The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-26
STOCKS AND BONDS.

New York. May 25.-There was more
animation shown in the dealings on the
stock exchange today than for many
weeks past and some buying by commits
sion house agents gave evidence of a
slight awakening of outside interest in
the markets. Sales for the day reached
an aggregate of over 100000 shares and
were much better distributed through
the list than has been the case in the re-
cent trading. There was display of con-
siderable strength which carried most
stocks at one time or another above last
nights close but sales for profit taking
were quite heavy and carried prices down
at the close.
The market is still in control OF the
professional traders and their tactics OIL
set the elements of strength. New Jersey
Central gave evidence of having reached
4 point of resistance to further deprecia-
ton and the shorts were driven to rather
strenuous exertions to cover.
The loan rate of the stock was bid up
by manipulation in order to embarrass
tho shorts. The removal of the severe
pressure on this stock for the time BENG
was quite relief to the market, though
there was a late reaction in the price.
Sugar was strong on the belief that the
explanation offered of the sugar sched-
ule of the tariff bill in the Senate would
help it's chance of passage. The dealings
in the stock We're larger than for some
time and were second only to those in
Chicago Gas. The dealers III the latter
stock were inclined to take an exceeding
ly conservative view of the benefits as
sured by the action OF the Illinois Senate
in passing the gas, frontage and consoli-
dation bills on reconsideration. The stock
did advance sharply on the news OF the
passage, but was carried down by heavy
realizing sales. The tone of speculation
generally showed considerable access of
confidence various causes contributing to
this feeling. Yesterdays decision of the
Supreme court denying the right of the
Interstate Commerce Commission to
fix railroad rates still exercised favora-
Bile influence ON railroad values, not on
account Of the immediate effects of the
decision. but owing to the belief that 1T in
sures the advocacy by the commission OF
/ the law to authorize railroad pooling. The
weakening of the exchange market during
the day was also regarded as an encour-
aging factor in the general outlook and ac-
count was also taken of the weeks state
ment of merchandise exports from New
York. showing a total of $40, 127 ,166, an
increase of $3.50, 400 over last week and
81, OBJ, 7S2 over last year. This large eX-
pansion of exports is looked to to help
offset the heavy imports in antici-
patton of the new tariff and to help adjust
the exchange balance. Statements OF rail
way earnings were also good, especially
| that of the Southern Railway, showing
an increase in net earnings for April Of
| S70,S1G and of gross earnings of SSS,6l2.
| The effect was to raise the price of the
/ stock. The third weeks statement Of
gross earnings Of st. Paul and Missouri
| Pacific caused cheerful feeling among
owners of railroad stocks, the former
showing an increase of $34 ,34G, and the
latter of $4,000. New Jersey Centrals
range was 31a points, the net gain being q
point.
The total sale Of stock for the day
amounted to POP $50 shares, including
American Sugar Refinery 10000; Bur
llington and Quincy, 1900; Chicago Gas
Trust receipts, $4,000; Manhattan Con-
solidated, 5000: Rock Island, $500; st.
Paul, 1920; Western Union Telegraph,
1890.
The bond market displayed some activ-
| ity in the late trading and sympathlzed In
the decided rally which occurred in the
stock speculation. Business was largely
Restricted to the prominent issues in
| which the changes were not essential.