The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-07-28
STOCKS AND BONDS.

New York, July 27.-The room traders
succeeded in putting prices up for
time today but they drifted downwards
again towards the close of the day and
left only small net gains, except in Brook
lyn Rapid Transit. This stock was de-
cdedly the leader of the speculation and
was largely dealt in on the strength of
insinuating rumors that the yearly state
ment, which is yet to see print, will show
larger earnings than has been antici-
pated. The stock made an extreme rise
of over six points under this stimulating
influence and helped the whole market.
1t relapsed a point in the late reaction
when the traders were taking profits on
the days rise. American Sugar, which
came next in point of activity, did not
fare SO well. 1t got up at one time as
much as rs on the expectation that the
firmness Of the raw sugar market fore
Swallowed another advance in refined sug-
ar. But the late reaction entirely wiped
out the rise The railroad list continued
extremely dull and narrow. The sharp
gains shown by handful of stocks had
little influence on the rest of the list,
which hung sluggishly back. Gains of
over a point were established in half
dozen stocks at the midday high level.
But none of these were fully maintained
and nothing more than fractions remained
at the close of the day. The strength of
Baltimore and Ohio was apparently due
to covering by shorts. Burlington was
marked up on assertion that the state
ment of June earnings would show bet
ter net results than has been foretold.
st. Paul, Louisville and Nashville, Union
Pacific and Missouri Pacific were the only
other railroad stocks showing any nota-
BILE strength. The Steel stocks moved
uncertainty pending announcements of the
agreement arrived at by the Chicago con-
ference. The local traction. stocks were
strong in sympathy with Brooklyn Rapid
Transit and Consolidated Gas more than
recovered yesterdays decline. SO far as
general conditions were an influence, the
market was helped by the less respondent
views regarding the fate of the ENJOYS
in Pekin held by foreign spectators.
This was largely a sentimental influence
as dealings here for foreign account were
insignificant. No gold was engaged for
export tomorrow, and in fact demand
sterling fell off a fraction. But it re-
covered q fraction in Paris and the rate
for call loans declined in London. Lon
don discounts were firm and the belief
remains general that further gold will go
out next week A favorable bank state
ment seems probable tomorrow owing
to the continued inflow of currency from
the interior. Estimates of the gain by
the banks on this account run up to
nearly $3,000,000 The gain on Sub
Treasury operations is reduced to trivial
proportions, in spite of the anticipation
by the Government of the August interest
payment. The receipt at San Francisco
today of $1,000, 600 in gold can be made
Immediately available to the New York
banks by the system of transfer allowed
by the Treasury Department. But it will
not figure in this weeks bank statement
1t is thought probable that loans may
have been further reduced by repayment
of German obligations to this market.
The bond market continued dull, but
the tone was rather firmer. Total sales
(par value) 81, O3O 900.
United States 3's registered declined a
and new As coupon Is per cent. in the
bid price.
The total sales of stocks today were
175, 100 shares, including the following:
Baltimore and Ohio, 6,470 Chicago. Bur-
lington and Quincy, 1920; Manhattan
Elevated, $780, Philadelphia and Read
ing, first preferred, 1910; Union Pacific,
$3.50; American Tobacco, 800; American
Sugar, 23,69S; Brooklyn Rapid Transit,
49, 1856.