The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-01-17
NEW YORK STOCK MARKET

New York, Jan. 16.-1'he stock mar
ket wound up for the week spirited and
strong. The distribution Of business was
wider and the aggregate transaction iarg-
err in the short session than the recent
full day average. The temper OF the
street was decidedly bullish and buying
for the long account was in excess of the
purchasers to cover short contracts. There
was no special news bearing on the
speculation, aside from the very encour-
aging bank statement, but further con-
sideration OF the extraordinarily strong
international trade position Of the United
States, the pressure of very large sums
OF idle money, reflected in fairly urgent
investment demand for gilt edged bonds
and stocks and the absence OF the de-
pressing reports and rumors, political and
otherwise, that have checked the market
recently, all contributed toward decided
improvement in pesDt of both activity and
appreciation OF values. In the week just
ended, the sentiment of the financial com
munity at large underwent q decided
change and at the close strong spirit
of confidence Of improvement in the out
look for general business, railroads and
the stock markets was evident in place
of tn. dependency, which, for some time
street. The broad consideration of build
ing up values have been esteemed so IA
vorable as to outweigh in the judgment
of spectators and investors, some ordi-
narily depressing influences. The defeat
of the Union Pacific funding bill caused
a sharp decline in the stock and discussion
of frequent and varying reports and
rumors as to the probable action that
might be taken by the government for
the protection OF its lien on the property
excited widespread interest, owing to the
magnitude OF the interests involved. The
securing holders were treasured, how
ever, by the formation OF a powerful
syndicate which has subscribed 100000
900 for the purpose OF attempting a settle
ment with the government and important
developments, including the instituting
Of proceedings for the foreclosure OF the
property, are believed to be imminent
The enormous accumulation of idle
money at this center and easier money
markets abroad, stimulated steadily
increasing demand for prime investment
bonds and stocks for both domestic and
foreign account, and this is usually the
legitimate prelude to a strong and active
speculation in the general market. This
favorable influence was, however. com
pletely overshadowed In sentimental eff
feet by the extraordinarily strong inter
national trade situation OF the United
States, as illustrated In the government
statistics OF exports and imports. The
result OF deliberate study OF the state
ment is to demonstrate conclusively the
great change for the better that has
taken place. The strength in the foreign
exchange market during the week was
completely ignored owing to recognition
OF the fact that it was due to the demand
on the part OF foreigners for renewal
of exchange loans made by our merchants
to Europe.
Government bonds were dull but strong
on transactions of $4,000.
State issues were more active and
higher.w with the Virginia issues prominent.
The sales were $4,000. Silver certificates
were duh and slightly easier at CATS for
5000.