The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-05-17

market showed itself much less sensitive
than for some time past to any depress-
ing influence and the close was distinctly
firm at about the best level of the day,
earlier losses in Industrial stocks having
heen almost entirely overcome The
stocks of Western railroads were easily
the leaders in the movement and the
buying was attributed to Western ac-
count. as for several days past. This
Western buying is believed in Wall Street
to be covering an outstanding snort IN
terest, prompted by the good crop wealth
er and the favorable conditions in the
winter wheat belt The leadership of
the movement was shifted from Burning
ton to Atchison preferred which scored
a clean net gain of two points. the APP
proach of the dividend meeting and the
circulation of rumors that the stock
would be placed on five per cent basis
were used with effect. Burlington con-
tnued aggressively strong and scored an
advance of ia in spite of denials of the
recent rumors that refunding plan was
about to be announced Northern Pacific
gained as much and the strength of these
stocks affected the other Pacifics and I'LL
timately the trunk lines which rose one
all rebounded sharply on covering by
shorts and official denials of assertions
that general shut downs were imminent
On account Of prospective demands for
increase of wages. The early weakness
for Sugar, Peoples Gas, the Tobacco
stocks and other Industrials was met by
denials of various rumors which accom-
panied the decline. Recoveries ensued
sides this weakness in the Industrial list
the market had to contend with the an
nouncement of gold engagements for ex-
port tomorrow. fully a million dollars in
excess of the preliminary estimate. To-
morrows shipments foot up fully So, 150,-
coo for France The fact that SO large
shipment should be made in face of the
considerable decline in discount rates in
Europe aroused some uneasiness lest the
apparent ease of money abroad was fc
ttious and unstable, but the continued
ease of money here relieved this appre-
hension Call loan rates fell to ~ per
cent and the gains by the banks from
the Sub Treasury and on the interior
movement of currency will evidently Off
set the gold export. Although the adj
vance in stocks was generally wiped out
when the gold engagements were an
nounced, the upward movement was re-
sumed upon further consideration of the
circumstances. 1t is the conviction in
Wall Street that only small amount
If any gold can be shipped to London on
Saturdays steamer under present cond-
lions. Today's advance in prices was
without the sustaining influence of the
recent strength in Missouri Pacific, that
stock dropping back at one time two
points on the request of stockholders TO
authorize additional capital to the ex-
tent of $15.O00OO0. The stock partly re-
covered on the explanation that the new
issue must be reserved for retirement OF
debenture bonds.
The bond market was dull and only
partly shared in the strength of stocks.
Total sales (par value) 1,1S5,0O0.
United States refunding rs (when
issued) declined 4 and the IS Is in the
bid price.
The total sales Of stocks today were
466 800 shares including the following:
Atchson, 6.397; Atchson preferred A.
121; Baltimore and Ohio. 6.65S; Chicago
Burlington and Quincy. 23,I70; Missouri
Pacific, 50 $50; Northern Pacific, 15,50S;
Pennsylvania Railroad, 11,2-0; CT ego,
Milwaukee and st. Paul. 1910; Union Pa
cific, 1920; Southern Pacific 1000;
American Steel and Wire. 1850; Amer-
can Tobacco. 21,370 Brooklyn Rapid
Transit 7,011; Continental Tobacco, 16.-
423; Federal Steel, 1l.645; Peoples Gas
$3.50 American Sugar, %, 40.