The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-12
RALEIGH COTTON MARKET.
RALEIGH, N. c., August
Good cotton Sk08k. Receipts IA bales.
RALEIGH PRODUCE MARKET
STOCKS AND BONDS.

New York, Aug. 1.-The only inter
ruption to the upward course of prices
of stocks to-day was due to occasional
profit taking by room traders. The Of
farings on this account were easily alb
sorbed with only a momentary halt,
after which the rise was resumed. Dur
ing the morning the influence of buying
for London account was evident, arbi-
TRACE brokers taking all the information
nj shares quite freely. London prices
also came higher at the opening. But
before the day was over, London had
turned seller again and, it is estimated,
sold $4,000 more shares than were
bought. The effect of this selling had
no appreciate effect on prices. The low
priced shares of non-dividend paying
stocks were largely bought by London
and were favorites also in the local spec
ulation, the argument being that such
stocks are bound to advance if the prom
Use of better times holds good and. if it
does not, they cannot recede far. Union
Pacific was the favorite in this class and
was the leader of the whole market in
point of activity, $1,000 shares being
bought during the day. The stock was
helped by a revival of an old story
that the forthcoming foreclosure sales
would make the road a part of a great
transcontinental system under one con-
troll The stock was heavily bought by
professional traders for speculative ac-
count and closed with a gain of 81
points on the day. The excitement in
the wheat market was reflected in the
stock market and was large element
in encouraging purchases, especially Of
the granger stocks, the grain carrying
roads in the northwest, west and south
west all showing substantial gains and
great activity. The dealings in the high
priced grangers were of enormous pro-
portions and the Atchison securities and
Northern Pacific preferred were also
prominent features. Reports from west
ern points were of increasing demand for
car space to move the grain crop and of
| the necessity of great exertions on the
part of railroad managers to avert a
car famine. Statements of earnings also
continue encouraging. st. Paul show
ed an increase for the first week in Au-
gust of S50,225 over last year.
For the same period Canadian Pacific
gained $4,000, Missouri Pacific $54, 900
and Kansas and Texas 1921 North
ern Pacific gained 1888, 947 for the last
week in July. Louisville and Nashville
were active all day, but moved within
narrow limits until near the close when
it jumped to leading place in the adj
vance, with a net gain of 21A One of
the features of the day was the steady
ing of the sterling exchange market and
the consequent cessation of talk of gold
imports in the immediate future. The
stlffening Of the discount rate in Lon
don added to the continued heavy sales
here of London holdings of securities,
are probably responsible for the check
to the fall in exchange. Continental ex-
change continued weak and downward.
Gains extended over point in a large
number of railroad stocks and to ten
points in Cleveland G. G. and st. Louis
preferred.
The total sales Of stocks to-day were
ga, 100 shares including Atchison. T.
O39; do preferred Dc, $50; Chesapeake and
Ohio, 1885; Chicago B. and O., 80. 1855;
Erie new 1861; Illinois Central, 1910;
l.. and n, 27,575; Met Traction, COOS;
NJ. X. and T. preferred, 6,400; North
ern Pacific, 16,359; do preferred 1920;
Ontario and W., $50; Reading, 26,8S5;
Rock Island, 1866; st. Paul, 46675;
oou1nerH ndHWdy, o,AIE, 90 preferred,
14,61O; Union Pacific, 52,49O; Ameri-
can Tobacco, 1920; Sugar, 1866; T.
G. and l., 4,S82; Western Union, $3.50;
Chicago G. W., $4,000.
The inquiry for railroad mortgages
continues heavy and reflects the increased
confidence in the general situation. Is
sues of re-organized properties forged
to the front and purchases Of the middle
grade liens were on large scale. The
general market maintained very strong
tone throughout. The aggregate sales
were $4.270.00O.
Government bonds were slightly irreg-
ular on dealings of $4,000.