The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-19

time in several weeks prices of stocks
were at 10 time during the day below
the level of those prevailing at the close
the night before. There were occasional
slight reactions today with no better
apparent cause than sympathy with
Sugar, which was itself markedly strong
and was turned backward at times only
by profit taking. Speculation halted
during the morning in expectation of a
decision by the Supreme Court at Wash
ington in the Nebraska maximum freight
rate case. Although this decision is eX-
pected to be in favor Of the railroad and
was looked to to give an upward i'm
petus to prices, the announcement that
the handing down of that decision had
been postponed was followed by a de-
cided increase i'll the activity of trading,
an activity attending the rise of prices
INSTEAD of the decline for the first time
in many weeks. The strength of the
Granger stock and the awakened inter-
est and improvement in the Vanderbilts
Were very notable. The vigorous up
ward movemnt of this powerfully in
fuential group caused a striking ad-
vance throughout the list, net gains in
nearly all the active stocks equallng at
least a point and in several special cases
equalling or exceeding points. A feat
ure of the market quite as striking as
the strength of the railroad stocks was
the neglect of the industrials, except
Sugar, as compared with the recent
trading and even Sugar showed falling
off in activity as the day progressed and
the trading in the railroad stocks de-
veloped greater animation. Chicago
Gas, which of late has entirely over
Swallowed the rest of the market today
fell into innocuous desuetude, and no
longer available as an instrument for
the bears to demoralize prices in the
general list. Its total range of price
was only a small fraction and the small
volume of transactions in it looked al
most like neglect While Sugar was
quite active and moved somewhat ir-
regularly within a range of nearly 3
points it showed sufficient strength to
aid the rest of the list by sympathy and
closed at net gain Of 25s.
The money market was noticeably
easy, which was an additional incentive
to a renewal Of speculation. Call loans
were quite freely made at rates below
2h per cent. down to 2 per cent. Out
side banks also continued bidders in this
market for mercantile paper and are
thus releasing considerable sums of
money to the New York banks which
are available for loans in other depart
ments. The statements of railroad earn
ings for the second week in October
which were received, all show continued
marked increases over the correspond
ing period last year. The soft coal roads
showing an especially noticeable recov
cry from their recent heavy depression.
The September statement of the Pitts
burg, Cincinnati, Chicago and st. Louis
caused sharp advances in the stocks of
that company, the preferred stock ris-
ing 21a points. Pullman advanced 3M
and Susquehanna and Western pre-
ferred "a. While the character of the
trading today did not go outside Of the
professional limits which have marked
it for several weeks, the undertone OF
strength of the market showed the prac-
teal cessation of the manipulation by
the reactionists.
The bond market was not very active,
but prices were generally firm. Total
sales $1,500,000.
The total sales of stocks today were
235, 100 shares. including Chicago, B.
and O., $3.50; L. and N, 6,520: New
York Central, $3.50; Mo. Pac., 1920;
Northern Pacific preferred, 1864; Rock
Island, 1890; st. Paul, 16,440; Union
Pacific, 6,900; Chicago Gas, 1905;
Sugar, 1880.
LONDON MARKETS.
! New York, Oct. 1S.-The Evening
Posts London financial cablegram says:
| Thc stock markets are quiet but firm
today, consois leading on government
hiying. Wes' Australian shares were
buoyant. feature was a sharp rise in
Argentine rails.
Americans were better and the tone ut
the close was steady. The opinion here
on the market IL that the shake ont in
New York is practically over. Dealers,
ihnwever. do not back their opinion with
much buying. apparently preferring to
await a more definite lead from New
York.
/ The actual decision of the cabinet as
; &c silver is not known here. 1t is gen.
orally believed that the Indian mints
will not be -e-opened now. bu: II is
feared that the matter has been left