The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-16

cOuntered resistance at the lower leVel
and were forced to cover heavily before
the close of the day so that the prices
were brought back to within a fractional
limit either way of last nights close.
Chicago Gas continued to absorb very
large share of attention and it was in
this stock that the bears suffered keen
reverse. They succeeded in forcing
down the price at one time 15s, but
the inside support for the stock was
very strong and the advance drove the
bears to cover, the stock closing with
a net gain of 2A. Sugar also, which
was raided down 33s during the morn
ing, showed considerable resistance, re-
covering at one time to within less than
point of last nights close. Tobacco
which sold ex-dividend of 2 per cent,
declined at one time points. These
three stocks were made the objects of
the bears most urgent attacks and they
worked a sympathetic decline in the
general list which extended from a frac-
ton to 2 points, the specialties and the
southwestern railway stocks leading the
decline. Some favorable effect was ex-
ercised on prices by the postponement
of the hearing before the Supreme court
in the Joint Traffic Association until
January next. Although the decision OF
the court in the case Of the Transmits
souri, Freight Association has been re-
garded as foreshadowing an adverse de-
csion in the Joint Traffic Associate
case, much has been made of the pen
dency Of the decision as IN influence on
the recent bear market, and it's post
ponement gave sense of relief. Arbi-
TRACE brokers were quite vigorous buy
ers for London account and took about
25,OOO shares OF various stocks on bal
ance. This also was a favorable influ-
ence. A hardening tendency in the ex-
change market was attributed TO the
demand for remittance by to-morrow's
mail steamer, but some disappointment
was nevertheless felt by dealers in stocks
that no engagement of gold for import
was made. This was partially offset
by the sentimental effect of the actual
arrival and deposit in the Assay office
and in the Clearing House vault Of
further consignments of the gold ship
ped from England last week. Money
continued easy in tone and it is believed
that to-morrow's bank statement will re-
feet falling off in the demand on this
center for funds. Aside from the cases
specified and those Susguehanna and
Western preferred and Norfolk and
Western preferred, which lost over
point, net changes are very narrow. The
decline in Norfolk and Western prefer
red was due to realizing on the decara-
ton of a 1 per cent dividend on the
preferred stock.
Bonds moved in sympathy with stocks
and showed weakness throughout. To-
tai sales $1,650,000.
United States bonds were unchanged.
The total sales of stocks to-day were
432, $50 shares, including Atchison pre-
ferred, 1927; Chicago Burlington and
Quincy, 24,246; Louisville and Nash
vile. 1875; Manhattan L., 1925; Mis-
souri, Pacific, 1885: NJ. X. and T., pre-
ferred, 6,100; New York Central 7.645:
Reading, ITO; Rock Island, 16.4OO; st.
Paul, $4,000; Southern Railway pre-
ferred, 1922; Union Pacific, 21.722;
American Tobacco. ex-dividend, 26,35J;
Chicago Gas, 1890: Sugar, 54.72O;
Western Union, 6,7S4; Chicago Great
Western, $50.