The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-27
STOCKS AND BONDS.

New York. May 26.-The stock mar
ket was notably active and strong Ill the
early hours of trading today. The ami
nation of the trading somewhat subsidized
after the moon hour on account OF the
announcement of an additional shipment
of S5OO,OOO in gold tomorrow and on
profit taking and some weak spots de-
veloped in the list which served somewhat
to check the rising tendency. Prices OF
most stocks We're, nevertheless, quite
firmly held until the close and substan-
tial net gains were the rule as the result
of the days trading. There was quite Il
large number of shares sold here for
London account. but they represented
nothing but arbitrage operations by pro-
fessional traders, the higher level of
prices here offering sufficient margin
of profit to invite the operation. There
was a marked broadening tendency to
speculation. many usually inactive shares
coming ito demand and gaining in price.
The outside interest in the market which
first manifested itself yesterday was
again a feature today and various com
mission house orders were in evidence.
Smaller transactions We're of consider
ably smaller volume than yesterday. The
fact that the Senate is actually embarked
upon the consideration of the tariff bill
and the belief that the measures taken
to expediate action by that body upon
the bill will prove efficacious were the inn
polling causes of the more cheerful view
of things taken on the stock exchange.
Wall street waits upon a general trade
revival as the panacea for the ills that
afflct security values. Traders in stocks
act upon the belief that progress toward
the enactment of the new tariff law
jusifes them in disseminating the good
effect expected to accrue to business in
general from a definite settlement of the
futur conditions it will have to do with.
Improved railway earnings, especially
from the South and the Southwest, are
an encouraging factor. For the third
week i'm May, the Southern Railway
shows an increase in gross earnings Of
S1S,304: Louisville and Nashville of
S16,17O, and ST. Louis, Southwestern
and Kansas City, Pittsburg and Gulf
also show very substantial gains. On the
other hand Wabash and Chesapeake and
Ohio showed losses. The st. Paul state
ment for April was also a disappointing
factor. The decrease showing gross
earnings was $162, S21 and in net earn
ings $35,75O. This had quite a marked
effect in the afternoon check to rise IN
the values. Net gains were generally a
fraction less than the extreme advance
but were tn rul throughout the list. New
Jersey Central was very cratic, but
gained "a per cent net. Baltimore and
Ohio showed weakness on the belief that
the company will default its June inter
est payments and declined rs to 1O9s,
closing near the lowest.
The total sale of stocks for the day
amounted to 1S4,651 shares. including
American Sugar Refinery 1900; Bur
lington and Quincy 20,50O: Chicago Gas
1900; st. Paul IS, 400; Western Union
Telegraph 1890: New Jersey Central
$4,000.
The bond market developed aggressive
strength on large transactions which
were attributed in part to a revival of
outside interest. The gilt-edged liens
were in fair request at advanced prices,
but in the middle grade and speculative
issues the gains were more pronounced.
The aggregate sales were 81 1862, 900.
Governments displayed a hardening
tendency on a moderate inquiry. The
sales were $4,000.