The news & observer., 1897-07-18
RANK STATEMENT
STOCKS AND BONDS.

| o1OSho AMI bOANbC.
| New York. July 17.-Dealings on the
stock exchange were in fairly large num-
bers and the market was strong as
whole. Liquidation in Sugar worked a
sympathetic reaction in the market for
a short time, but the advance was re-
sumed before the close of buying to CO.
yer and the last prices in many cases
were the best The grangers were no.
tably strong, as being likely to derive the
most immediate benefit from the prom
ised abundance of the crops. st. Paul,
Rock Island, Northwest and Omaha all
touched the highest points in the present
movement and St. Paul and Omaha
closed at the top, the former leading the
market in point of activity. Sugar was
sold pretty steadily all day, though not
under severe pressure and not on violent
fluctuations, traders having finally come
to the conclusion that the istuation in the
conference committee was really still to
| be adjusted. 1t was not until after the
market had closed that the news of the
agreement of the Republican members
was received and the belief that indeh-
mite delay was likely to occur was prev
alent. Louisville and Nashville was
strong feature in the trading and was.
bought for London account as well.
| The coal stocks continued to show
strength under the same influences that
have affected them all week New Jer--
sey gained a point and closed at 50, the
top price and the highest it has sold at
since early in the year. The break in the
wheat market on reports of continental
selling was not without its effect on val
ues in the stock market and contributed
| to the reaction. Tobacco was keenly af-
fected by the reactionary tendency, and
together with Sugar, closed with net
| loss of a large fraction. Lake Erie and
Western preferred also closed a point
| lower
| The railroad bond market was very
active and also strong, sharp gains be-
ing shown by some of the speculative is
sues
| The total sales Of stocks for the day
were 122. .4S0 shares, including Louisville
and Nashville. 5,32S: Rock Island, 7,445;
St. Paul, 1882; American Tobacco, Z
1895; Sugar, 1858.
The steady advance by slow stages this
week should crafty such spectators as
may hope to market securities on the an
ticipated rise when the business Of the
country has settled down after ascertain
ing definitely the nature of pending legis-
lation. OF course these expected rises are
often abortive, being stunted by realza
ton of paper profits. But at current high
quotations but little liquidation has ma
terialized. The weeks most noteworthy
incident was the rare combination of the
Extraordinary advance in wheat and at
the same time most favorable crop ad-
| viz worthy for
leign advices indicated diversified short
age of crops that promises remunerativc
returns for both wheat crops. The gran
gers, which will benefit largely by this
state of affairs. were uniformly strong.
The fiscal years exports reached un-
precedented figures and attained an un-
Iequaled excess over imports regardless of
enormous imports antcipatory of the
new tariff law. The anthracite roads
Iwere strong on the vacating of the order
for an inquiry into the coal companies
methods on the ground that the Lexow
antitrust law was unconstitutional.
There was an early disposition abroad
to magnify the Importance of the soft
coal strike. On Wednesday, however,
London was fair customer of Yank's.
and while subsequently there was some
|hesitating character, showing a gradual
retaliation of the improved outlook here
and possibly a knowledge that there
Iwere efforts to arbitrate the miners and
Operators differences. The buoyancy of
Sugar during the early part of the week
was a sustaining influence on most Of
the list. The suspension of a large
brokerage house on the wrong side of
the market had but transitory depress-
ing effect. Washington rumors early in
ldicated that a schedule very profitable to
the refining company would be agreed
upon in conference.
| Some kindly disposition was displayed
toward railway properties in the South
and Southwest notably Northern Pa
Gifts, which was bettered by 21s, and
Louisville and Nashville 15s.
| The bond trading during the week was
characterized by aggressive strength on
extensive dealings, which embraced n
large number of usually dormant secur-
| tiles. Changes in these lines were
| usually attended by wide vibrations,
more generally upward, The demand for
| investment account was reflected in the
rapid appreciation in values of the gilt
edged issues, which is forcing more gen.
eral purchases of the middle grade and
speculative mortgages which promise a
| larger return on capital invested. The
plethora of funds at this center is evi-
denced by the increased animation in
various outside properties and the high
prices realized for municipal bonds are
much sought for. The aggregate sales
were $11, ,O27 ,000
| Governments were moderately active
and exhibited decided firmness
State issues were prominent and gene
rally higher.
| BOND QUOTATIONS.