The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-06

i
close of the days short session. The
dealings were remarkably well distrib-
uted. Sugar showing the largest number
of shares of any one stock sold, with TO-,
800 shares Chicago Gas and Burlington
followed close with over $4,000 shares
each and st. Paul was not far behind.
| OF stocks that were dealt in to the ex-
tent of from LOO to 1000 shares there
were about twenty and a large number
| of the usually inactive shares showed
smaller number of sales, made up Ii
part of odd lots bought by commission
| houses on outside orders. The general
| strength of the market was doubtless as
sisted by the aggressive strength shown
| by some of the more active stocks, nota-
| bly, Sugar, the grangers, and New Jer-
sey Central. Reports from Washington
| that treaty with Spain was being con-
sidered looking to the regulation of the
naturalization of Spanish subjects as cltl-
gens of the United States had their eff
feet in helping prices as indicating
purpose to eliminate causes of friction
between the two countries. Missouri Pa
cific and Western Union joined the list
of approaching values. With the favor
| ties of the bears thus all shifted to the
bull side of the market there was prac-
tically no opposition lent to the advanc-
ing tendency of the market.
| The week has been more remarkable
for the manifestations of increased conf
dence in the buying and holding of Sc
curities, especially railroad stocks and
bonds The improved tone of the specula-
ton has been as remarkable for the alb
/ ,,,A, ON stocks
most affected as for the confidence
shown. There can be no doubt that
great part of the buying of stocks during
the week has been predicated upon CON
yiction that the outlook for general bust
ness is greatly improved and that the
country has turned the corner from de-
preston towards Improvement. The
cheerful confidence shown by the Secre-
tary of the Treasury in his public utter
ances has made a strong impression In
| Wall street. Much account is taken OF the
contention that the volume of business Is
equal to that of the more prosperous
years. although prices are still low. Says
Dun's review:
! Reports from all parts of the country
show that the retail distribution of pro-
ducts Us unusually large and increas-
ing.'' and Comparison of prices this
week in the leading branches of manu-
facture shows a remarkable similarity TO
the course of prices in the earlier months
of 1879, when the most wonderful ad-
vance in production and prices ever
known in this or any other country was
close at hand
| The feeling has secured hold on the
| IL IN
during the week and is largely response
BILE for the bull market. 1t is fed to
greater or less extent by various develop
ments. The effect of gold exports Is no
longer dreaded, as it us seen that the de-
pletion of the surplus gold reserve IN the
treasury is not measured by the amount
of gold exported. The decrease IN the
treasury reserve since the gold export
movement began is, in fact, considerably
less than two-thirds of the gold exports.
| The growing prospects that the country
crops are to be plentiful and OF good
quality is accepted as giving the best
possible assurance of increased prosper
| ity and expanded business. The crop
prospects have had an especially benefl-
cial effect on the granger group of rail-
| Dads. The reports of earnings from these
railroads for the week have also added
to their strength. notably so in North
west and Burlington. A large portion of
the weeks speculation so far as the rail
road list was concerned, has conferred IN
this group The improved earnings OF
southern and southwestern roads con-
tinue to reflect the expansion of business
| in these quarters also. In the money
market there has been an increase OF ac-
| tiyity in the mercantile paper depart
ment. indicating an increased use or
credits i'm trade. There have been also
large Withdrawals of the money deposited
with New York banks by outside banks
for use in different localities. The action
of the Chicago banks in reducing the rate
of interest paid ON deposits by outside
banks has served to check this tendency
| and to increase again the accumulation
of outside bank deposits in New York
banks. The barometer OF the stock ex-
change. as usual, has been quick to re-
spond to these evidences of awakening
activity in trade. The traders have shown
themselves somewhat timid and distrust-
| full of the Improvement, as was natural
after the long period of depression and
recurring reaction. They have been con-
stantly watchful to take profits on short
| turn and there have been halts during
the week for this purpose, especially at
the times of the breaks in the shares of
Rubber and Cleveland, Cincinnati, Chi
cago and st. Louis, due to reduction of
diyident in the former and rumors of re-
duction in the latter. But these offerings
| to realize have been steadily and conf
IDENTIFY absorbed without notable reaction,
and each day of such developments has
added to the confidence Of the trading on
the bull side. Purchases for foreign &C
count have been large and well distrib-
uted, the low priced shares of reorganized
companies being especially prominent in
this movement. The granger shares cas-
lily led the railroad list, both in point of
activity and strength.
The total sales today were Isl, S42
shares, including 1890 Sugar, 14,6OO
Burlington and Quincy, 1880 Chicago
Gas. $500 Louisville and Nashville,
600 Northwest, 6,400 Reading, 1900
st. Paul. $500 Western Union.