The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-01-31
NEW YORK STOCK MARKET.

New York, Jan. 30.-The stock market
to-day displayed exceptional strength and
activity, gagged by the recent average
daily aggregate and toward the close be-
came fairly buoyant. The more impor-
tant contributory factors were the evl-
dcnce OF growing interest in our securi-
ties by Europe and the distribution Of
business in railway bonds. The sugges-
tons of an impending friendly arrang-
ment between the Northern Pacific and
Great Northern companies, previously
referred to in these dispatches, caused the
cided improvement in the stocks AMI
bonds of the first mentioned property.
The market closed Mt the best figures Of
the day, showing general net gains Of to
2 per cent. The market Of the week was
characterized by extreme ifrregularity
and the dealings were only moderate
on the aggregate. In many instances
wide fluctuations occurred, particularly
in the specialties. The news bearing
upon prices was varied and interesting,
but locally professionals were in control
ofsthe market The coal shares were ad-
versely affectedby the Decentralization in
the bituminous industry, and the anthra-
cite properties suffered from bear at
tacks, based upon the unfavorable condi-
ton of trade and the forecasts Of the
various reports OF the Delaware and
Hudson and Lacawanna companies, both
of which were given out. As had been
expected, the exhibits were discourag-
ing in both instances, as only fraction
over FIVE per cent. was shown earned on
the stocks as against dividends of seven
per cent. paid in 1896. At the low points
effective support was given and some
substantial rallies were made, partly
ON covering. The general market work
ed in sympathy with the coalers, but most
OF the railroad shares moved within Il
very narrow range.
The fluctuations in the industrials were
not particularly noteworthy aside from
Tobacco, which sagged steadily on the
decision of the court, that the officials
of the company who had been indicted
for conspiracy in maintaining trust
must stand trial. Another exception in
the group was General Electric, which re-
sponded readily to purchases, stimulated
by the reported favorable outlook Of In
creased business to the company from the
proposed equipment Of various lines.
London and the continent were con-
spicrous factors in determining the course
of many stocks, with favorable sympa-
thetie effect upon the general list. The
foreigners exhibited considerable interest
in our securities This favorable senti-
ment on the part OF Europe was nifluen-
ced by easier monetary conditions, and a
more cheerful political outlook.
Other considerations operating in favor
of the bulls included the improved pros
poets OF the passage of the international
arbitration treaty, the decided decreases
in bank clearings and evidences of con
tinued Improvement in the mercantile
situation.
The Government bond market was active
and buoyant, the banks and trust com
panies figuring largely as buyers. The
new As registered gained 1ss; new regis
tered coupon IA. Other issues advanced
sharp fractions. The sales were $723,-
900.
State issues were in fair demand at
higher prices, with Virginia Centuries
the feature. Silver certificates were dull
hut fairly steady on transactions OF
5000