The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-06
STOCKS AND BONDS,

New York, Aug. 5.-To-days market
was an inversion of yesterdays, in that
it displayed a heavy tone during most
of the day and rallied strongly during the
last half hour. The days net gains
were almost all achieved in the last half
hour, while on yesterday half hours
profit taking at the close wiped out near
ly all the earlier gains. There was a
| feverish tone to the trading to-day and
erratic variations either of which, coming
after yesterdays freedom of speculative
buying was pointed to as significant of the
elimination of bull movement. There
were evidences of powerful manipula-
ton in the market to further this unset
Ting tendency and to cause reaction.
But the heavy short sellers of the day
apparently lost confidence in their theory
of reaction and started to buy back
their stocks on a fast rising market.
This short covering was the main cause
of the strong rally at the close. But
there were special causes also at work
TO defeat the efforts of the reactionists.
There was nothing unfavorable in the
general situation which they could avail
themselves of, the crop prospects and
the decline in foreign exchange continu-
ing to favor a rise. In addition to this
some of the reports of railroad earnings
for the fourth week and month of July,
and especially those of southern roads.
were strong influences for an advance.
Thus Louisville's increase in earnings
for the fourth week over the correspond
| ing period of last year was S1OS, 139.
The stock responded to the statement,
which was published afternoon, rising
over a point and influencing the whole
market. Other increases for the fourth
week were. Chesapeake and Ohio, Co.
649; Missouri Pacific. $1,000, and Kan
sas and Texas $29.5S2, the latter figure
being also compared with the largest pre-
vlous July week in the company's his
tory. The buoyancy displayed by some
| OF the individual stocks, such as To-
bacco, Laclede Gas and Spirits also oper-
ated against the efforts at reaction. On
the other hand, the reaction in the wheat
market, due to profit taking and to
some falling off in foreign buying or
ders, affected the western railroad
stocks sympathetically. The heaviness
in some of the most active industrial
stocks made the vulnerable points of at
tack by short selling Sugar was attack
ed with especial vigor, and receded 2N
from the high point. Consolidated Gas
suffered from fear of obstruction to tie
scheme Of amalgamation of gas COM
panies and slumped seven points. The
average decline in the market worked
by the bears was nearly one per cent
and in Chicago Gas and Northern Paci-
nc preferred was more, the latter being
especially affected by continued London
seihng. London sold during the day
ABOUT 2o,oOO shares of all stocks. Ear
~ declines were almost all recovered
and net gains achieved, though they were
for the most part small. The grangers
and Vanderbilts responded to the rally
in conspicuous degree.
The total sales Of stocks for the dov
were 567.S96 shares including Atchison
preferred 1929; G. and O.. 900. Chi
cago, B. and O., 2745O: Erie (new) &
916; l.. and N. 21,35O; New York Cen
trail, 1920; Northern Pacific, 5.15O.
do preferred 14,120; Rock Island. ~.
635; st. Paul, $780,; do preferred s.
O1O; Southern Railway, 1925; do pre- |
ferred. 5000: American Spirits. % 25O.
American Tobacco, 1920: Bay State |
Gas, 1880: Chicago Gas, 27,4sO: Cen
eral Electric. 1924; Laclede Gas. IL
300: Lead, $3.50; Pacific Mail. $3.50.
Sugar, 1880; Western Union h'65O. |
Chicago G. W., 10000.
Liberal realzations impaired heavi-
ness to the dealings in the speculative
mortgages with the losses, however. re-
stricted to moderate fractions. The mid
die grade liens were notably firm with
some material advances registered. The
aggregate sales were S2,97OOOO. Gov
ernments were fairly active and gen.
orally firm.