The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-30
STOCKS AND RONDS

New York, May 29.-The traders who
availed themselves of an opportunity late
yesterday to cover short contracts for
fear of a crash of those bent on a similar
mission to-day were wise in their genera
ton. The rise i'll prices in the general
list this week has been sufficient to have
invited extensive profit taking at week 5
end III any week for months past. But
sales to take profits were at a minimum
to-day and exercised no marked effect on
prices, which held steady near the high
est, until the close of trading. The
shorts, on the contrary, showed feeling
of unrest over the indications of strength
| in the market and manifested their un-
willingness under the circumstances to
carry over, short contracts until next
| Tuesday.~.at which time trading is to be
resumed on the stock exchange.
Several special factors served to en-
courage the buying of stocks besides the
increased confidence felt in the general
outlook for business. Some of those who
bought stocks gave as their motive the
tone of the speech delivered by the Secre-
tary of the Treasury yesterday, especial
ly his expression of confidence that the
tariff bill would be disposed of at an
early day and his broad intimatiOn that
some measures of currency reform would
then be put forward by the administra-
ton. Some renewal of the buying for
London account, which was a feature of
the earlier days of the week, also added
strength to the market
The dealings were remarkably well
distributed. the number of stocks whose
shares were sold being much larger than
for some time.
The market for stocks and bonds has
been notably firm and strong all the
week, though the dealings were good
deal depressed at times. The dullness
came at times of heaviness in the market,
indicating the disposition of holders to
wait for better prices. The rise in the
price of stocks was only interrupted by
the influence of special depressing causes
from time to time. such as the uneX-
pected volume of the gold shipments
early in the week, the break in the Rub
Der shares on account of the retirement
of President Evans and the feeling of
distrust, disseminated by the announce
ment of the Baltimore and Ohio default
on the interest payments due June l on
some of the company's bonds. The re-
dictionary influences proved inadequate
to overcome the encouraging factors at
work and the result has been a bull mar
ket for the week. The event to which
Wall street attributes the greater part
of the improved tone of trading is the
taking up of the tariff bill in the Senate,
the demonstrated intention of all parties
to interpose no tactious opposition to its
passage and the result foreshadowed by
the votes on committee amendments that
no time is to be lost in settling the whole
matter.
More or less attention is attracted by
various statistical estimates of the
present activity in general business, ac-
by the argument that the vol |
ume of business is at present equal to
that in some of the most prosperous years
in the country's business, but at such
extremely low prices as not to be evident
in estimates of transactions by valua
tons.
The bond market displayed a fair de-
gree of animation during the week with |
a marked tendency towards higher
plane apparent. The transactions en-
braced an extensive variety of bonds |
with the gilt-edged properties generally |
recording substantial improvements.
The more confident speculative temper
influenced renewed investment buying,
which included some round amounts of
the middle grade issues.
Government bonds ruled firm through
out on moderate dealings. The total
sales of stocks were S110,7S5, including |
81. 900 American Sugar; S10,S0O Chicago
Gas; S13,500 B. and O.; $4,000 Lead;
& 900 Rock Island. S14 800 ST Paul and |
S., 900 New Jersey Central.