The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-11-18
sustained the general market for time.

sustained the general market Tor time.
A Jump of 3A in Consolidated Gas was
also on the side of sustained prices, but
the eccentric movements of the stock
have come to be practically disregard
ed. Both of those stocks fell away TO
yesterdays level in the subsequent weak
ness. There was n lack of hrmness I'D
the price of st. Paul Notwithstanding
the increase of over STAT, 900 in it's earn-
ings for the second week in November.
The comparison is with a poor week
last year and was considered as show
ing the recent high rate of earnings
fully sustained. The declaration of only
the regular quarterly dividend OF only
/ per cent on Burlington brought real
ling sales in that stock and also served
to weaken somewhat the granger group.
Southern and Southwestern stocks were
comparatively firm on the excellent sec
ond weeks statements of Missouri Pa
cifc. Wabash and Texas and Pacific OIL
the continued heavy cotton movement in
the South. Speculation, however, was
almost dead and the dealing in specula-
tive stocks was confined entirely To
room traders. Union Pacific was very
heavy in tone all day and lost IA net.
Ins decline was coupled with a rise
of nearly . points in the Kansas Pacific
consul bonds.
The bond market was much more ac-
tive relatively than stocks and the high
prices investment issues were in special
demand and show gains of from l to )
points. This tendency in the security
market was entirely consistent with the
remarkable ease in the money market.
| There is a steady current of funds to-
ward this centre and liquidation of
loans with q very limited demand for the
money thus set free, it is now known
that last weeks increase in loans of the
New York banks was more than ne
counted for by operations >of the account
of the Union Pacific sales. Loans on
other accounts showed an actual de-
crease and the limited supply of cont
merc;al paper offerings indicates that
merchants are not in need of funds ut
present This is partly due to the easy
collections all over the country and to
the large payment of outstanding in
debtedness which have made money
plentiful at interior points. But there
IS some apprehension that it may also
be due to falling off in business activity.
The ease of the money market is So
marked that there is some talk that
tie Union Pacific payments to the gov
eminent viii he made before they come
due The total sales of al stocks fell
again to-day to less than 10000 shares
and losses were general throughout the
list
In the bond market there was sale
Of Flint and Pere Marquette Port Huron
DIVISION IS at Tla points lower than
the last sale which was several weeks
ago. Otherwise prices We're firm and
higher. Total sales were s1.550.000.
Total sales Of stocks were 16T.400
shares. including Burlington, 1850;
Rock Island. 11.630: Union Pacific, c.
400: st. Paul. 16.141: Bay State Gas,
1885; Sugar. 36.4S5.
LONDON MARKET.
New York. Nov. 17.-Even.ng Posts
London financial cablegram:
The stock markets were quiet and
steadier to-day. Investment stocks We're
firm. Americans were lfeless, there
being no initiative here and the close
was weak.
Many inquiries have been made to-day
after eagles by American houses, but It
may he only for Germany. 1t is said
that 100000 pounds sterling in gold is
going to Chill Immediately in connection
with the completion of the currency
conversion. This is probably correct.
hut unusual mystery surrounds the op-
Grafton. TO one knowing whether the
gold has yet TO leave the Bank OF Eng
land. or whether it has already been
bought MP in the open market.
Money rates are easy. but | learn that
the hank has begun to borrow again.
which probably means a temporary re-
covery in the rates
The Paris and Berlin market were
quiet.