The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-05

showed a gain of $4,000 over the cor
responding week last year.
The extreme rise in the Northern Paci-
fc preferred was rs on sales of $4,000
shares, leading the list. st. Paul moved
narrowly and below last nights close all
day. Wabash common and pref, FRED
were strong on the August statement
showing gain of Si54,549 in gross
earnings Statements of railroad earn
ings published during the day were uni
formly favorable and the excellent bank
statement also sustained the list. Ih1
closing showed net changes mixed
The week has witnessed the liquida-
ton OF some very heavy holdings of
stocks to realize profits on the rise,
which commenced in the Changers on
Monday 1t has progressed steadily since
then and has kept the price of recent
favorites in the speculation more or less
depressed The market has been saved
from large reaction in face Of this heavy
liquidation by the sustaining force of
individual stocks, the prices of which
der manipulation.
The sales on Friday approached the
maximum for the year and those of to-
uaN InOSe Oh Il kSatuTUdy.
Speculation has absorbed vast sum
OF money is evident from the clearing
house statements and still more evident
from hardening of exchange rates during
the week, the purchase of securities a.
broad having apparently offset the heavy
foreign purchases of our breadstuffs.
The absorption of funds has made no
appreciate effect on the rates for mon
ey, which still remain, unprecedentedly
cheap. The movement of currency to
the interior has been larger than last
week but is still small considering the
large expansion of business indicated
by clearing house statements of interior
points and the heavy crop movement
shown by the traffic reports of the rail-
ways. The interior needs have thus far
been largely supplied from interior
sources, contrary to the rule heretofore.
The fact that exchange remains above
the gold import point is due in part to the
heavy public purchases Of securities by
Americans in London, each incoming
steamer bringing large consignments.
But while these large purchases are alb
sorbed without any effect of the local
money market, the rates for money in
London continue to harden in spite of
large sales of securities, the bank Of
England up to last week continued to
contract it's loans and there is a mar
gin of profit in the London money rates
sufficient to induce drawers Of exchange
to leave their funds at interest there.
thus deferring the gold import move
ment. How much longer the cheapness
of money will continue in New York in
face of all this expansion of demand is
a question to which an answer is per-
haps indicated by to-day's bank state
ment. showing a decrease of SJ,4O3,550
in the surplus reserve The cheapness Of
money is an incentive to a rise in prices.
especially in view OF recent placing of
large issues Of railroad bonds for long
periods at an interest rate of 49, per
cent which bonds command a premium
in the market. The reduction in rate of
interest and return on invested money
naturally tends to raise the principal
value of securities on which the dividend
rate is unchanged. Recent prices Of gov
eminent bonds are at high records. That
the plethora OF money and its resulting
cheapness are an influence in this way
in the rise in prices Of securities, as well
as the increased earning shown by the
properties, is evident.
The total sales for the week was g.
194,901 shares.
The bond market has shown great ac.
tivity during the week and prices are
generally higher. Notable advances arr
shown by the Atchisons, Fort Worth
and Denver City; Northern Pacific prior
fours; Texas and Pacific Wabash DDS.
Norfolk and Western and Reading is
sues.
Total sales SIS, 76S,4OO.
Government bonds are Is to II higher
on the week.
Total sales Of stick to-day were 3O3,-
O55 shares including Atchison preferred,
1920; G. B. and O., 1920: l.. and n.
11,S2O; Missouri Pacific, 1866; New
York Central, 1920; Northern Pacific.
$50; do preferred, 39,75O; st. Paul,
2S,620; Wabash preferred, $500; Ameri-
can Tobacco, 5,720; Bay State Gas, o.
500; General Electric, 1885; Sugar, 49,
$50; w. u, 5000; Chicago G. W. g.
800
NEW YORK CLOSING sTOCKs-w