The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-06-24

result. Much bitterness has been mani
fest amongst the conflicting elements
over this question, but the action of the
stock when it was finally announced
that 10 dividend would be declared ut
present showed that the event had been
thoroughly discounted. The price
closed at the highest of the day, 212
points above the lowest.
There was momentary dip to near
the lowest after the news came out,
but offerings were small and the price
quickly moved upwards, absorbing some
blocks of moderate dimensions on the
way.
The action of this stock in face Of the
worst that had been foretold cleared the
situation, and there were some sharp
advances in the closing dealings.
The Steel and Wire news did not
come out until within half an hour OF
the close and the earlier strength of the
market. then reasserted itself. There
was period of practical stagnation and
yielding of prices before this question
was decided. The great Improvement IN
the sentiment on foreign stock markets
was reflected at the opening here, nota-
bly, in the Baltimore and Ohio stocks,
and there was a good demand later for
the Vanderbilt group of railroads, the
Grangers the Pacitics, Continental To-
bacco and number of other Speclaltles.
Sugar. Tennessee Coal and Iron, Amerl-
can Smelling and the Distilling group
were centers of weakness at one time,
but without general effect on the mark
ct. Metropolitan Street Railway was up
4
York Air Brake rose II points. Balti-
more and Ohio common gained points,
but the advance in the preferred was not
well held.
The gains in the railroads, as rule,
were very firmly held.
The announcement of S4,000,000 III
gold for export tomorrow had no effect
on the market as the bears had circu-
lated rumors yesterday of a much larger
amount, and the event had thus been
discounted. Money rates hardened IN
London. and there was a recovery of a
fraction in the rate of sterling exchange
in New York: but the relaxation of the
political tension abroad has apparently
served to partly relieve the pressure for
gold. London bought stocks i'll this
market today. Another unfavorable
bank statement is expected tomorrow,
as the banks have been losing both to
the interior and to the sub-treasury ON
account of the surplus of revenue re-
ceipts over expenditures. Some of the
gold exports will also figure in the re-
turn, though none of the S4.000.00O an
nounced today will be included. The
changes in loans cannot be foretold, al
though events in the stock market
would indicate a contraction. But this
was true last week also. when the event
showed an expansion of S1o,0O0,0O0.
The bond market was only moderately
active and changes We're mixed. There
were heavy takings of st. Louis and
Southwestern seconds at an advance of
3 per cent. and of Wisconsin Central
frsts at an advance of | per cent. Total
sales (par valued S2,631 900.
United States IS coupon declined Is
in the bid price.
The total sales of stocks were 100
shares. including 6,2T5. Cincinnati, Cleve-
land, Chicago and st. Louis: $3.50. Man
haitian: S.1S5. Metropolitan: $3.50, st.
Paul: Al AGO. American Steel and Wire;
1850, American Tobacco: 12.310, Fed
eral Steel; 1920, Brooklyn Rapid
Transit; 26, 4S5. Continental Tobacco;
1890, American Sugar; 1860. Ten
nessee Coal and Iron; $3.50, United
States Rubber.