The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-27
STOCKS AND BONDS.

New York. July 26-The market ended
today in draw, with the advantage
slightly in favor of the bulls. The con-
fused and irregular sharp declines
and rapid recoveries alternating
commonly called crlss-croSs
market. continued throughout the
day. To take profits at the ac-
complishment of that which has caused
an anticipatory rise is way they have
in the street Thus, with Congress ad-
iourned and the tariff disposed of, pro-
fessional spectators unloaded and sold
short. Local reactions were helped by
London profit taking, sales from that
quarter amounting to 10000, thus dispel-
ling the idea that buying movement
might be expected, because of tomor-
rows settlement to cover recent sup
posedly short sales. A variety of reasons
were assigned for London's pessimistic
views. among which were the Senate's
Inon-action on the currency message, the
Japanese-Hawaiian affair, but more gen
orally it was attributed to their regard
ing the effect of the tariff settlement as
already discounted. Prices in the local
market receded about a point, the gran
gers especially suffering on private re-
ports of crop damage. The weak open
ing, however, temporarily benefited the
market, having caused the cancellation
of such selling orders as were to be exc
cuted at the markets opening today, pro-
vided prices were higher. Railways raj
lied, eased off again. Then crop advices
were more favorable and widely distrib-
nted purchases of grangers stimulated by
today's early advance in wheat benefited
the general market. Extensive buying of
Tobacco on the likelihood that the COM
pany would be free from antagoniStic
legislation caused all the company's Sc
curities to rise sharply. Reports of earn
ings of the third week in July were al
most uniformly good. In some cases the
increases were quite marked. Delaware
nd Hudson was strong, the buyers Civ
ing no other reason than general i'm
provement in the coal trade, but it was
reasonad on the stock exchange that
important developments might occur at
the meeting of the company's directors
"Wednesday. The tonnage of Reading for
last week being the largest for a long
time, brought that company's preferred
stock good support. This renewed heavy
buying revived old rumors of impending
developments in the anthracite trade.
Minneapolis and st. Louis preferred
stocks were bid up by the recent buyers
of Rock Island. The Southwestern stocks
were generally strong on improved earn
ngs. All grades of Sugar were advanced
today, but Sugar stock was subject to
bear pressure most of the day. After an
early drop of 1%, a partial recovery, it
fell again and when below 142, the mar
ket being full of stop-loss orders, certif-
Gates were forced to the lowest point of
the day, 1885. The intelligence that
million Of gold would leave Australia on
Monday for America was a significant
feature of the late news; another was n
little furrying in call money, it being
quoted on a small transaction at Hop.
ALTHOUGH there was abundance of money
loanable at l per cent. The market
closed with irregular changes.
The total sales of stocks for the day
amounted to 443.945 shares, including
Atchison, S29S; Chicago, Burlington and
Quincy, 20120; Manhattan L, $3.50;
Missouri Pacific, 1861; Missouri, Kansas
and Texas pref, 9,051; Reading, 1870; |
Rock Island, 30,010; st. Paul, 4O,461 |
Union Pacific, 1909; American Tobacco.
46 ,305; Chicago Gas, 14,515; Sugar, 49,
260; Western Union, Sab.
The bond market developed aggressive |
strength after an early period of heavi-
ness, which, however, did not depress
values appreciably. The demand for is
ues of reorganized properties and those I
undergoing rehabilitation was very
with Kansas and Pacific consolsa