The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-04-06

hesitation at the outset and profit taking
was on large scale during the early
hours of the day, but the aggressive
strength of some individual stocks, nota-
bly, Pennsylvania and Baltimore and
Ohio. served to sustain prices in face of
realizing until the latter part of the day.
The market then developed unmistakable
symptoms of being overbought and the
pressure to sell in order to realize profits
became urgent. The reaction in Penn
sylvania and Baltimore and Ohio left
prices without sustaining prop and
they crumbled rapidly. The Pacifics, the
Changers and some of the Southern rail-
roads were most strongly affected, but
the whole list fell easily. and efforts to
support the market were apparently with
drawn for the time being. The selling
movement was allowed to spend ltseH
before support was forthcoming. There
was a rally in the last fifteen minutes, put
it retrieved only a small part of the de-
cline. The operations in Pennsylvania
were on a similar scale to those of yester-
day and carried the prices almost point
over last years highest level. The very
large selling orders which were detected
in the stock aroused uneasiness in spite
of the upward movement in the price.
Baltimore and Ohio was rushed also up
to S71h and proved unable to hold the
advance which was unaccompanied by any
news of further developments to account
for the strength. The top-heaviness of
Pennsylvania and Baltimore and Ohio de-
cided the reactionary character of the
market on the announcement of no divi-
dend on Baltimore and Ohio common
stock Wall Street was full of rumors of
further combinations already effected or
to come in the trunk line territory.
rumor of combination of the Coalers
was persistent and raised the prices Of
those stocks for a time, but they yielded
sharply on denials of the rumors. Vari-
Gus minor roads in New York Central
territory were affected in the same way.
There was a very general wiping out OF
gains of this character in the late reac-
ton. The Hooking Valley stocks showed
notable strength on reports or large
earnings, the common crossing 40 and re-
tanning a net gain of Ia. The general
news and conditions continued favorable
to values, money working easier and good
assurances being afforded of favorable
bank statement. Reports of earnings,
especially of soft coal roads were notably
large. London was a seller of stocks here
with an effect on sentiment out of all
proportion to the volume of the trans
action. The constituencies of the market
to this influence and the continued firm
ness OF sterling exchange, while London
buys stocks leads to considerable ques-
tioning as to whether foreign operations
are not conducted under cover and
through channels other than those under
observation.
Dealings in bonds continued on very
large scale and at advancing prices.
Total sales (par value) $5,37O,O00.
United States 2's declined y and all
other issues Il in the bid price.
The total sales of stocks were 725,7oO
shares, including Baltimore and Ohio, 49,
100; Chesapeake and Ohio, $780, Burling-
ton, 9,475; Rock Island, 5,155; Hooking
Valley, 10,711; Louisville and Nashville,
5,045; Jersey Central 500; New York
Central, II sos; Pennsylvania, 1920; st.
Louis and Southwestern, preferred, 5,225;
ST. Paul, $500; Southern Pacific, 47,76O;
Southern Railway, 1850; American Steel
and Wire, 1850; American Tobacco, 49,
$50; Brooklyn Rapid Transit, 1880; Peo-
pies Gas. II 800 American Sugar, SO, 175.