The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-05-09
TIKI NEWS AND OBSERVER WEDNESDAY MuRNNG MAY 9, 1900

in evidence The large offerings in one or
two stocks in the railroad group which
we're a feature yesterday and which
were believed to be the letting go or
speculative accounts by large interests
were evidently the forerunners of today
liquidation. The weekly statistics of rail
road troffic made up at Chicago and pub
lished after yesterdays market was
closed were sufficient explanation of the
selling. They demonstrated conclusively
that the reactionary tendency of busl-
ness has begun to have a marked eff
feet on railroad trafics as it has been
feared it would 1t is apparent that
many owners of railroad stocks have been
holding in the hope that the volume of
railroad traffic would not be materially
affected But with large declines both
in the receipts and shipments in Chicago
and with freight officials of Eastern lines
complaining about the light traffic, large
holders of stocks threw them on the
market today and found few bidders to
take them. The bear traders when they
saw how things were going, joined in the
selling and their buying at declines to
cover their short contracts gave the only
occasional checks to the downward
course of prices. The necessity which is
now clear of a reduction of prices
throughout the business world in order
to induce sufficient consumptive demand
to absorb the largely increased produce
ton. gave occasion for depressing opin-
ions of the outlook. Fears are felt
that a readjustment of wages and
course of labor troubles may be the re-
suit. Not much attention was paid to
the question of further gold exports, as
the money market shows no effect OF
apprehension on that score not on THAI
of the cessation of the outgo to the mar
ket from the Sub treasury. The continu
ing ease Of money in face of these factors
is regarded as corroborating the fears of
business reaction. The comprehensive
outlay for improvements by some of the
railroad companies and for extension of
control are also beginning to be looked
upon with apprehension and to affect
unfavorably the stocks of the companies.
American Steel and Wire and Federal
Steel were rather notable exceptions to
the general weakness on account of the
extensive liquidation already affected in
them.
Bonds were active and weak in SYM
pathy with stocks. Total sales (par val
ue) 50, 100. 000
United States new is declined * and
IS coupon advanced "A in the bid price.
The total sales of stocks today were
623.S00 shares, including the following
Atchison, 1880; Atchson preferred, AZ
1885, Baltimore and Ohio, 271S2; Chesa-
peake and Ohio, 6,991; Chicago. Burling
ton and Quincy 19,315; Chicago, Rock
Island and Pacific, 1926: Lake Shore,
1860; Louisville and Nashville. S.150;
Manhattan Elevated. 5,275; Minneapolis
and st. Paul preferred, 1857; New Jer
sey Central, S,017: New York Central,
1862; Norfolk and Western preferred,
1920; Pennsylvania Railroad, 2S,S95;
Philadelphia and Reading first preferred,
1850; Chicago, Milwaukee and ST. Paul,
1915; Southern Pacific, 81 800; Southern
Railway preferred $40; Union Pacific,
30, 100; American Steel and Wire 1870;
American Tobacco, IS. 1870; Brooklyn Ra-
pid Transit 1920: Continental Tobacco,
S,435; Federal Steel, 15 2S5: People Gas
lean Sugar, SO, 995; Tennessee Coal and
Iron, 6,079 United States Leather S055.
New York May S-Dry Goods. The
demand on home account has been quiet
for all descriptions of dry goods and
for heavy brown cottons exporters are
still out of the market Prices are not
quotably higher changed, but the tendency
is in buyers favor. In no direction is
there any present feature of encouraging
character other than a liberal distri-
button at retail