The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-07-14

French rentes, and foreign markers
seemed to be relieved from the tension
Of apprehension over the Transvaal STU
alton. But nevertheless, prices of the
Internationals led the decline i'll New
York. and many stocks had fallen a
point III the course of the first hour tue
Changers being conspicuous.
Sugar also developed early weakness
and only partly recovered its decline.
The Southwestern stocks offered point
Of resistance, Missouri Pacific leading,
as was the case yesterday and st. Louis
Southwestern, preferred. and Texas and
Pacific following the rise. Anaconda
was also strong, following London's lead
and was one time two points up.
There was sympathetic activity and
strength in amalgamated Copper in the
outside market the shares rising above
80. During the afternoon strength de-
veloped in Federal Steel American s. X
W.. American Car. preferred, and Cot
ton Oil, which induced a general recoy
cry in the specialties. Northern Pacific
rose to 81 in the late dealings and check
ed the declining tendency on realizing.
New York Air Brake, after an early de
cline jumped IA points, and Mobile ana
Ohio rose 3.
The local money market was easier
in tone. but operators who bought yes
terday on the prospect of n favorable
bank statement were inclined to feel
that they had exaggerated the prospec-
tive benefit. There were realizing sales
from this source. Last Saturday 5
statement is generally recognized to be,
in the words of the manager of the
clearing house ''singuarly unfortunate"
in the working of the system of averages
to make the returns seem worse than the
actual condition of the banks.
This weeks statement is expected to
be remarkably strong, but it is feared
that it may be equally unfortunate in
rejecting actual conditions.
A number of very heavy loans were,
liquidated early in the week, and tn ire
has since been some expansion and the
fact of progressive increase in the
total will make Saturdays showing of
loans based on rising averages and
therefore likely to understate the ac-
tual total at the end of the week. The
sub-Treasury has been taking mon "
from the banks and the interior ex
change still runs against New York.
The announcement of one of the great
insurance companies of its intention to
dispose of all OF its investments III
stocks was a weight on the market du-
ring the early hours, but some relief was
caused by subsequent announcement
that the holdings would probably be dis
posed of at private sales.
New York Centrals increase in gross
earnings for June of Sl60,0S4 helped the
late recovery in the market. 1ne close
was about steady at mixed gains and
losses.
The railroad bond market was rather
dull and irregular. the Southwestern rail
roads being in good demand. Total sales
par value $2.S26.O00.
United States old rs reg. declined "A
in the bid price.
The total sales of stocks were An ,S33
shares. including Atchison. preferred.
81. $50: Missouri Pacific, 44.2S5: Next
can Central, 1850: New York Central,
$3.50: Northern Pacific, 13 100; Chicago
Northwestern. 5000; Rock Island -
1870; st. Paul. 15.430; Texas and Pa
cific. 1860: Wabash, preferred, 1850;
a. & W., 1926: A. C. o., S,TS7; Fed
eral Steel. $685.: b. II. r., 61,375: Sugar
24.6i0; Tennessee Coal and Iron. $4,000