The news & observer., 1897-07-29
STOCKS AND BONDS.

| New York, July 2S.-lne QOulhalinS
influence of the stock markets strength
to-day was the prosperous grain trade
outlook Probably over half "a million
bushels of wheat We're engaged for export
to the continent, although only some
third of a million was reported from
out ports. The favorable weekly gov
ernment grain report was doubtless
factor in the recovery of confidence to
the disconcertion Of the reactionists on
the stock market. But little effect was
felt in the early dealings from lower
London quotations as the continuance
of recent heavy buying by New York on
the London exchange reversed that mar
ket Americans there closing at the best
prices of the day, Atchison in particular
attracting attention. As London in the
early dealings did not respond very
quickly to the local strength, arbitrage
brokers found frequent opportunities to
buy in London and sell at a profit here.
Meanwhile, however, Louisville, At
Gibson, Southern and Reading were
purchased here for foreign account.
There was much variety and breadth to
the dealings here, with heavy commits
sion house orders from practically the
opening to the close. More stocks were
active to-day than at any time in the
present upward movement. Cotton oil,
Lake Erie and Western and Oregon
Navigation shares and other usually
dominant as well as the more active
stocks as for instance Sugar and Atchi-
SON preferred were features in the days
dealings.
The industrials and grangers on large
Il l.. l.
being up fractionally. Southern Rail
way properties including Louisville and
Southern preferred were up over a point
each on prospective increased. earnings
when cotton begins to move freely.
Rumors that the results of the Wabash's
fiscal year would be better than re-
Gently expected, caused the preferred to
rise over a point. Sugar after fiuctuat-
ing erratically touched 1894, two per
cent of the gain it lost on bear attacks
in the final dealings, leaving the net
gain less than a point The raid had
but little influence on the rest of the
list, the buying continuing good up to
the close, although some spectators
realized profits on purchases made ear
lier in the day On Boston and local
buying Rubber preferred gained 3 points
and the common fractionally ON reports
that the former president of the COM
pany had made an agreement with the
present mana cement Rock Island
gained nearly a point on information
that the earnings for the third week in
July would show large increase over
last year, showing the large volume Of
business now being handled by the road.
This report was said to have been receiv-
ed by some Of the directors Two ru-
mors circulated to-day considerably
benefited the properties concerned. They
were that action might be taken ON the
dividend for Louisville before the JAN
uary meeting and that three Der cent
would be paid on the Atchison adjust
ment in October. On less than the usual
dealings tobacco rose fractionally. There
were no important losses.
The total sales of stocks for the dav
were 399,500 shares. including Atchison
preferred 1924; Chicago B. and q
21,310; Louisville and Nashville, q .475:
Manhattan L., 5,225; New York Cen.
trial. 5,S1S; Missouri Pacific pre-
ferred, 5,265; ST., Paul, 21,735:
Pacific. 5,445: Wabash preferred $3.50:
AnlericaH opiTits' o,IOo; American 10
bacco, 1920; Bay State Gas, 1895; |
Chicago Gas S,625; Lead. $3.50; Sugar,
10000; United States Rubber, 5,197;
Western Union, S,12O; Chicago G. W..
S, AGO.
A keen inquiry developed for Atchison |
adjustment fours in the bond market |
which moved UP 2 per cent to SAX.
This issue has been rather neglected |
of Late and the revival of activity was
attributed in part to foreign purchases.
based on the excellent outlook for in
earnings by the southwestern
roads. The general bond market moved
up sharply ON heavy dealings which in
eluded a considerable variety of securi- ]