The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-25
STOCKS AND BONDS.


| ent the stock market further strength to-
| day, eXcent in the final half hour, when
short sales on realizations of profits di-
| minished the days rise to the merest
, fraction, while trivial losses were suffered
| by Sugar, Lead, Chicago Gas and the
Reading shares. Commission houses
bought literally in the early dealings, as
| did London, although it was holiday
there. The movement in the grangers
was slightly mixed. On moderate deal
! ings the southwesterns showed some inn
! proyement, Missouri Pacific gaining 1M.
| The squeezing of the shorts in Tobacco
caused a rise in that stock of a point
and a half General Electric exception
ally fell per cent from the initial price,
but closed with net loss of point. Ad-
vances of a point or more were scored
| in the following securities: Rio Grande
and Western preferred, Central Pacific,
Delaware and Hudson, Denver and Rio
Grande preferred and Mobile and Ohio.
| High prices have been the rule rather
than the exception for the week under the
stimulus of the approaching tariff set
tlement and that rare combination of
good crors at home and shortages
abroad. Wheat for the week on tremen-
dous exports, about 100000 bushels,
/ had made an extreme advance of Az and
a net rise of rs. With but three weeks
before the crop is absolutely assured,
there being no unfavorable advices,
stocks naturally continued the advance
of the past two months and displayed IT.
resistible strength and predictions were
not wanting that in 1S97-9S might be du-
I "a 4
The policy of severe retrenchment
which many railroads underwent during
the late period of depression, which
forced some roads into bankruptcy and
scaled dividend disbursements in others
would make possible an economical hand
ling of the vast tonnage expected with
] the coming movements of crops and sta
! pies, which would argue well for net re-
ceipts and provide for more liberal divi-
dend payments. Exchanges at the vari-
Gus clearing houses reflected a larger
| business, commercial failures are de-
creasing and resumption Of industrial an
imation, together with more optimistic
trade advices generally, stimulated the
market and usually unsettling influences
were disregarded, such as the engage
ment of $1,300000 gold Tor export, the
strength of foreign exchange because Of
ante-tariff imports and the continuous
| sale of American securities by London.
/ Sterling exchange demand bills were
| quoted at 4.S-1z III some INSTANCES, but
(, the current rate was 4S1H The gold OK
| port incident caused no alarm, the trans
| ury being fortified with a large reserve
alre9 ly and constant accessions being
MAJ by the receipt of the gold from the
X dixie district and considerable gold,
III was announced, would ultimately be
Il >eived from Australia in payment of
y neriean wheat. The general speculation
, was very broad and many long dormant
shares wed with the recognized active
stocks in point of animation. Purchases
! by inside interests were in evidence and
reports of pool support were freely cir
culated.
Investment shares were eagerly sought
and the planters OF money at the preva-
lent low rates encouraged extensive pur-
chases for long accounts.
Time loans were in better request with
short periods in most demand. The COM
mercial market held quiet without essen
tial change from the current rate of 3G4
per cent, according to maturity. The fall
| for the week of rs for bar silver and "a
| per cent for Mexican dollars was i'm SYM
pathey with the decline in London. With
the exception of Rubber preferred, which
| lost 3M per cent for the week, industrials
were strong in anticipation of benefits
from the new tariff. Sugar had net gain
for the week of III per cent. Sugar
transactions were on an enormous scale
at the opening this week, and blocks of a
thousand up to $500 shares were juggled
about with unconcern by the traders,
frantic to share in the extensive profits
they thought would accrue to the COM
pany owing to the favorable treatment
accorded to it in the compromise sugar
schedule.
The common registered 146A, the high
est price ever attained by the speciality.
| The advance eliminated at this level and
recession followed to 40, with a subse-
quent recovery to IA before the close of
the week. The preferred stock registered
net gain of AZ. Lead and Tobacco re-
sponded to prospective benefits to be de-
| rived from the new tariff, Tobacco COM
mon rising Az, preferred 212, while Lead
common and preferred was up 37s. Chi
cago Gas rose per cent on the SUPPOSE
ton that the reorganization of the COM
pany was being perfected. Purchases in
the general list were confidently made
and the activity of commission houses
Indicated an increase in public interest.
The bears brought about a reaction
about the middle of the week on the as
sumption that the enactment of the tariff
bill would be delayed, but subsequent as
surances that it would be disposed OF this
week caused the best prices of the week
to be recorded in the last two days.
Expectations that an amicable agree
ment would be effected in the soft coal
difficulty strengthened the shares of
roads largely dependent upon this traffic.
The anthracite coal stocks were firm on
satisfactory trade conditions.
The bond market during the week de-
veloped marked animation with notable
improvements in values of many issues
The speculation was very broad with pur-
chases for investment account being dis
cernible in many instances The lower
grade securities were quite generally
dealt in and were largely taken for for
eign accounts. The aggregate sales were
SIS, 100000.
Governments were quiet, but generally
strong.
The total sales of stocks today were
211,757 shares, including: