The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-02-08

tai impetus to yesterdays advance.
showed the effects to-day Of profit tax
lnG. Lake Shore losing - points and New
1ork Central n small fraction. Michf-
gan central, after bounding upward -
the opening, reacted over a point, hut
closed with a substantial gam. The
fdr-reaching Importance Of the merging
II New York Central apI Lake Shore
ana the prospects OF addition to tbe
plan continued to have a marked scat-
mental effect on tho wheat market. The
possibilities II the way Of reduced ok
l%ndltur" for administration ami IF stl
billy Of rates for traffic from eeasolidl-
ton are canvds>"d with eager attcnii, Il
by dealers iii securities. PENNSYLVANIA
was conSpicuously affected and the long
sustained advance in tAo stock -
subsidiary company. P1ttSbur-. d.. r..
AMI -. Louis. is pointed - a~ evidence
Of clee~r relations 70 come. Rurlm-to
rose strongly on rumorS of the ripauin.
Of the r|efuHding plan and a pending in
crease in tie dividend rate. General
Electric Lake Ere ana Western pre
ierrcl continued Is upWaf- movement
There was Il rcactionary tendency in III
Erie and Tx SuSquchanna Il Wester
stocks on realizing. The recent advanc
Is accounted for ty Well defined reports
OF q plan for exchanging the SuSguehan-
ma stocks for an undetermined percentage
q the Erie stocks. Great Northern PR
ferrcd sold at Il further decline # >
points and was bid down ~t.n further
the various reports of plans for incrcas
Ell capitalization ana distribution Of tn
company's accumulated resources bein
50 conflicting as to lead 10 the conv;c
ton that no plan has yet been formed
Although business WAS on a large scale
and widely distributed. the fluctuations
IN prices We're exceedingly narrow ont
SIDE special cases. the most important
q which have been indicated.
The heavy increase Of over $4,000.
600 IN deposits Of clearing house banks
Tor the week marks the continued flow
OF FUNDS 10 this centre m the Withdraw
al of government deposits must IL allow
ed for i'll addition in estimating this
movement. The expansion of nearly
SS.000.00G in loans though heavy. falls
tar short of absorbing the total Of the
increased deposits. The activity in the
market undoubtedly involved 4 large
amount of borrowed money and it is
probable that other speculative markets
have drawn on this centre for funds
during the week. There is reported also
I good supply Of attractive names in the
ittI'I ma 'llftti lIit'
circumstances the decrease in the sur
plus reserve IS d~isregardcd in the stock
market as being simply the result of the
failure Of cash reserves to keep pace
with the rise III the legal reserve level
The cheaPness OF one has led TO the
withholding of maturing exchange obi
cations which are exchanged for long
bills, thus keeping up rates OF exchange
The stock markets unusual activity this
week has been characterized by remark
able strength i'll spots. Apparently
there have been some few elements of
strength on each day to sustain the
market although very heavy ~realizin
was III progress in stocks that have been
oremOS in the recent advance. At DIFF
fercnt times during the week the mar
ket has been under the influence Of az
gr5ssivo strength in Chesapeake aud
Ohio, +. and O.. Louisville, pcnnsyl-
vania. Northern Pacific preferred, tn,
c~oulcle. Union Pacific and other less
conspicuous stocks. Wide advances
have occurred in some Of the high priced
cIcsely held invested stocks. notably
Great Northern preferred, which adyanc-
ed an extreme - points. but reacted
/ points. The weeks heavy profit tax
ing sales have been We'll absorbed and
the outside participation III the market
haN grown. Many stocks have been at
tines below last weeks closing level and
some prominent stocks cpd below. but
the general level of the market is high
er. principally as Il result OF the move
ment OF yesterday and TODAY. Gains
generally range between 1 and , points
with exceptions in active stocks up q
six points.
The bond market has continued to
.hn-I- +ha ,qhnnnn,,,, on+iyitv onl
strength which it did in january. Tx
total par value Of sales in January was
nearly 500, 0UO. 900. This total was neye
exceeded on the exchange, except III
October, 1890, when the sales exceeded
S1Ot,0UO.OUO. In view of the plcsen
Importance attached to the New YORK
Central, Lake Shore consolidation, it J.
considered significant that the previous
period Of greatest activity was at The
time Of the West Shore settlement. Kan
sas Pacific consols showed an extreme
advance for the week of 121B points.
and other Kansas Pacific and Union Pa
citic issues showed large advances
Prices all around are markedly highe".
Total sales 32,50O,00O.
United States new Is registered ad-
vanced -: do coupon, eN interest =. the
old Is registered and the IS registered
II and the old Is coupon and tie os
coupon. ex interest. Il bid.
The total sales of stocks to-day Were
10000 shares, including the following:
c.. Il. and. O.. 1880; Erie new lst
preferred $3.50; Michigan Central. 10,
900: Reading list preferred, o,42O: New
York Central. $3.50: Northern Pacific
preferred. S.63S: ST. Paul, 1920: Tn
ION Pacific. 6.4S0: General Electric, Is,
5oS: Sugar, 1850.
NEW YORK CLOSING STOCkS-WE EST.
....,.... J31 81 Paul DfG.,..,-.14sh
do. Oref,...... 81 St & G......,... T3
- ny o. o G., n rTj A5