The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-20
STOCKS AND BONDS.

New York, May 19.-The firmness
shown by many standard shares in the
| rather stormy vicissitudes of today's
stock market was quite remarkable con-
| sidering the existence of two such cen
tiers of depression as New Jersey Central
all day and Chicago Gas in the late deal
| ings after the receipt of news of the de-
feat in the Illinois Legislature of the bill
permitting consolidation of the gas COM
panies To estimate the xtent Of the infu-
ence that might have been exercised upon
tn general market by these two stocks it
must be considered that they absorbed
over $1,000 out of a total of 10000
shares dealt in on the exchange for the
day, Chicago Gas alone being credited
with $4,000 shares. A large proportion
of these sales was made in the last hOu.'
and a half of trading and enormous
blocks of stock were unloaded with pre-
cipitated eagerness, which had been
bought in the confding conviction that
the consolidation bill would succeed. The
price, which had advanced a point in the
morning, tumbled headlOng 3ss per cent,
with no check to the decline until the
lowest point was reached, when there
was a feeble rally. The decentralization
in this stock was in a fair way to break
the whole market, and did, in fact, carry
prices generally below the close last
night and wiping out the gains Of the
early part of the day But final rally
in the market brought many prices back
near to last nights close, or fractionally
above it. New Jersey Central was a CEN
ter of depression all day and sold off 23s
with only fractional rally at the close,
carrying with it Delaware and Hudson,
which lost rs; Reading and Lackawan-
ma, however, showed a net gain on the
day Notable declines in other stocks
were: A point in Sugar and Manhattan
and IL in Tobacco and rs in Tennessee
Coal and Iron. There were other losses
| in the list, but they were small and
| many standard shares were on level
| with or above last nights close. The
days trading, though still narrow, was
| marked by notable undercurrent of
strength, basel partly on the apparent
termination of the war between Turkey
and Greece and partly to a conviction
arrived at by public opinion in the street
by its own processes of reasoning that the
| administration at Washington had deter
mined against any radical steps in regard
to Cuba. TIL eoutward gold movement is
Il LID lOuStT NitWcu VIII cuSh AAAesA NV Up
prehensiOn as at first on account of the
evidences that it will be restricted to
moderate proportions. There was slight
hardening tendency to exchange during
the day, showing that bills were being
slowly absorbed in spite of a very light
demand The gold export for the week
is. however, expected to be small. A rise
of Ia in the price of st. Louis and San
Francisco first preferred on rumors of
an approaching dividend declaration was
one of the features of the day. Norfolk
and Western preferred also rose IA. but
lost most of the advance.
The total sale of stocks for the day
amounted to 17S,S61 shares, including
American Sugar Refinery, $500; Burl-
ington and Quincy, 1880; Chicago Gas,
trust receipts, 62.7O0: Delaware and
Hudson, 5000; st. Paul, 1000; Ten.
nessee Coal and Iron, $500.
Railway and miscellaneous bonds were
without essential change in value, al
though a decidedly firm undertone was
apparent.
Business was moderate with opera
tons largely restricted to the prominent
issues The sales were 1891 900.
Governments showed an improving
tendency in the forenoon, but subsequent
ly eased off. The transactions aggregated
so 50O