The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-05-03

News of the stock consisted of rumors
without notification. There is undoubted
ly a feeling of dread among spectators
that there may be sudden and sensation
al developments regarding the steer IN
dustrials and those stocks are sensitive
to every passing rumor. They were all
weak today, Tennessee Coal dropping at
one time points. The rally in the group
indicated that short selling was largely
responsible for the Decline and no very
large offerings were brought out by the
drop. Long Island moved up 9ls points,
on top Of yesterdays 1917 point rise' ana
saved a net gain of points. American
express gained points. Outside Oh THESE
special movements the market generaiiy
was excessively dull and Represented
nothing more important than the opera
tions of professional room traders VI
small calibre. The announcement ol
further gold engagements for tomorrow 3
steamer of 50, 100, 900 was the signal LOT
a general selling movement by TINS class
of sneculators 1t had been taken for
granted that large exports of gold would
be made by Saturdays steamer, but the
additional shipment by tomorrow's steam
err bringing the total to 81 900 600, was a
surprise This shipment is generally be-
lieved to represent a triangular opera
ton; that is to say, on Londons order
to meet demand on that centre. Among
the exporters are some who have strenu-
ously held that no profit could be made in
exporting gold at the highest figures yet
touched for exchange and the rate for de-
mand sterling today was 15c. in the pound
lower than the highest rate touched on
the movement 1t is fair to assume,
therefore that some concession has been
offered to make a margin of profit on the
transaction, but in any event the metal
is recognized as being in effect a loan.
1t is evident that the need of money here
in active trade has not kept pace with
the currency expansion. The low rate of
money. coupled with the large loans Of
New York banks and their small sur
plus reflect the eagerness of capital to
place credits but the demand for credits
is not sufficient to absorb the supply, so
capitalists must look abroad where in
terest rates rule higher. For some time
the merchandise credits resulting from
our favorable trade balance have been
left at interest abroad. This countrys
large gold production and the present
cutting off Of the Transvaal gold supply
also make us the source of supply for the
money metal The net results is that we
are not only refraining from calling home
merchandise credits, but are shipping out
the money metal to meet the needs OF
foreign markets.
The bond market was dull and irregu-
lar Total sales (par value) $1,43S,O0O.
United States refunding rs (when is
sued) advanced B. and the 3's, old As
and new AS a in the bid price.
The total sales of stocks today were
$50 500 shares, including the following:
Atchison, preferred, 14,503; Chesapeake
and Ohio, 6,175; Chicago, Burlington and
Quincy, 13, 900; Chicago, Rock Island and
Pacific, 1871; Manhattan Elevated, 1871:
Metropolitan Street Railway, $3.50; Mis-
souri, Pacific, 1880; Pennsylvania Rail-
road, 10, $40 Philadelphia and Reading,
first preferred, 5000; Chicago, Milwaukee
and ST. Paul, 1880; Southern Pacific, 90
AGO. Union Pacific. II 400; American Steel
and Wire, 9,210; Brooklyn Rapid Transit,
II ABS Federal Steel, 1882; Peoples
Gas Light and Coke Company, 1,12O;
American Sugar, 1925; Tennessee Coal
and Iron, S,G10