The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-06

showed the Gf1SCte to-day Oh pfOHC tan
ing, Lake Shore losing points and New
York Central a small fraction. Mhchl-
gan Central after bounding upward ut
the opening. reacted over q point, but
closed with n substantial gain. The
far-rcaching Importance of the merging
of New York Central and Lake Shore
and the prospects of addition to the
plan continued to have a marked senti-
mental effect on the wheat market The
possibilities in the way of reduced OK
ppnditure for administration and of sta
bility of rates for traffic from consolida-
ton are canvasscd with eager attcnti, n
by dealers i'll securities. PENNSYLVANIA
was conSpicuously affected and the long
sustained advance in the stock Of Il
subsidiary company, PittShurg. G. G..
and st. Louis is pointed To as evidence
Of closer relations to come. Burlington
rose strongly on rumoTs of the ripenng
OF the refunding plan and pending in
crease in the dividend rate. General
Electric, Lake Erie and Western pre-
ferred continued It's upward movement
There was IL reactiOnary tendency i'll tn
Erie and the Susquehanna and Wester
stocks on realizing The recent advance
is accounted for by well defined reports
of a plan for exchanging the Susquehan-
M stocks for an undetermined percentage
of the Erie stocks. Great Northern pre-
ferred sold at Il further decline of
points and was bid down still further,
the various reports of plans for increas |
ed capitalization and distribution of tn !
c0mpany's accumulated resources being
so conflicting as to lead to the convic
ton that no plan has yet been formed
Although business was on a large scale
ND wild ihfIfn {Ip ,1ot,1
in prices We're exceedingly narrow out
side special cases, the most important
Oh which have been indicated.
The heavy increase of over $4,000
600 in deposits of clearing house banks
for the week marks the continued flow
of funds to this centre and the withdraw
al of government deposits must he allow
ed for in addition in estimating this
movement. The expansion of nearly
SS.000,0O0 in loans though heavy, falls
far short of absorbing the total Of the
increased deposits. The activity in the
market undoubtedly involved a 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
a good supply of attractive names in the
commercial paper market. Under the
circumstances the decrease in the sur
plus reserve is disregarted in the stock
market as being simply the result of the
failure of cash reserves to keep pace
with the rise in the legal reserve level
The cheapness of money has led to the
Withholding of maturing exchange obli-
cations which are exchanged for long
bills, thus keeping up rates of exchange.
The stock markets unusual activity this
week has been chara cterized by remark
able strength in spots. Apparently
there have been some few elements of
strength on each day to sustain the
market although very heavy realizin
was in progress in stocks that have been
foremost in the recent ADVANCE. At DIFF
ferent times during the week the mar
ket has been under the influence of ag-
gressivC strength in Chesapeake and
Ohio, B. and O.. Louisville, Pennsyl-
vania, Northern Pacific preferred, the
coalers, Union Pacific and other less
conspicuous stocks Wide advances
have occurred in some of the high priced
closely held invested stocks, notably
Great Northern preferred, which adyanc-
ed an extreme 81 points, but reacted
4 points. The weeks heavy profit tax
ing sales have been we'll absorbed and
the outside participation in the market
has grown. Many stocks have been at
times below last weeks closing level and
some prominent stocks end below, but
the general level of the market is high
er principally as a result of the move
ment of yesterday and to-day. Gains
generally range between l and 3 points
with exceptions in active stocks up to
six points.
The bond market has continued to
show the phenomenal activity aud
strength which it did in January. The
total par value of sales in January was
nearly 500. 100000 This total was never
exceeded on the exchange, except in
October, 1895, when the sales exceeded
500, 100000. In view of the present
Importance attached to the New York
Central, Lake Shore consolidation, it is
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
cific ISSUES showed large advances. T
Prices all around are markedly higher
Total sales 32,5O0,O0O
United States new As registered adj !
yanced "a; do coupon, ok interest ", the
old As registered and the Us registered
IA and the old As coupon and the is
coupon, ex interest, 1s bid
The total sales of stocks to-day We're
150.4O0 shares, including the following:
G. B. and O.. 27,360; Erie new LIST
preferred $3.50; Michigan Central, 10.
Loo; Reading LIST preferred, 1920; New
York Central, $3.50; Northern Pacific
preferred. S,63S; St Paul, 10,42O: I'm
ION Pacific 6.4SO: General Electric 49, |
5oS: Sugar, 1855.
NEW YORK CLusING sTOCKs-WEsT.
At ,hison. Is1 Z at Paul pfd. ......l4sk |
do. pref....... BIZ st P & O.......... 76x |
RAO ..,.,....... TN st p 81 0 pfd......Hi
Can Pac.......... 6l% 81 ID q M .'.'''I01
Can So.s.......s' CON so Raclnc..' 49," ~
Cen Pac...."..s.. Sougn n II - w |
. IL O....,....",.. E4R 40 pref.''.''' 6iA
Chicago Altcn.".l6Sk Texas Pacific..' LIZ
G, B & Q .........l0l& o Ptr, sa p...a u |
Chi e Ill ... 81 " PC& Cuff. S%
@. G, 81 st L..... 30k Wabash .....,.,.. u
In nf4f