The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-07-12

cline invited buying to cover the short
contracts put out yesterday. The BUY
ing from this source afforded the primer
pal support TO the market in the early
dealings, 1t was particularly marked III
Sugar and the New York Traction and
Gas stocks. which suffered most severely
from bear raiding yesterday. by the
time this short interest had been COW
cred the market came to Il standstlll
the bulls apparently lacking courage to
push their advantage in face of con
tinued stiffness Of the money market
which held quite firmly about the legal
rate of call money. Slightly before
noon, however, Il dete; mined buying
movement developed in the Great Trunk
lines. and with occasional intervals, of
dullness. continued for the rest of the
day. spreading from one group to anoth-
er until it embraced pretty much the
whole list. The agreement among the
Trunk lines to restore rates on grain to
the seabOard was apparently the cause
of the origin of the buying in that group
St Paul's increase in gross earnings for
the first week in July. of S203, SD
prompted the buying of the Changers.
The high rate for call money was ig-
nored and very large amounts loaned on
the stock exchange at g per cent. The
rate eased off to ~ per cent. at one
time but rose again to & per cent, the
demand apparently continuing large for
the increase supply available. Interior
exchange continued TO run against New
York, but yesterdays contraction of
losses had apparently left the New York
banks in an easier position. Demand
sterling in New York only held firm
under the stress of the high rate for
money in London, but sterling exchange
in Paris and Berlin advanced sharply
and discounts were easier at those cen
tres. Long sterling in New York weak
ened an additional fraction, under the
sales of futures based on the expected
outward movement of merchandise to
begin in short time.
Among the special points of strength
in the late stock market We're Texas
and Pacific which rose to %, and later
the whole Southwestern group. Wall
street had a rumor of contemplated
merging of Wabash and Missouri Pacific
to account for the strength OF those
stocks. Northern Pacific also scored a
brilliant advance. recovering more than
its dividend which was taken off today.
There was a simultaneous advance in
Tennessee Coal Colorado Fuel and
American Steel and Wire which rose
from to 2aA, and also Chesapeake and
Ohio, Cleveland, Cincinnati. Chicago and
st. Louis and Lake Erie and Western.
preferred. After Il fractional reaction
on professional protit-taking prices were
marked up again to near the best in the
closing dealings.
Bonds rallied somewhat from the early
weakness in sympathy with stocks, but
are generally slightly lower on the day.
Total sales par value S2,0S0.0OO.
L. s. As new reg declined n and the
old Is reg. Il in the bid price.
The total sales of stocks today were
800. ,,3S shares, including Atchison,
$3.50; Atchison. preferred, 39.11o;
Chesapeake and Ohio. 1880: Burling-
ton. 14.5T0; Louisville aud Nashville.
G.2S3: Manhattan, 36,5S5; Missouri Pa
cific. 1860: New York Central. 6.S90;
Northern Pacific. eX-div.. 1860; Rock
Island. G,125; Union Pacific $50; st.
Paul, 81 400; Texas Pacific, 2o,S00: Wa
BASH preferred. 7,235; A. S. 4 w, 10
900: Federal Steel 5.040; i. r. T.. 21,-
100; Sugar. 27.750; Tennessee Coal and
Iron, 5000.