The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-12
STOCKS AND BONDS.

IA.
of stocks continued to he strong and pri-
ces to advance all around as long as the
London exchange was in session to i'm
part its buoyant influence to the local
market. The dealings showed some ami
nation and increased volume and the
rise in prices was easy and uninterrupted.
But the spirit of peSSimiSm proved too
strong to outlast very long the adjourn
ment of the London exchange, even with
London continuing to buy quite heavily
in this market, after the close of its ex-
change. The prices of Americans in
London have halted somewhat up to this
time in spite of the improvement in that
market, growing out of the subsistence of
alarm over the war in the East, because
London waited for New York to give the
cue for an advance, To-day, however,
the general tone in London was SO strong
and the improvement so general that it
extended to the Americans without wait
ing for the New York's initiative. The
cessation of the days trading in London
was followed by the announcement here
of "A 100000 gold shipment on Thursday
and TINS was followed by a vague rumOr
that shipments for the week would proba-
bly, reach a total of 81 200 900. Although
gold shipments have been expected and
confidently predicted for this week, the
bulls lost heart in face of the actual an
nouncement, and the whole market
would go off with no subsequent recur-
renee of decisive strength. AS a matter
of fact. exchange rates eaSed perceptibly
with the offering Of bills against the gold
shipments and the large purchases of
securities by London here, estimated
at 1900 shares of stocks and some large
blocks Of railway bonds. The improve
ments in the price of Kaffirs in London
to-day is another factor to be considered
in the exchange situation, as the heavy
liquidation of Paris holdings of these
securities on the London market is the
reputed cause of the Paris demand on
London for gold and, directly of the ship
ments of the gold from New York to
Paris. These elements in the situation
make the volume of gold to be shipped
from here this week still more problem
atical, with a growing likelihood that
they will be less, rather than more, than
was anticipated. But these considera-
tiOns did not allay the apprehensions Of
the traders and they allowed prices to
decline. AS a consequence, net changes on
the day are generally very narrow, but
as a general rule all of the early gain
is more than lost with resulting net loses
of fraction, the volume of the dealings
greatly diminishing on the decline. Chi
ca go Gas, st. Paul, Burlington and West
ern Union were the most active stocks
i'm the order named. The net losses in
the coalers were wider than elsewhere,
extending to appoint nm New Jersey Cen
trail. Foreign buying was responsible for
advances of 25s in Norfolk and Western
Union preferred two usually inactive
stocks. The total sales Of stocks to-day
amounted to 1862 shares, including
American Sugar Refinery, 10,7OO; Bur-
lington and Quincy, 1920; Chicago Gas
26,7O; Louisville and Nashville, $500;
Manhattan Consolidated, 12,2OO; Read
ing, 6,1OO; Rock Island, $500; st. Paul.
1880; Western Union Telegraph II 600
The bond market displayed stiffness
generally, on moderate transactions, with
renewed foreign buying the feature.
The sales were 81, 1914 200. Government
bonds displayed a reactionaTy tendency
and sagged slightly Oh sales of $4,000.