The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-05-11
TIKI NEWS AND OBSERVER. FRIDAY MORNING MAY II, 1900

expression for some time past in Wall
Street that the reaction in the iron mar
ket and in general business would inevi-
tably lead to falling of in the railroad
earnings. a continuance OF labor dllH-
culties at various points caused some con-
tinued uneasiness and the bears professed
apprehension over the pessimiStlc tone Oh
Lord Salisburys speech last night. quite
liberal buying from London account served
to counteract the last-named argument,
the arbitradge houses estimating the BUY
ing for London account as high as lO,oVo
shares; but the most effective Succor TOT
the bears came from a break or over
five points in American Tobacco, and from
persistent heaviness in American sugar.
Prices very generally drifted back TO last
nights level or below, but at no time dur
ing the day did the pressure of llqulda-
ton become severe and the bears found
difficulty in getting stocks whenever they
bid for them. The absence OF pressure
prompted some of the small pools to re-
sumo operations notably that in Missouri
Pacific. that stock was bid up during the
day nearly two points. The covering OF
short contracts gave notable strength
also to the Atchisons. the Pacific. and
Louisville and Nashville The upward
movement in the trunk lines was not as
marked as in other stocks. The metal
stocks were inclined to be firm all day
though they were not very actively traded
in. American Steel and Wire led the
movement, both its stocks rising over
points on rumors that Federal Steel in
terests would be represented in the Board
of Directors. The foreign market general
ly improved today on account or the
easier money conditions reflected in the
favorable weekly reports of the Govern
ment banks OF England, France and Ger
many. This was especially true of the
Berlin market, where the iron and coal
stocks have suffered acutely from fears
of American competition, owing to the
reported decrease in consumption here.
There was some slight apprehension that
gold might go out on Saturday to Eng
land, in response to yesterdays advance
in the Bank of England's paying price
for American eagles, but the exchange ex-
perts are generally agreed that gold ex-
ports to London offer no profit under eX-
listing conditions. The local money market
was not quotably changed today,
but the surplus of the banks is declining
Bonds recovered in sympathy with
stocks. Total sales (par value) $2,445,-
600
United States old As. coupons, adj
vanced Is in the bid price.
The total sales of stocks today were
443 300 shares. including the following;
Atchison 1850; Atchison preferred, 10
$50; Baltimore and Ohio ID $50; Chicago
Burlington and Quincy. 15.410; Missouri
Pacific % 065 Northern Pacific, 1850;
Pennsylvania, 11060; Philadelphia and
Reading first preferred, $3.50; Chicago
Milwaukee and st. Paul, II 400; Southern
Pacific 16 300; Union Pacific. l3,920;
American Smelling and Refining S,55O;
American Steel and Wire, 31.77O; Ameri-
can Steel and Wire preferred, 1920;
American Tobacco. A ,912: Brooklyn Rapid
Transit 5,525: Continental Tobacco, g.
$40; Federal Steel. 10,350; Peoples Gas
Light and Coke Company, $50; American
Sugar. SO $50; Western Union, 500