The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-04-18
rE NEWS AND OBSERVER WEDNESDAY, MORNING. APRIL 49, 1900

and the necessity for concessions in prices
were met by a chorus of disclaimers by
representatives of other companies in
the metal industries and by authorities
in the trade These disclaimers were
accompanied by much bitter invectIve ana
questioning of motive. The reinsurance
derived from this source had much TO
do with the general rally after the open
ing. but it was not sufficient to allay all
doubts caused by the concrete fact of the
closing down of a large number OF the
mills of the Steel and Wire Company. One
of the authorities who sought to contro-
vert the position of Chairman Gates ar
gued that if the Iron and Steel industry is
in as bad condition as Mr. Gates painted
it, then practically all securities are nifty
per cent too high. This authority meant
to enforce the view that the high Level
of securities, prices and the general pros
perity of he country in til mseves serve
to cCntroVert the view that the Iron
trade is unsound; but the belief is deep
rooted among stock operators that the
Iron trade is a true index of the bust
ness of the country. The doubt cast upon
its soundness by so prominent an author
ity proved too much for the equanimity
OF holders OF stocks, and towards the lat
ter part of the day these securities were
thrown upon the market by the whole
sale. Stocks which have been speculative
favOrites for a rise were not the chief
sufferers. Missouri Pacific Norfolk and
Western and the Baltimore and Ohio
stocks were all comparatively well held,
while the higher priced stocks which are
selling high in proportion to the dividend
return. showed large declines. A late
rally in the market made it evident to
how large an extent short selling had to
do with the losses, recoveres reaching
over a point III many cases, while the
Iron and Steel stocks closed one to two
points above last nights level for the
leading members of the group. The gen
eral news Of the day and money market
conditions was entirely ignored in the
trading.
There was no such pressure manifest in
the bond market as in the stock market
and strong points were manifest here and
there.
Total sales of bonds (par value) 81
400 coo.
United States old As declined Is and
new As "a in the bid price.
Total sales of stocks today were OPS, 500
shares, including the following: Atchi-
son, &c. 60; Atchison preferred 31,325:
Baltimore and Ohio, 14,525; Chesapeake
and Ohio. II sos; Chicago Burlington and
Quincy, 1892 Chicago, Rock Island and
Pacific, II 2S0; Louisville and Nashville,
S,720; Metropolitan Street Railway, 6,24O;
Missouri Pacific, 1915; Missouri, Kansas
and Texas preferred, 16050; Norfolk and
Western. A ,22o; Northern Pacific, 1850;
Pennsylvania Railroad. 1880; Philadel-
pha and Reading first preferred, 20, 700;
Chicago. Milwaukee and st. Paul, 12,450;
Southern Pacific 81 $50; Southern Rail-
way. $3.50: Texas and Pacific, 16, $50;
Union Pacific, 80 $50; Union Pacific pre-
ferred. 7100; Wabash preferred, 1925;
American Stel and Wire, S4,SS0; American
Steel and Wire preferred. 20,950; Ameri
can Tobacco. 4l.S7S; Brooklyn Rapid Tran
sit 30. PES; Federal Steel, 60, $50 Federal
Steel preferred. S,227; National Steel, =
$40; Peoples Gas Light and Coke Com
pany 30.S50 American Sugar, 63,S50;
Tennessee Coal and Iron, II, AS; United
States Leather, 60S5.