The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-03-24
COMMUNICATIVE Observation-Disclosures

stocks or groups of stocks made show
of aggressive strength. But this seemed
to be due largely to manipulation to sus-
tain the list in the interest of those
who selling to take their profits.
This was notably the case in Baltimore
and Ohio, preferred, which was rushed
up at one time nearly thre points above
last night. While the preferred was thus
rising heavy selling continued in the
common stock. All of those stocks which
have been most heavily bought in the
last few days were most largely sold to-
day. Selling orders came not only from
the board room traders, but from out
side sources, and London reversed It's
position of yesterday. 1t bought slightly
of some stocks, but the balance of trans
actions on that account were on the side
of sales. This had a decided sentimental
influence on speculative opinion, as great
hopes were aroused by Londons active
buying yesterday, that sustained support
would be accorded to the market from
that source. There was nothing in the
news of the day to afford clear ex-
PLANTATION of the weakness in the market,
beyond the natural desire to take profits
on yesterdays very considerable rise
positive weakness and were something of
a drag on the market, as was American
Sugar. The local fractions were sold on
renewed apprehension that heavy tax
would be levied under the new franchise
law. A sudden squirt to 164% by the
Metropolitan Street Railway after having
sold at 100 few minutes before, caused
rallies in this group and had steadying
l,~1D nrlvN H. a1,
tending downwards up to that time.
The weakness in American Sugar was due
to the explicit announcement that recent
negotiations for a compromise of the
trade war had been abandoned.
The Iron and Steel stocks continued dull
and rather heavy on account of the ma
chinists' strike.
Money continued in good supply up to
the close. The cash changes for the week
on various accounts, as estimated. so
nearly balance that the fate of the sur
plus reserves will depend upon the
changes in the loan account. The Sub
Treasury has commenced to disburse the
premium on Government bonds deposited
for conversion into the new rs, and as
a consequence the losses by the banks
for the week on Sub-Treasury operations
are reduced to $1,1S7 900, and this is al
most Offset by receipts of gold from
Canada and other points. The shipments
to the interior are almost exactly offset
by the receipts.
The profit taking in Government bonds
has tended to the reduction of loans of
the banks, but the renewed activity on
the stock market has created a demand
for new loans. The action of the money
market indicates that the banks are
we'll within their limit of legal reserves.
The bond market was less active than
yesterday and yielded at some points in
sympathy with stocks. Total sales (par
value) $25S5, 900.
United States rs advanced Il and
the refunding 2's (when issued) declined
- in the bid price.
The total sales of stocks were 6S7, 700
shares, including Atchison,i 1880; Atchi-
son. preferred. q 43O; Baltimore and
Ohio. 10 800; Chesapeake and Ohio, 26,5SO;
Rock Island, 6,461; Louisville and Nash
Vile, $3.50; Manhattan Elevated, 1910;
Metropolitan Street Railway, l9,Olo; MIS-
souri, Pacific. 80 1886; Norfolk and Western,
49, 800; Northern Pacific, 2O,15O; ontario
and western 5000; Pennsylvania, 3O,b4O;
st. Louis and Southwestern, 5S0O; 81.
Louis and Southwestern, preferred, 2S6oo'
st. Paul 6ex-dividend) 1925; Southern
Pacific, 1875: Southern Railway, 23,l9o;
| Southern Railway, preferred, (ex-divi-
dend) $780, Texas and Pacific, $500; I'm
/ ion Pacific 26,160; Wheeling and Lake
Erie, second preferred, 1895; Third Ave-
nue., 1O,5S0 American Steel and Wire,
| 6,O55; American Tobacco, 1850; Brooklyn
| Rapid Transit, 1850; Colorado Fuel and
Iron, 5000; General Electric, 6,139; Peo-
pies Gas, 1900; American Sugar 57,2sl.