The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-06-20

it did the letting go of stocks by tired
investment holders, was on a smaller
scale today.
Selling orders Of this character caused
reaction after the opening rise in SYM
pathy with London and the bears started
to put out fresh short lines. But they
soon detected liquidation. The large Dor
rowing demand for stocks last night had
served as a warning to the bears that
the short interest was becoming rather
unwiedly, and they followed Londons eX-
ample and started to cover. The market
then fell back into its purely professional
character and drifted rather aimlessly
for the rest of the day, net changes be-
ing slight.
The steel group was inclined to weak
ness with the exception of Federal Steel,
which was firm on expectation of divi-
dend action on the common this afternoon.
Union Bag, both common and preferred,
and Pacific Mail showed notable strength.
The cessation of liquidation seems to have
been caused by revised estimate of the
motives of the strength in the wheat mar
ket, additional Importance being given to
the fears of European complications over
China and less apprehension being felt
over the crop situation. The fact that
foreigners were selling some wheat in this
market today did not seem to affect this
feeling. Growing attention is being paid
to the money market outlook, in view of
the shipment of gold to Germany today
and the intention to make further ship
ments to France on Thursday 1t is felt
that this drain on New York's low level
s,sr Ia,,a -
conditions must have an early effect on
the local money market. The demand
from Berlin is said to be for the purpose
CT meeting the need for the semi-annual
settlements on July 1st This would leave
a short period for the continuance of the
demand. The bank of England lost gold
to Germany today and symptom of its
dissatisfaction was the raising of the
price of gold three quarters of a penny
an ounce. The price of American eagles
was at the same time advanced half penny
an ounce, raising the question whether
the British institution is to join in de-
mands to be made upon New York for
gold The Sub-Treasury is just now MAX
ing heavy disbursements on account of
pensions which have been sufficient since
Friday to effect the payments made by
the banks for the gold exported. But
the $4,000, 900 Government deposits called
by the Government are due on next Mon
day and no part of the installmont has
yet been paid by the banks Meantime.
New York exchange at Chicago today fell
from SOC to zoe premium, indicating a
decline in the flow Of currency from the
interior to New York.
The bond market was dull and prices
went lower. Total sales (par value) ST.
275 900.
United States new As declined Il and
the old As and IS "A in the bid price.
The total sales of stocks today were
291, 100 shares, including the following
Atchison preferred 20,900; Baltimore and
Ohio. 5000; Burlington, 1880 Rock Is
land, 1925; Metropolitan, $40; Northern
Pacific, 40 500; Missouri Pacific, II 400;
Pennsylvania, 6,761; st. Paul, 23.470:
Southern Pacific Is. 900; American Tobac-
co. 7514; Brooklyn Rapid Transit. II ,5S5
Federal Steel. 5.370; Peoples Gas, 5,12O;
American Sugar 10, 585