The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-12

today, but reacted 2 points i'll the CLOS
ing dealings. Adams Express was e%-
dividend Of > per cent. today, ana eN-
100 per cent. in bonds to be exchanged
for stocks of the company. The closing
bid yesterday on the stock was lSi anu
todav's closing was 100 bid and l4o
asked
The days dealings in bonds continued
on n remarkably large scale, single lots
of mar value from $4,000 mp to Sl0O,-
600 changing hands frequently. The par
value of sales for the day of Atchison
adjustment As alone was 100000.
Some of the speculative bonds reacted
quite sharply i'll sympathy with stocks,
hut the general tendency was upward.
There has been a strong tendency to
reaction in the stock market Mt times
during the week, principally due to APP
prehenSions regarding the Cuban ques-
ton. Early in the week the market
was sold very aggressively by houses
with Washington connections, and this
was interpreted as being induced by Il
belief that affairs with Spain were
reaching II critical stage. The manner
i'll which the outcome of the DE LONE
incident was accepted in Wall street
induced large covering of short contracts
by these same Washington sellers, and
the market rallied strongly on Thursday,
but this rise was attributed by some per-
sons to manipulation. The resumption
of realizing which followed today's adj
vance gave color to the superstition.
The enormous demand for all grades of
dividend and intereSt-paying securities,
not already advanced to pr0hibtiye fig
ureS shows the large amount of money
seeking investment and affords great
mateIial support to the more purely
speculative department of the market.
The plethoric condition of the money
market and the chpapness of rates tends
TO lessen the return on investment Sc,
curities also by raising the price In
creases in railroad earnings and promise
of added profits by consultations and
refundings are discounted in proportion
nj rises III prices soon after being an
nounced. The buying of stocks on the
New York Exchange for London ac-
count has been heavy during the week.
the demand for American having been
quite active in London. and at other
foreign centres. Besides these recorded
transactions there are reports of very
heavy blocks of securities having pass
pu 10 tIit HuIluS vi JAuIbIjtdH llOiuSTS at
private sale from the hands of re-or-
ganzation interests. In view of this all
sorption of American securities abroad
the upward tendency of the forpign ex-
change market during the week is some
what contradictory. But the easier
rates for money here have been at
tended by stiffening of discount rates
abroad. and this has naturally induced
the Withholding of exchange in order
to draw the higher interest rate abroad.
Dealings in the bond department of
the market have continued on an UMPIRE
cedented scale during the week The
speculative issues have moved at times
in sympat thy with the reaction in stocks.
but prices are materially high all
around.
United States new is registered, and
the old is registered are Il lower bid
and the rs IL higher bid on the week.
The total sales of stocks We're 3S6, 900
shares, including Atchison, preferred,
1874; Chicago. Burlington and Quincy,
5000; Lake Shore, 6,372; Louisville
and Nashville, 1901; Manhattan L..
22.OS0; Metropolitan Street Railway,
b, JG5: New York Central, 1920;
Northern Pacific, 6-625; Rock Island.
6,S05; st. Paul, 1865; st. Paul and
Omaha, $500: Southern Railway, pre-
ferred. 9,196; Union Pacific, 9.674; Peo-
pies Gas, 1870; Consolidated Gas, =
S37; General Electric, $3.50: Sugar. H.
1885, United States Rubber, preferred,
6.027.