The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-05-16
THR NEWS AND OBSERVER WEDNESDAY MORNING MAY &c. 1900

break. but in the late trading these
stocks. as well as those of the group fell
to the lowest in the present movement.
The extreme declines ranged all the way
from / to nearly points. the latter in
Tennessee Coal and Iron. There was no
definite news 10 account for the weakness,
but rumors were plentiful that dividends
would be reduced or passed and that
further deep cuts were pending in the
price of the output Of the largest compe-
titors of the steel companies whose
stocks are dealt in on the stock exchange
The declaration of a first dividend on
he common stock of National Tube and
the reports of the opening of sundry mills
had no effect in checking the decline.
Among the notable exceptions TO the
weakness in the industrial department
were the group of New York city stocks,
including American Ice. Consolidated
Gas led in the rise of ; points and the
local traction responded A meeting of
directors of the American Sugar Refining
Company caused an uneasy demand from
the shorts which lifted the stock at
one time pa points.
In the railroad list Chicago. Burling-
ton and Quincy continued in good de-
mand at an extreme advance of ia in
spite OF denials of the rumored refund
ing play.
The Granger group and Western Rail-
road stocks were benefited in sympathy
and showed good advances. in spite of
reports of declining traffic. both east and
westbound There was said TO be large
buying for account of an outstanding
short interest in the West in the rail-
road list. The international department
was helped by home buying for London ac-
count where prices rallied on easier
money and the encouraging war news.
The relief Of the London money market
affected by the receipts of Russian gold
arouses the hope that no immediate de-
mand will be made on New York by Lon
don for gold. This was an influence in
the days strength in our stock market,
although it is expected that further ship
ments will be made to Paris by Thursdays
steamer. The statement of the April
foreign trade of the United States dis
closing a maintenance of extraordinary
favorable conditions has elevated some
what the evidences of the continued re-
action in interior trade. The market
closed heavy and unsettled by the break
in the steel Industrials. the railroad
stocks holding only part OF their gain
The bond market was not active but
prices were held well sustained. Total
sales tpar valuel LOS, 600
United States refunding as when is
sued) advanced Is. and the IS and new
As Il in the bid price
The total sales Of stocks today were
i52. 100 shares, including the following
Atchison preferred, PISS; Baltimore
and Ohio. 10000; Chicago Burlington and
Quincy. 1879; Chicago. Rock Island and
Pacific. $500; Louisville and Nashville.
SIS: Manhattan Elevated 5,275: Metro
politan Street Railway, 1880. Missouri
Pacific, 1920; Northegn Pacific. $500;
Pennsylvania Railroad, 1925; Chicago.
Milwaukee and St. Paul, S.175; Southern
Pacific. II 250, Union Pacific. y, 760.
American Steel and Wire 81, AS: Ameri
can Steel and Wire preferred $3.50;
American Tobacco. 29,SS2: Brooklyn
Rapid Transit. $3.50; Federal Steel 81
2S4; Peoples Gas Light and Coke Company
14,1SJ: Tennessee Coal and Iron. 1l.770;
American Sugar. 1885.