; Burlington and gum
cy 1850; Chicago Gas 5000; L. and
n. 5000; Rock Island 1890; st. Paul
%, 300.
lie UDUu UdThtI III Tic SeHtIdl
buoyancy which permeated the security
markets during the week and there was
an absence of that hesitancy to values
which developed at intervals in the stock
market Trading was in large volume
and excelently distributed numerous
hitherto neglected issues forging to the
front at substantial improvements. Pur-
chases by operators was quite a sustain
ing factor and a brisk domestic demand
for the low grade mortgages was regard
ed with considerable favor by the lead
ing interests The middle grade securi-
ties developed the most aggressive
strength and were favorably influenced
by developments in specific issues. The
speculative liens Jagged in the advance,
but nevertheless gains of a point or
Whereabouts were made in some instances.
The aggregate sales were $9,S02, 900.
Government bonds ruled strong through
out and sustained general fractional inn
proyements The sales were S543, 900.