The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-08

very heavy operations in the bull party
TO realize profits was itself a source of
weakness. But the bears made most
capital out of the yellow fever outbreak
in Mississippi. The stocks of roads
which traverse the region Immediately
infected notably Louisville and Nash
vile, were most keenly affected Louis
vile and Nashville declined at one time
two points below Saturdays close and
other Southern roads were more or less
affected, the whole market going off in
sympathy and with the weight of heavy
realizing sales. These incidents some
what interferred with the plan of OPP
erations of the bulls, which was not es-
sentially different from that pursued
each day last week. The stock selected
| to-day for putting up in order to sustain
| the rest of the market was Northern
| Pacific. This stock has not shared in
| the recent improvement in prices ow-
| ing to the poor showing of earnings made
| in the weekly and monthly reports of
| the company.
| But the apparent weakness in earning
power of the company was disregarded
to-day and the price of the preferred
stock was raised by manipulation four
points, and that of the common stock
about two points. The days trading last
week was preceded each day by the cir
culation in the Street of a ''tip" as to
which stock was to be pushed up dur
ing the day. This policy was pursued
also to-day with the effect of stimulating
speculation in the stock named and aid
ing the bulls's plan. They were also
assisted to-day by a livelier speculative
interest on the part of London than has
been manifested since the present rise
in prices. Prices were higher in London
before the opening here and buying for
London account was quite a prominent
factor during the day.
The orders which had accumulated in
commission house offices over the double
holiday was also effective at the opening
| in helping to rush up prices. The heavy
| sales to realize, however, and the yell
| low fever sentiment soon put stop to
| the upward movement, and the market
was depressed for most of the balance
Of the day below Saturdays close, the
! decline from the opening high point ex-
ceeding point in many prominent
| shares. The buying in Northern Pacific,
| New York Central, Cleveland, G. G. and
st. Louis, and the Changers, especial
| ly Burlington, brought the market back
| to above Saturdays level of prices,
| stocks which remained below being ex-
| ceptiOnal. Sugar moved in an cratic
manner all day over a range of 212
points, showing strength for the most
| part. The preferred stock rose 2%.
The industrial stocks generally were
somewhat neglected.
The total sales of stocks to-day were
636,663 shares, including Atchison pre-
ferred, 14,050; G. and O., 1925; Chi
cago, b. and o., 30,520; c., C. @. and
st. Louis, 1885; Denver and Rio
Grande, preferred, 5,736; Louisville and
Nashville, 25,720; Missouri Pacific, 81
525; n. Y. c., $3.50; Northern Pacific,
27,T20; do. preferred, 72,050; Reading,
$685.; Rock Island, 10000; st. Paul,
1920; Southern Railway, 300; Wa
BASH preferred, 10000 American Spir-
its, 1870; American Cotton Oil 2,266;
American Tobacco, 1920; Bay State
Gas, 1920; Pacific Mail, $500; Sugar,
29,320; do, preferred, 6,307: Il, G. and
L., $500; Western Union, $500; Chicago
Great Western, $50.
Railway bonds were less active and
easier, Northern Pacific issues show
ing strength and activity. Total sales,
$3,200000. Government bonds were
strong, new As rs per cent higher.
LONDON MARKET.
New York, Sept. THE following is
the Evening Posts London financial
cablegram:
There was no business in the stock
market to-day except in Americans.
These had a dull opening, consequent
upon realizations, but picked up in the
afternoon and changed hands at a mate
rial advance ON last nights figures.
With the receipt of New York cables,
however, the market took a downward
turn and all the earlier gains were lost
and prices in most cases left off under
yesterdays closing.
There was little rally in the Street
but it was entirely due to operations
for New York account, the public here
| still refusing to take an active part in
the dealings.
The India government has got it's re-
mittances and on favorable terms. Gold
exports in connection with the operation
are out of the question, as the rate of
purchase will not allow them. 1t is very
doubtful, under the circumstances,
whether the Bank of England will go
up on Tuesday.
The Paris Bourse opened firm and
closed dull, while the Berlin market was
dull throughout.
The invitation Of the India Council for
tenders for drafts for one crore of
rupees (about S5,O0O,00O) produced ten
ders to-day of 292 lakhs or rupees (about
| S14,600,000), at an average rate of Is.
i'd. to Is. Lied. per rupee. The gov
eminent allotted II per cent Of the offers
from the tenders at the highest price.
NEW YORK CLOSING STOCKS-WEST
Atchison.. ...,.,,, l5x st L ~ pref. e%
do. pref. 33x st Paul .......... 6$
3 u ............ l94 st Paul pfd .....H 5s
Can Pac........... 70 st p g. O.......... TON
Can So.........,,. So st p & o pfd..... l4@
Cen Pae....., -. l44 st p NJ & NJ ....,.122
q ~ o.. ,........ 2H4 So Pacific. 49,. Z2k
Chicago Alton. l6I South r. Il4