The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-03-14
BANK STATEMENT.
NEW YORK STOCK MARKET.

New York, March 13-The market de
yeloped lively activity from the open
ing of trading to-day and dealers made
the most of the two hours Of trading al
lowed on Saturday The activity extend
ed through all departments of business.
The bond market showed notable strength
and advance in prices along with that
for stocks. The VanderbiHs took the
leading place in the dealings as was the
case in the activity early last week. The
high priced industrials were also in good
request.
The volume of trading is not yet nota-
bly, large, though the total of to-day's
sales exceeded that in the FIVE hours reg
ular trading on each of two successive
days of this week. The transactions are
also largely for professional account still,
but quite AN increase is shown in the
buying by commission houses and there
is large demand for safe dividend-pay-
ing stocks for investment
To-day's activity and sharp rise have
clearly been near the surface of events
all week, Notwithstanding the condition
of apathy and almost Stagnation i'm which
the market lay. The very small volume
of dealings through the week did not
prevent the undercurrent Of firmness
from manifesting itself and prices obstin-
ately refused to yield, but, on the con-
tr0ry showed a tendency TO advance ON
even the most trivial buying There was
evidence OF the extreme caution of in
vestors, schooled as they have been in
a long period of reverse and depression.
in the character Of such demand as there
was. The gslt-edged stocks, those pay
ing assured dividends and the well secur-
ed bonds showed the desire of capital for
certainty and security, even at a low
return OF profit, such as would result
from the high prices paid for these Sc
curities. The low rate of interest on
money indicates that there is much mon
cry lying unproductive rather than ven
ture in anything that roes not promise
certain security. This class of capital
does not see yet in the various favorable
factors in the outlook that certainty of
general prosperity which it demands for
its safety. The high prices which are
being paid for the best class OF securities
gives rise to calculations as to whether
the rate of return for invested property
and the price of money has not been per-
manently placed on a reduced basis.
One Of the notable features of the week
is the increased demand for money for
release of imported goods held in bond
The amount paid on Friday for duties
on goods withdrawn from bond, about
$500, 900, is said to be the largest amount
ever paid in one day for that purpose.
This movement is due to the known de-
sire of the trainers of the new tariff bill
TO devise some measure to prevent an
evasion of the new duties by means Of
importing large stocks of goods in bond
i'm anticipation of the going into effect
of the new tariff law. The opinion is
generally expressed in financial circles
that a measure to prevent this would
necessarily be Retroactive and uncOn-
stitutional, but the rush to release goods
from bond reflects an apprehension that
means will be found to save the rev.
enues thus involved without infringing
on the constitutional provision. The
movement has resulted i'm a distinct har-
dening tendency in the rates for money,
but without causing a change in actual
quota tons
The bond market during the week dis
played a firm undertone despite the ex-
treme dullness which marked the deal
ings at intervals. Investment purchases
coupled with the favorable outlook gem
orally were the sustaining factors which
were reflected i'm general gains. The
sales were $5.914,000.
Governments moved fractionally up
ward on moderate purchases by local and
out-of-town institutions, The sales were
1858, 900.
State issues were in demand and stiff
fened slightly ON purchases of $40. 900.