The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-05-22

stock was aimed at by the advance The
heaviness in the market during the day
reflected the keen disappointment over
the failure of last weeks encouraging
developments to attract any outside de-
mand. 1t was soon evident that Lon
don especially had looked 100
hopefully to take up American STOCKS
and the early morning news from that
quarter showing declines for the inter-
national stocks was disappointment
The sales for London account were not
in large volume but their sentimental Ell
feet was decisive and soon oyercame the
strength in the few Specialties which at
tempted to make Roadway against the
tide 1t was clear that spectators VINO
bought stocks late last week counted
upon London taking off their hands ar
ter that market had subsidized from It's
historical outbrust over the RELIEF OF
Mafeking But London shared with the
continental bourses a mood OF depression.
international houses in Wall Street, at
tributed this to disappointment over the
denial of the report that President kru-
ger had made humble advances for peace
and Berlin advices reported fears OF an
outbreak between Russia and Japan. In
the New York market the Changers and
Pacfics were the first to show acute signs
of weakness but ultimately practically all
of the active railroad stocks fell from
one to two points below Saturdays
close American Sugar rose at the open
ing on the announcement of advances in
the price of refined sugar but it was sold
in such volume and with such confidence
that it fell into weakness with the rest
Of the market.
The weakness in the wheat and cotton
markets was not without effect in Wall
Street. In the money market the supply
of mercantile paper is reported TO be
decreasing owing to the setback TO trade
in various lines. The growing ease of
money is attributed to the same cause.
Bear operators profess uneaSineSS over
the likelihood that freight rates will
not hold in face of the decreasing traf-
fic in railroads. The grain traffic OF
the Western lines has fallen to the low
est of the year and is still decidedly be-
low last years level. Westbound mer-
chandise traffic is reported to be suffi-
cient to maintain earnings as yet above
last year. but current earnings. in spite
of the higher rates in force are only
slightly above last year.
Bonds were much better sustained rel
atively than stocks, though there were
weak spots in the list. The accumulation
of funds seeking investment is making
some slight impression on the bond mar
ket. Total sales (par valued S2060,0 900.
United States refunding rs (when is
sued) declined y and the new As, old
As and SIS, 4 in the bid price
Today's total sales of stocks were $40
500 shares. including the following: At
Gibson. 4.i50; Atchison preferred. 25.245;
Baltimore and Ohio, $3.50; Chicago. Bur-
lington and Quincy. $3.50; Chicago. Rock
Island and Pacific. 5.745: Northern Pacific.
1885; Pennsylvania Railroad 1890; Chi
cago Milwaukee and st. Paul, 1910;
Southern Pacific. 6.450 Union Pacific, 20
$40: American Steel and Wire, l0,125:
American Tobacco, 30,150 Brooklyn Rapid
Transit. 1926; Continental Tobacco. T.,
2S5; Federal Steel. 1880: Peoples Gas,
O.47O; American Sugar, $3.50; Tennessee
Coal and Iron, 5,745.