The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-06-27

considerably below the best, and the tone
of the market during the latter part of
the dag was decidedly unsettled and
spotty, in spite of the sustaining influence
of notable strength in some stocks
The opening rise was in sympathy with
London and was attributed to the effect
of the news from China, of the relief of
Tien Tsin. Later advices showed that
the periodical settlement in London had
disclosed an unexpectedly large bear ac~
count in American and the London buy
ing was the covering of short contracts.
1t was especially effective in some of the
Southern railway stocks. The New York
market, however, showed itself indifferent
TO the progress of events in China, as
it has consistently done throughout and
the opening advance was largely lost.
The first rally in the market followed
the sharp break in the wheat market
and was most noticeable in the South
western Changers, especially Burlington
and Atchison, preferred. Crop news con-
tinued bad from the spring wheat region,
but the spectators who have been buy
ing wheat are evidently impressed with
the willingness of the farmers to take the
price offered, and the wheat market show
ed continued realization today, with q
reverse sympathetic effect on grain carry
ing railroads 1t was evident, however,
that the buying of railroad stocks came
largely from the short interest, who
were willing to take profits at decline
in prices but who were not pressed to
take losses at the advance. The con-
tinued weakness in Baltimore and Ohio
and signs of heaviness in Pennsylvania
discouraged the buying of the railroad
stocks, and they were inclined to droop
during the latter part Of the day. The
sustaining force during that period was
the advance in Brooklyn Rapid Transit
and the Steel stocks. In the former the
bears showed symptoms of alarm, recall
ing their painful experiences growing
out of similar weakness in Third Ave-
nue., another traction stock. There was
no news to account for the strength in
the Steel stocks, but they were absorbed
with considerable confidence and adj
vanced easily on small transactions.
Their gains at one time ran from one to
three and a quarter. Apparently the
opinion is gaining force that the decline
in price of iron and it's products has al
NEST run it's course
American sugar was active anu eIIdtiC,
advancing on the rise in refined sugars,
but relapsing on profit taking.
The call by the Treasury Department
for the payment Of a third installment
of SIS 900, 900 of Government deposits had
no apparent effect on sentiment, as the
date fixed for the payment, July 10th.
goes beyond the immediate pressing de-
mands on the money market, which will
be for the July 1st settlements Time
money continues to harden, but call loans
are still very easy.
Some of the speculative bonds show
sharp recoveries, but the market gener-
ally was irregular Total sales (par
value) $1,070,0o0.
United States 3s coupon advanced a
in the bid price.
The total sales of stocks today were
367 300 shares, including the following:
Atchison, $3.50; Atchison, preferred, 26,-
750 Baltimore and Ohio, 33,150; Burling-
ton, $4,000: C. c. c. and ST. Louis, 1916;
Metropolitan, $3.50; Northern Pacific, a.
225; Missouri Pacific, 1900; st. Paul,
1885; Southern Pacific. $3.50; Union Pa
cific, 6,165; American Steel and Wire, o.
$40, American Tobacco. $3.50; Brooklyn
Rapid Transit, e0,990; American Sugar,
80 no; Peoples Gas, 1880.