The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-03-13

loan rate of 6 per cent The spectators PAID
no attention to this admonitory symptom, APP
parently convinced that the end OF the money
market troubles was at hand with the enactment
of the new currency law, which is to be sent TO
the President tomorrow. There were occaslon 1a
periods of dulness in the market, apparently
with view to testing it. The quick subsistence
of activity without any reaction in prices and the
firmness of the resistance to decline cohhrneu .ii9
confidence of the bulls and started prices upward
again The closing was quite ac.iye a he nruni
pal active ndustrials and specialties, lncluolng
Sugar, Tobacco, Peoples Cas- Anaconda, In, tne
Iron and Steel stocks and the New YORK PUBIC
utilities ranged from to over polnls' the
latter in Sugar. In the railroad list 81 faui
was the leader both in point OF activity ana
strength, rising an extreme IA. Inc 0t ItI
trunk lines and Southern Railroads gained
point or over. feature OF the tradlng was
the number of three day contracts recorded on
the tape, indicating the anticipation OF easier
money with the operation of the new financial
BILL There was a very generous sprinkllng OF
transactions in fractional lots all through the st,
indicating an investment demand, which had no
small part in the feeling Of confidence eVlnce1
by the speculative contingent. A background OF
strength to the whole market was afforded by
the large absorption of railroad bonds, especially
those of the higher grade. This must undoubtedly
be attributed to the pressure Tor reinvestment
of funds which have been realized by investors
who have sold Government bonds at the high
prices prevailing, the banks buying them to
use for security, and for circulation. 1t seems
to escape notice that this is measure, an
ticipatory employment of the extended circua-
tion,, since the capital of the national banks,
which has gone for the payment of these bonds
looks to bank note issues for its release and re-
employment
London was a liberal buyer of stocks in this
market and considerable sentimental influence
was exerted by the large subscriptions reported
to be made in New York to the new British loan.
1t is argued that those subscriptions indicated
an abundance of capital, and they will represent
also a quickly convertible foreign credit upon
which the country can draw in case OF need In
the money market
Reports of railroad earnings for the first week
in March were encouraging. good effect was
produced also by the statement of exports for
February of agricultural products, the large IN
crease in value of cotton exports for the month
giving it the record for February.
The bond market active and strong
throughout. Total sales (par value) S22oo, OOo;
United States 3's coupon and new As registered
declined ", do coupon 3-S and old AS a IN the
bid price. r,,ooo
The total sales of stocks today were 51S3oo
shares, including: Atchison, $40; Atkinson IRE
ferred, $780, Baltimore and Ohio, 6,26|; Bur
lington, 1890; Metropolitan Street Rallway,
OTIS; Missouri Pacific, 1880; Norfolk ana
Western, 1850; Pennsylvania, $780, ST. Paul,
SO, 800: Southern Pacific. $500; Texas and IA
ciic, 9.s75; Union Pacifs, 10,549: American
Steel and Wire 1865; American ToDacco. le'
go; Brooklyn Rapid Transit, 24,7s feie "a,
Steel $500; Peoples Gas, $500; American Su-
gar 94,s00; United States Leather. h,o'.