The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-07-13
STOCKS AND BONDS.

New York, July 12.-The phrase "pe-
tered out" best expresses what happened
to the upward movement of prices today
The action of the stock market was en-
tirely aside from any news of the day as
was the case with yesterdays sharp rise.
In fact, the news of the day was, for
the most part, favorable to higher prices
The reaction must therefore be attripu-
ted to purely technical causes. 1t seems
to be demonstrated that Yesterday
jump in prices, which was primarily d.
rected against the short interest mas re-
suited in eliminating the weak por-
ton of the uncovered shorts. Yesterday
considerable rise invited heavy proht
taking this morning, but after prices had
fallen considerably, pressure from that
source relaxed and an effort was then
made to renew the bull demonstration
of yesterday. When Union Pacific got up
tn 56 # became manifest that the orders
to sell at that level were larger than
the present bull managers were prepared
10 absorb. That stock then fell back
and its heaviness was practically unre-
lieved for the remainder of the day. The
efforts of the bulls were then shifted
to Baltimore and Ohio, which as a con-
sequence was IuSlleu up . rs AiCiiA NAiS ~"
point This manoeuvre proved unavailing
to hold the market and the latter part
of the day showed almost unrelieved
stagnation. The offerings were mere drib-
ble but even that could not be absorbed
by the feeble buying demand and about
all of. the earlier gains were wiped out,
the level of prices generally falling be-
low last night. The market ignored COM
pletely the crop prospects as reflected in
the grain market The active liquidation
in wheat, induced by sanguine estimates
of some of the trade journals, failed en-
tirely to sustain the prices of the grain
carving roads. ST. Paul dropped the
best part of another point from it's price
and fractional losses were the rule
throughout the railroad list The
bituminous coal and the corn carrying
roads gave some early evidence OF
strength, but their gains were lost in
the late reaction. The steel stocks were
dull and moved uncertainty. The market
was entirely without any point of strength
on which to fix a resistance to decline.
The closing was dull and heavy at about
the lowest The weekly statement OF
the Bank of England occasions renewed
questioning whether the export move
ment of gold will not soon be renewed.
That institutions loss of gold for the
week exceeds 1000, 900 which has largely
gone to France, and a reaction in sterl-
ing exchange at Paris today to the re-
cent low level shows the demand for
gold there still Unsuitable.
The money market in New York is
practically lfeless so that any extra
inducement would probably withdraw
gold from the New York banks.
The bond market continued dull and
irregular. Total sales (par value) ST.
$50, 600.
United States refunding 2's when issued
and new AS advanced Il and the SIS b in
the bid price.
The total sales of stocks today were
298, 800 shares, including the following
Atchison, preferred, 1858; Baltimore and
ohio, 1876; Chesapeake and Ohio, A.
ITO; Burlington, $685. Rock Island, 9.795;
St. Paul, 1904; Southern Pacific, II, 1876;
Union Pacific. 1888; Pennsylvania, TO-
$50; Reading, first preferred, 10000;
Northern Pacific, 1880; Norfolk and
Western, 19,OSO; Missouri Pacific. 10, 120;
Brooklyn Rapid Transit, 1,195; Ameri-
IAN Sugar, 1880.