The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-11-09

mors put In circulation to keep prices
down while shorts covered. These In
cidents coupled with today's recovery.
are significant technical Indications of
a elimination OF q market movement
just "a heavy buying. circulation OF
roseate views, sharp rise IN prices and
the stirring UP OF dead stocks are the
technical concomitant Of the culmina-
ton OF q sustained rise.
The declines on the week have reach
ed 10 Points in Sugar. So In New Jersey
Central n ) over al through tho
active list OF railroad and indus
dustrial stocks. Sugars special slack
ness has beer due to the serious Illness
OF the president OF the company. The
decline OF prices has continued now
practically without Interruption OF any
Importance since the second week
in September. when the elimination OF
he rise was reached. On September
18th the average price OF twenty active
railroad stocks was about $6s.S So q
share. n last night the averge price
OF the same stock was $3.50. On Sep
TENDER 10th. the average price Of
twelve leading industrial stocks was
$55.Se a share: last night IL was $f5.13.
II Is an invariable rule that ar upward
course OF prices in the market does not
terminate until Ii has apparently ex-
ceeded itself and reaction ia a certain
~. c~orroborated by abundant histori-
cal presidents. even in ACE OF contin-
uing favorable conditions.
The rise which eliminated in the
second week OF September car ba~tiaced
to its source in the latter part of July.
There a bee Improvement before
that time and speculation on the pros
pect OF business revival: bu the final
passage OF the tariff bill was accepted
as clearing the industrial situation and
evi NE -AsttaJ ~ANlsr- A. s~A-x 49,
There was some reaction in the prices
OF stocks afterwards on profit taking.
but for the most part the course was
a steadily upward tendency from that
time to the elimination.
The growth OF the conviction of n
bountiful harvest and OF an urgent
demand for our products from abroad
were reflected in the bull market OF
that period. A comparison OF prices of
leading stocks ruling today with those
ruling on July Gath last shows interest
ing results. The average price on that
date Of twenty active railroad stocks
was $57.2S a share. compared with
$3.50 last night for the same stocks.
The price for twelve Industrial stocks
on July oath vas $i7.9 % a share compar-
ed with $45.73 last night. Except for
the only three stocks In this
railroad list vary as much as three
- h"o 'aAN'
ed. The exceptions are: Cleveland.
Cincinnati, Chicago and St. Louis:
Missouri Pacific. and Manhattan. The
grangers are from S TO 10 points higher.
In the list of twelve industrial stocks
only three how a variation of az much
as 3 points as between the two dates
named. Some few stocks, notably the
Coalers. Sugar, Leather preferred. Pa
cific Mail, and Kansas and Kansas
preferred, have gone a little bower
than they were on July 2ith. Generally
speaking it may be said hat prices
have about retraced their course to
Where they were before the late mar
velous increase in traffic and earnings
during that period.
Bonds have been Less affected by de-
'sHoo1s ueul N9eM eul SulLnp uolsssLd
but prices have shown sympathetic de-
clines. The total sales of stocks today
| were POS, $50 shares.