The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-06-19

lines. But the inherent weakness OF the
market was none the less evident. The
buying demand throughout the day came
largely from the short interest and from
inside interests with the purpose of sup
porting prices in their own stocks. Prep
arations for this had been made on an
elaborate scale in expectation of acute
depression on foreign exchanges as re-
suit Of Saturdays developments in the
Chinese complications, but the weakness
on foreign markets was not as extreme
as had been feared, partly owing to the
fact that the first alarming rumors of
the destruction of the foreign legations
in Pekin and the death of the German
Minister were somewhat discredited this
morning in speculative circles.
Prices of American stocks advanced in
London before the opening here and Lon
don bought stocks of some companies
here at the opening while selling 9TH
erS. This attitude of London gave color
to recent reports that some of the prin-
cipal bear operators of the New York
Exchange, now abroad have been operat-
ing on the short side of the market.
They were taking the days opportunity
to cover, as their conferees did from
their side The character of the buying
was sufficiently manifest from the dull
ness into which the market quickly sank
when it rose to or above Saturdays clos
ing level Notwithstanding the sharp
losses of Saturday, the only buying de-
mand of any considerable volume came
into the market when prices were be-
low that level. The bear traders were
active during the day, seeking to uncover
cfo nd idpr-
able success all through the railroad list,
in which the extreme declines at one time
averaged from one to one and a half for
the principal active stocks. Minneapolis
and St. Louis fell abruptly nine points
with a final rally of two and a half points.
Canada Southern, Chicago Great Western
preferred, "a ditto debentures, Chicago
Terminal preferred, Hooking Valley pre-
ferred and Denver and Rio Grande pre-
ferred lost from two to two and half.
Norfolk and Western preferred 394, and
Lackawanna AZ. The final rally lessened
all these losses and entirely wiped out
some of the smaller ones. The Steel
stocks were decidedly Irregular, National
Steel declining two and three quartersand
Pressed Steel Car and American Steel
Hoop and Tennessee Coal and Iron and
Republic Steel preferred about two points
each. On the other hand Federal Steel,
American Steel and Wire and Colorado
Fuel and Iron were rather firm.
The final tone of the market was steady
and the majority of the changes were
small. An announcement of $2,2O0,0O0 ex-
ports to Germany was not without it's
effect on the weakness Of the market the
more so as considerable further engage
ments are looked for later in the week
by the French steamer.
The Sub-Treasury has contributed
nearly 50 0O0 600 to the banks since Fri
day and New York exchange at Chicago
rose further to thirty cents premium. But
the Governments call for deposits to the
amount of So, 0000 900 must be met by the
banks by next year and the period for
the return of the currency to the interior
to move the crops is approaching.
The results in the money market are
subjects of increasing surmise.
The bond market was dull by compari-
son with stocks, and losses were not so
pronounced. Total sales (par value) ST.
600 900
United States old fours and the fves
declined 4 in the bid price.
The total sales of stocks today were
4S2 500 shares. including the following:
Atchison preferred. 1880; Baltimore and
Ohio, 1920; Burlington. 31.190; Louis
vile and Nashville, 1850; Missouri Pa
cific, 1856; Northern Pacific, 1870;
Pennsylvania, 1890; st. Paul. 23.120;
Southern Pacific, 10, $780, Southern Rail-
way preferred. 5000; Union Pacific, "a
300 American Stel and Wire 1880; Amer
lean Tobacco Il $50: BROOKLYN, RaDid
Transit, 1850; Federal Steel, $685.; Ten
nessee Coal and Iron. 6,37O; American
Sugar Sc 200; Peoples Gas. 10,7S0.