The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-06-29

in the late dealings with considerable
precipitancy. The result was strong
closing at the top level, with the rally
still in force and at level of prices from
one to two points over last night for
many active stocks.
The bears were in full retreat all
through the list, even Baltimore and ONO
turning from it's persistent downward
course with a rally of three points from
the early decline. American Sugar,
Brooklyn Rapid Transit, Peoples Gas
and American Tobacco all made notable
upward movements, the latter apparent
fy on belated appreciation OF yester-
days dividend declaration.
While the break in the wheat market
was unquestionably the dominant lniiu-
ence, there were other points of strength
which radiated a favorable influence. me
Coalers advanced on the rise in the price
of anthracite. The Southwestern stocks
moved upwards in company with the more
favorable prospects of the Texas cotton
crop compared with that in other cotton
States on the large winter wheat crop
and on hopes of corn crop. Estimates
by a Western trade journal that the win
ter wheat crop and the wheat reserves
would make up the deficiency in the
shortage in the spring wheat crop had
much to do with the days movement
both in wheat and railroad stocks. 1t
was made evident that prices of stocks
have not only kept pace with the dam
age to wheat, but have been discountins
continued deterioration. The rains in
the Northwest caused a sharp check to
the speculation on this basis.
The Iron and Steel stocks showed de-
cided strength and marked disregard OF
the rather pessimistic outlook of the trade
by the Iron. Age. The movement of
prices in the Steel group gave a pretty
clear intimation that increased demand
is being met on the decline in prices.
Opinions were heard that any further re-
actions in prices will insure violent re-
bound when the consumers needs will be-
gin to be felt and orders are placed and
when the turn in prices have evidently
been made. Certainly the course of the
Steel stocks today was in. singular disre-
gard of the current news of falling prices
and probable difficulties over the read
iustment of wage scales for the coming
year.
The money market continued quite I'M
checked today with the sharp advance in
call loans in the London market and the
marking up by Il penny of the Bank of
England's price for gold and for Ameri-
can eagles. The decline in exchange is
said to have been caused by the coming
upon the market of long sterling bills
which have been held for maturity and
are now being sold as sight bills. AS
they had figured meantime as collateral
for loans, their liquidation now involves
the paying Of loans and may thus help
to account for the current ease of the
money market.
The bond market was not active but
prices were firm. Total sales (par value)
81 050, OOO
United States bonds were unchanged in
bid quotations.
The total sales of stocks today were
320, 700 shares, including the following;
Atchison, 5,422; Atchison preferred, 3D.
700; Baltimore and Ohio. 24.3S5; Burling
ton, 16, 985; Northern Pacific, 20,950; Read
ing first preferred, 14,440; st. Paul, IA
095; American Tobacco. 1920; Brooklyn
Rapid Transit, 81, 100; merican Sugar, 4O,-
GO; Peoples Gas, $40.