The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-06-29
THE NEWS AND OBSERVER THURSDAY MORNING JUNE &C. 1899

ket which was given by the
outburst Of activity and strength
(which carried prices to the highest in
the closing dealings yesterday, but with
only partial success. Manhattan Ele-
waited was rushed up to a final quotation
of 1872. which was 3A above last
nights price, as New York Central was
rushed up yesterday. The sympathetic
effect ON the general list was far below
that of the New York Central movement.
Decidedly the most significant feature
of the days trading was the cessation
of the upward movement i'll New York
Central and affiliated stocks. There
was an active opening in the stock ,caus-
ed by the accumulation of commission
houses which were attracted by the re-
cent. strong upward movement of the
stock. 1t was advanced early in the day
almost a point. The demand was evil
IDENTIFY satisfied for the time being, and
the movement lacked snap. The price
was allowed to lag. There were various
factors of strength in the days develop
ments which prevented break in the
price of railroad stocks, but there was
obvious protit-taking at some points, and
the days net advances are small except
did not bring prices back to the top level
The most potent influence in favor of the
bulls was the favorable disposition to-
ward American securities in the
London market. This was in the
face of tendency to dullness
and depression in the general
market there. The takings for London
account in this market were estimated
at $4,000 shares or upwards of various
stocks. The demand was most eager
for Louisville and Nashville, which rose
nearly two points on the London de-
mand. Various rumors were in circula-
ton of an approaching increase in the
dividend rate to account for the rise.
Southern Railway preferred was
strong. The effect of the London buying
was shown in drop in the actual rate
for demand sterling to 1872, thus pre-
Guiding the likelihood of further gold ex-
ports at the present time. The local
money market also remained steady,
in spite of the activity of the specula
ton in the stock market. Statements
of railroad earnings which were received
during the day continued the eXtraordi
narily favorable showing
The cash demand for wheat and the
buying for export We're sustaining fac
tors in the Granger group. even though
the decline in the heavy Northwest re-
ceipts was reported to have set in. In
view of these continued strong features
in the situation. an effort was made to
shift the speculative activity into the
lower grade of railroad stocks, when
it was seen that New York Central. had
l.. 10
ing taken elsewhere.
Southern and Western railroad stocks
were favorites. Finally the Industrial
stocks. which had been entirely neg
lected, We're taken in hand for rise.
under the encouragement of the strength
manifested by American Sugar and
American Tobacco. They proved rather
heavy to lift and dropped in the last
hour. Continental Tobacco and Federal
Steel being especially weak. The firm
ness at the close was on short covering
induced by the final squirt in Manhattan
Elevated
Railroad bonds were moderately active
and strong. Total sales (par vaue) 81
United States 3's coupon declined u
in the bid price.
745 ,0O0.
The total sales of stocks were $50. 100
shares, including Atchison. preferred,
20.550; Chesapeake and Ohio, 1880;
Chicago, Burlington and Quincy, 2S,150:
c. C. c. and st. Louis, 6010: Louisville
and Nashville 30.5S0 Manhattan Ele-
waited. fjI.560, Metropolitan Street Rail
way. 1880: Philadelphia and Reading,
first preferred, $500: Missouri Pacific.
$3.50; New York Central. 20,6S0: North
ern Pacific, 5000: Chicago. Rock Island
and Pacific 35.560; Union Pacific, TO-
$50; Union Pacific preferred, $3.50; Chi
cago, Milwaukee and st. Paul. 52,130;
Southern Pacific. $3.50: Southern Rail-
way. preferred. 9.93T; American Steel
and Wire, S,050: American Tobacco, g.
420; Federal Steel. $500 Peoples Gas.
$3.50; Brooklyn Rapid Transit, 3j,435;
Continental Tobacco, 7,495: Silver certifi-
Gates, $4,000; American Sugar. 39,345;
Tennessee Coal and Iron, $3.50; Chica
"a Great Western, 9,I00.