The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-11
STOCKS AND BONDS

New York, May 1O-The manket for
strength throughout, though the dealings
continued dull and prices advanced very
cautiously in spite of the improved prices
for Americans in London. This was sup
plemented by some small buying for
London account in this market later in
the day. The excellent crop reports from
the northwest and improved earnings,
both those reported and those rumored
for the immediate future, gave an impe-
tus to the buying of railroad properties
! in that region. The Changers and North
ern Pacific received the NEST noticeable
benefit from this, st. Paul and Burling-
ton especially being largely dealt in.
Omaha Jagged in the improvement and
showed some continuance eff heavlness
growing out of disappointment that no
further dividend will be declared this
year. In spite of the strength of prices,
the market continued narrew and profess
sional and showed no signs whatever of
outside interest.
The exchange situation and the result
ing or accompanying gold movement con-
Itnue to mystify dealers in stocks and are
an element curtailing speculation. Fur
Their shipments of gold are confidently
predicted this week with demand ster-
ling exchange ranging from S4.SIA to
a. As an evidence that the gold ship
| ments are certainly the result of the OBJ
liberation of the tremendous trade bal
-ance in our favor heretofore established
during the fiscal year, the large figures
of last weeks imports at New York, eX-
ceeding S1S,OOO,O0O are pointed to as con-
! elusive by those who seek to denrecate
/; the idea that any special demand for gold
abroad is responsible for the outgo.
| But exports of gold at prevailing rates
of exchange leave unexplained the fact
that on the Saturday previous to the
| first gold shipment, demand sterling ruled
at Sass to $4.SS1a after having been at
| 81. 1872 and upwards on the previous
| Monday, and $4.S71a to,$4.S7& the week
preceding that, without including ship
| ments of gold. In fact the exchange
:, houses had determined that there was
no adequate profit for them in gold ship
ments under rate of S4.SSA for demand
sterling.
| The fact remains that further ship
ments are looked for and that fact has
a sentimental restraint on the buying of
stocks. The bears on Western Union to-
day added to their stock ammunition the
Supreme Court decision affirming the val
| idity of the Berliner Telephone patent,
which, it is alleged, foreshadows oppOsi-
| ton from the Bell Telephone Company
in the telegraph field. The stock led the
| list in number Of shares sold, f1uctuating
irregularly, and closed unchanged. Sugar
was weak at times, but recovered the
| decline Consolidated Gas fell off Us
on profit-taking, but recovered. The
| Coalers showed sharp fractional gains.
| Covering by shorts forced Tobacco up two
and the scrip ~ and the same cause
yielded Leather, preferred, net point OF
gain. The market closed quiet but firm.
The total sale of stocks for the day
amounted to 143,2S1 shares, including
American Tobacco Company $500; Am
erican Sugar Refinery 49, 200; Burlington
| and Quincy 10,40O; Chicago Gas, Tr.
Red. S,400; Northern Pacific, preferred,
6 400: Reading, 10000; st. Paul. 14.1OO;
Union Pacific, $500; Western Union
Telegraph, 1900.
Trading in bonds was attended with
considerable animation, but prices Of the
leading issues ranged narrowly. Some
decided changes were noted either way
in the inactive low grade mortgages. The
aggregate sales were $1,S12,OOO. Gov
ernments were active with the demand
for the new As coupon advancing the
price to 1913 on transactions with 1227s
bid on the last calf. The total sales were
SCI 900.
BOND QUOTATIONS.