The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-03-16
STOCKS AND BONDS.

New York March 15.--The principal interest
in today's maf.et centered in American Sugar,
Third Avenue and Burlington and Quincy Inc
rest of the market gave evidence of some dis
appointment over the non-effect OF the currency
and refunding law. Prices were sustained Tor
a time by the strength of the three stocks men
toned and some others less prominent. Bur
lington was most consistently strong and gave
evidence of manipulation said to be by a pool
formed to advance the stock. Its extreme al
vance was 23s 1t had the most effect on the
other Grangers but served as tonic on the
whole of the railroad stock list. The Iron and
Steel stocks as a group were inclined to firm
ness on the confidence expressed by trade pub
LEGATIONS in the maintenance of prices. Third
Avenue was feverish and active all day. Its
strength was attributed by many to operations
against the large outstanding short interest and
the stock advanced at one time above seventy
compared with 50 on drive at the opening
The violent fluctuations in the price reflected the
doubtful and conflicting opinions of spectators in
the stock 1t closed with a net gain OF 23s
American Sugar was not cratic and did not
move over so wide range, but its extra rise Of
31a after an opening decline, gave way to reac-
ton in the late dealings and it closed practically
unchanged. There decided inclination to
throw over stocks by tired holders in the late
transactions and the closing was quite active
and weak, the earlier gains except in a few
cases being wiped out. Reading first preferred
fell sharply nearly two points the reports
by trade authorities of softness in the anthracite
market.
Peoples Gas was also conspicuous in the late
break. The general expectation of a poor bank
of 4Ia
selling The rate for call loans, was, however
rather easier than yesterday, under the infu
ence of dividend disbursements The prevailing
rate was per cent and loans were made at
per cent. New York exchange at Chicago hard
ened sharply to 10 cents discount compared with
25 cents yesterday and there was similar
movement at other points. But the sub-Ireas
ury made another large draft on the cash re-
sources of the banks, bringing its total with
drawals for the week thus far up to $4,273, 900.
As the surplus last Saturday below sc, 600 OoO
and the currency movement is generally believed
to have been in favor of the interior since then,
while the loans of the banks have evidently
been further expanded, it is difficult to believe
that anything can be saved in the way of a
surplus for the banks this week
The report Of deficit is bound to have an
unfavorable sentimental effect prices, how
ever soon relief may be forthcoming from new
bank circulation or the disbursement of the
government bond premiums
London sold stocks in this market, apparently
on account of the conditions of the money mar
ket there which is called stringent AMI which
the statement of the bank of England shows
no prospects of improving in the immediate flu
ture.
Business in bonds continued on a large scale,
but prices yielded in portions of the list.
Total sales par value) $l,S20,00o
United States 2s and new As declined II and
the old As and SIS Il in the bid price
The total sales of stocks were 800 shares,
including: Atchison, 600; Atchison preferred,
14,737; Burlington. 30,525; Colorado Southern,
4 .240; Metropolitan tSreet Railway, 1905; Next
can Central, 9,790; Missouri Pacific, $500; Phila-
delphia and Reading first preferred, $3.50; St
Paul 1904; Union Pacific, $3.50; American
Steel Hoop, $3.50; American Tobacco, $500;
Brooklyn Rapid Transit, 26, 425; American Eugar.
So $40; Peoples Gas Light and Coke Company,
1866.