The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-08-15
STOCKS AND BONDS.

New York Aug 14.-Today's dealings
In stocks were larger than those of yes
terday and there were more of the usual
market leaders that were conspicuous in
the trading But the market remained
uneven and the special features OF
strength did not have news to explain
them beyond the reported activity of
speculative pools. The Gould stocks cor
tinued to be well looked after, Texas and
Pacific and Missouri Pacific being very
largely dealt in, but the leadership OF
the market was assured by Southern Pa
cific, In which the dealings were more
than twice as great as in any other
stock. The argument advanced for the
rise was that the market leader who has
made a favorite of this stock for some
time past is about to embark from
foreign shores for home. Rock Island
was marked up 33s and Louisville and
Nashville advanced 2 points on account
of the meeting of the directors today
and the expectation that some steps
might be taken towards completing the
transfers of the company to the new
interests in control. number Of
minor railroad stocks available for pos
sihlc absorption were strong features.
affected in sympathy but the dealings
were on a small scale. In the indus
trial list Sugar made a conspicuous up
ward movement without margin, and the
Express stocks continued to move widely
in spite of official denials of reports of
merger. Analgamated Copper Peo-
pies Gas and Brooklyn Transit We're con-
spicuously heavy all day. The brilliant
prospects for the comtry's crops were
the underlying influence in the strength
of Western railroad stocks but the most
important development of the day was
the abundant supply of foreign exchange
bills which appeared in the market,
causing a sharp break in rates and re-
moving all apprehension of further gold
exports for the present. Buying of
stocks here for London account supplied
some of this exchange and the improve
ed foreign demand for wheat also made
some exchange. But the most important
element in the weakness of exchange was
the increased offerings of loan bills The
foreign demand for grain encouraged the
offering of bills against future ship
ments. There were large offerings also
for simple borrowing purposes, based on
the present attractive difference in the
interest rates here and abroad. The
hardening of discounts in London today
reflected the tendency of this process to
equalize rates. The listing of a Russian
government bond on the New York Stock
Exchange marks departure, which it, is
hoped will develop into a regular market
for foreign government securities. The
fact that the step was due to the initia-
tive of the Russian authorities them
selves may be accepted as a recognition
of the growing Importance of the New
York as a supply of capital
The bond market was dull but steady.
Total (par value) $3.50 900
United States bonds were all unchanged
on the last call.
Total sales of stocks today were 662 200
shares, including Atchison 1860; Cana
dian Pacific $500; Baltimore and Ohio
1880; Great Western 1920; Erie 500;
Nashville 10000; Manhattan $500; Mis-
souri, Pacific 29,70O; Norfolk and Western
II, 700; Reading $500; Reading, second
preferred. $780, st. Louis Southwestern
s 800; Southern Pacific 112400; Southern
Railway 10 800; Texas Pacific 80 800;
Toledo st. Louis and Western 1900;
Toledo, ST. Louis and Western preferred,
10, 500; Union Pacific 205O0; Wabash
$500; Wabash preferred, 1900; Wheel
ing and Lake Erie 1.5O0; A. C. p. 10 300;
Sugar 1890; United States Steel $500;
United States Steel, preferred, $3.50;
Western Union 1890.