The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-18
STOCKS AND BONDS.

New York. May T.-The President
message calling for an appropriation to
relieve destitute American citizens in
Cuha proved far less hostile in tone
towards Spain than the dealers in Sc
curities had apparently persuaded them
selves that it would and the market
strengthened upon it's publication, recov-
ering some part OF the loss that eTrsued
upon early intimations that the message
was Forthcoming and that its tone to-
wards Spain would be extremely proVoc-
alive. With the exception of a few weak
spots in the market, due to causes pecu-
liar to the stocks affected, the market
was strong all around today and even
the intimation from Washington that
early action in the Senate on Cuban
belligerency wars probable did not weak
en- the tone Of speculation. The traders
have apparently persuaded themselves
that there is much less danger to values
in the action by the government in Cuban
affairs than they have felt during the pre-
vious agitation Of the subject. The deal
ings on the exchange, however, still con-
tinue almost wholly professional and ex-
ceedingly restricted in volume and the
movements Of prices reflect little more
than board room manouverlng for snort
turns and no very definite opinion on gen.
eral conditions. The renewed uneaslness
apparent on the London Exchange over
the tr1culent attitude of Turkey toward
the great powers was reflected her" to
some extent at the opening. but the
weakness was overcome early III the SEES
sion The easier tone of the exchange
market both in London and Paris, was
a factor in strengthening the market. 1t
does not escape notice that the flow or
gold into the United States treasury
keeps up steadily and that in the inter
walls between the withdrawals for ship
ment the treasury's gold reserve tends
Immediately toward replenishment. The
prospects of large grain crops, which had
the effect of weakening the wheat mar
ket tended the other way in the market
for railway shares, the grangers espe-
cialiy Being in excellent demand, not
withstanding the small east-bound ship
nAents reported and rumors Of rate cut
ting by western roads ana recrimlnatlon
on that account between the roads. One
third OF the transactions on the eX-
change were in Chicago Gas and Sugar.
the former leading the market in buy
ing movement which advanced the price
"a on the day. Sugar was weak early,
but scored a net gain of fraction on the
day. Tobacco was weak on the Illinois
decision denying the legality of the COM
pany, but inside support was forthcoming
and the loss was mostly recovered.
Early strength in the eealers amounting
to rise Of IA in New Jersey Central,
was followed by heaviness, and the gains
were more shan wiped out. General Elec-
tric seems to have been caught without
support by the bears and was sold down
23s. only the fraction being regained The
Could shares advanced on covering ear
w. but developed weakness later in the
day. Fractional gains were very general
through the list. London sold some stocks
on arbitrage early but later became
buyer and it is estimated, bought some
10. 900 shares more than were sold.
The total sale of stocks for the day
amounted to 1878 shares, including
American Tobacco $780, American SUI
gar Refinery. 10000; Burlington and
Quincy. 1900; Chicago Gas TT. Rec,
20. 700, General Electric, 10000; Manhat-
tan. $500: st. Paul, 10,7OO; New Jersey
Central, 1900.
The bond market displayed little feat
ure, but prices were well held and firm
undertone was apparent Fluetuatlons
were unusually narrow and but little at
tention was paid to the prominent is
sues. The aggregate sales were $6oO,OOO.
Government bonds ruled heavy and re-
coded a fraction Tor some issues. The
sales were 5000. State bonds were more
prominent in the speculation and i'm
proved generally on purchases Of $17 ,0W.