The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-08-14
STOCKS AND BONDS.

New York, Aug. 13.-Quite a number
of factors combined today to exercise a
rather depressing influence ON values on
the stock exchange. There were also
other incidents which, while not calcu-
lated to have any effect on intrinsic val
ues, served to put damper on the spec
ulative ardor which has become rampant
in Wall street. The tone of weakness
and hesitancy in the wheat market on
account Of lower prices abroad and di-
minished export demand were most keen
ly felt in the stock market. The grain
carrying roads, of course, showed most
sympathy with the wheat market as be-
ing most Immediately affected. But ev-
cry department of the market was more
or less influenced on the ground that the
return of general prosperity will be
more helped by good prices to the farmer
for his crops than by any other one
thing. Beside this very important inf1u-
ence toward a halt in the rise of prices,
the more substantial and solid element of
speculative buyers looked decidedly as
kance at the speculation which broke out
yesterday and today in what the street
aptly terms "cats and dogs" meaning
discarded odds and ends Of stocks and Sc
curities which no longer represent any
thing of any speculative value in the
whole world. There was more or less
movement in this class of stocks, as was
the case yesterday, but advances were by
no means affected as on yesterday. Even
the recognized bull operators discourage
the movement in this department of the
market it being an accepted maxim that
activity in it presages the elimination of
a bull movement and subsequent reac-
ton. This consideration combined to in
duce some large selling to realize on
many of the stocks which lead in the
Speculation.
The only aggressive strength displayed
during the day was by some of the great
industrial stocks which have recently
been rather neglected, Sugar being the
most notable example. These succumbed
with the rest of the list to the downward
tendency before the day was over.
No little effect was produced on the
market by the heaviness in Northern Pa
cific preferred, which has recently been
prominent for strength. The liquidation
which set in in this stock yesterday upon
the announcement of the new presidency
continued today. Friends of the property
called it profit taking. The stock sold
down IL and lost IA net. Louisville and
Nashville also suffered from profit taking.
London both bought and sold this stock.
1t is beginning to appear that while reg
ular arbitrage brokers have been per-
sistently selling IN this market for Lon
don account some large foreign bank
ing houses have been buying stocks in
this market for foreign capitalists. The
coalers took quite q prominent part in
the downward movement of the market.
The grangers, Burlington, st. Paul and
Chicago Great Western were most active,
showing sharp declines at one time from
the early high point of from 13s to 21k,
the latter in Burlington. But subsequent
recovery left the net changes fractional.
Union Pacific, which continued quite ac-
tive, receded at ne time 13s, but partly
recovered The extreme decline reached
near or over a point in a large number of
active stocks.
The total sales of stocks for the day
were 569,570 shares, including Atchison,
$3.50; Atchison preferred, 160,651; Ches-
apeake and Ohio, II, I04; Chicago, Bur
lington and Quincy, 1850; Chicago, Bur
lington and Quincy preferred, 6,760;
Louisville and Nashville, 1910; Missouri
Pacific, 1875; Missouri, Kansas and
Texas preferred, 1900; Northern Pacific,
1875; Reading, 14,600; Rock Island, 49,
395; st. Paul, 3S,765; Southern Railway, |
COOS; Southern Railway preferred, 13,-
$40; Union Pacific, 30120; u. p, d. and |
c., $500; Wheeling and Lake Erie, 6, 449;
American Tobacco, 1916; Csicago Gas,
1860; Pacific Mail, 1890; Sugar, 81 |