The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-07-16
NAVAL STORES


New York, july 1.-THE security market
continued to exhibit strength on widely
dealings. The tho
usual market barometer. on favorable
crop adivces scored marked gains. Sc.
Paul common crossed IS, which price it
has not touched in ten years. The pre-
ferred also made a new record, reaching
I4os. while preferred
eaualed yesterdays top price record OF
100. London Unexpectedly changed Its
attitude on st. Paul today from a persist
ent seller to a buyer and marked IL up q
above the New York equivalent al yes-
terday's close. This was recorded AS for
eign covering Of shorts. The c~oaiers.
repeated yesterdays progress TO a higher
plane Of values. This was largely I'm
sympathy with the Philadelphia market
for Lehigh Valley. Reflection over night
had convinced the traders that with the
disappearance OF Lehigh Valley as an In
dependent factor In the coal market this
trade would be managed in such n man.
ner as TO produce the best results for tho
interested corporations. as lessor COM
panies would find II profitable 10 work
IN sympathy rather than assume n hostile
attitude. Thus they argued would be ac-
complished n harmony where previous
schemes of the past including n central
seiing agency and n Reading lease OF
other companies had failed. Then the
soft coal strike. IL IL continues, will cause
an increased demand for the hard pro-
duct. Susquehanna and Western pre-
ferred, passing "a easily. led the advance
in this group on rumors gradually be-
coming more definite, that the stock was
being purchased for control by another
coal road. Wheeling and Lake Erie pre-
ferred and Cleveland, Lorraine and Wheel
ing preferred, were bid up n point each,
while Hooking Valley also improved.
Thus the action of the bituminous coal
roads indicate a market belief that the
strike Will rehabilitate the entire industry.
On enormous transactions Sugar alter
nately rose and fell on more or less IA
-vorable news percolating from Washing
ton. ihe delay in announcing an agree
ment by the conference committee was
taken as firmat Of opposition on tho
part of the house leaders to any yielding
bacco advanced II 2h and the scrip 3.
giving as a reason that the stock had not
yet gone upward with the general moSAs-
ment. The Gould shares were stronger.
East River Gas rose GA to S4ib. n record
price. The market closed as IL opened.
active and strong, at n moderate general
specialties.
The total sales OF stocks today we're
21S,loO, including Chicago, Burlington and
Quincy 1850. New York Central Sass.
Northern Pacific preferred 1896, Reading
15.6oO, Rock Island 1857, ST. Paul II, CPS.
Chicago Gas 500, Sugar ~, 4S3.
Trading i'm bonds was quite animated.
the aggregate sales slightly exceeding
$500 600. The bulk OF the transactions
was centred In the low priced securities
with a decided inquiry apparent for the
oregon Short Line issues. Liens OF re-
organized properties as "A rule have come
into favor and noteworthy appreciation in
values Of these mortgages has recently
been registered. The market exhibited
quite a hardening tendency with tho
changes substantial in a number Of in
stances. The principal gains were: Dem
yer and Rio Grande SIS. AZ per cent,
Oregon Short Line Incomes series A. III,
Brooklyn Transit SIS ~, Chesapeake and
Ohio 6s class A. rs, and Stand Rope and
Irvine incomes and Fort Wayne seconds
5 per cent. Government bonds were gem
orally firm with transactions trivial.