The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-03-14

financial interests. This buying was not in
evidence TODAY. London was also disposed to
take profits ON the news of the arrival of the
British forces before Bloemfontcin But not
withstandng the lack of aggressive strength in
the market the bears showed themselves tlmid
about making fresh ventures. There was SOME
pressure against the list at times, especiiiy
Metropolitan Street Railway, Peoples Gas, Am
erican Steel Hoop and the New York CITY STOCKS
generally. Missouri Pacific suffered from uis'
appointment over the showing made in the an
nual statement and United States Rubber was
raided down an extreme three and hall points.
These and other declines were largely recovered
before the close and in the final transactions
sharp marking up Of prices showed that the shorts
among the traders were having difficulty in get
ting back the stock they had sold earlier in the
dav. Offerings of stocks on all recessions were
in fact extremely light, and there were points
of strength which acted as sustaining factors
for the whole market, notably Third Avenue. the
Atchison stocks New York Central and Nor
folk and Western preferred. 1t was thus maze
manifest that while the market waits on devel-
opments in the money market for rise, holders
of stocks are not prepared to make concessions
to sell.
Call money did not command abpyc six per
cent and fell to three per cent, out this was
probably due to the cessation of stock market
demand as much as to any new supply of funds.
The losses by the banks to the Sub Treasury
since last Friday already foot up So, 2s 900, which
is more than half the remaining surplus over the
legal requirement held by the bank. 1t is EVIL
dent, therefore, that relief from the operation
Of the currency law must come quickly if it is
to prevent pinch in the money market.
A feeling of assurance was caused by an in
timation from Washington that the first pay
ments on account of bond premiums in the re-
funding operation will be made from The Sub
Treasures and not from the Government de-
posts in national banks The money market is
expected to show relief from this source more
quickly than from the putting out of new cir
culation.
A striking feature of the days events was
the sharp break in sterling exchange, demand
sterling yielding 81 and cables half cent in
the pound Considering the advsnee in London
discounts, the selling of stocks :or London ac'
count here and the reported large subscriptions
in New York to the British lean, the course Of
sterling was the more remarkable. The e'7lana-
ton may be found in the statement that mer-
chandise exports from New York for the week,
were valued at $15,243999, ag,inst $3.50 lS'
in the preceding week and s9,s7'.223 in the cor
responding period of last year.
The movement of cotton and the high price
prevailing are the principal causes of the high
export figures.
Bonds continued in good demand and prices
were firmly held. Total sales (par value) 49,
5000.
United States 2's declined " and the old As
Il in the bid price.
The total sales of stocks 44o, 400 shares
including; Atchison, 1910; Atchison preferred,
47,760; Baltimore and Ohio, $3.50; Missouri
Pacific 1880; Norfolk and Western preferred,
6, 45O; st. Paul, 1865; Southern Pacific. 1883;
Union Pacific 1850; American Steel and Wire,
$3.50; American Tobacco, 800; Brooklyn Rapid
Transit, 24,s50; Federal Steel, 6,495; People $
Gas Light and Coke Company, 24,15O; American
Sugar, 77,775; United States Leather, s,9H.