The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-04-25

DAVIS rally came to stop again and that
stock fell back The room traders turn
ed to the bear side and worked for O
reaction. The vigorous attack on Balti-
more and Ohio and Philadelphia and Read
ing. first preferred caused declines of 3B
to 31a respectively and broke the whole
list quite sharply. But at the decline
very large buying again developed 1or
both accounts, all offerings being freely
absorbed apparently with no desire to al
vance prices. A very characteristic
movement in American Sugar indicated a
periodical punishment to the shorts in the
stock. After preliminary drive when
carried the prices to 104$s the stock sud
denly shot up in the last hour to 11OA
The scramble of the shorts to cover help
ed on the rise and enormous blocks
changed hands. Peoples Gas Light and
Coke Company at the same time rallied
points and the whole list was more or
less affected Feverishness in American
Sugar and one or two relapses elsewhere
gave slightly irregular tone but the
closing was generally firm and at small
net changes in the majority of stocks.
Dealings in the Steel Industrals con-
tinued large, but the price movements
were unsensational and the net changes
small. The short interest continued to
cover in the group on large scale. The
bears made much of the prospects of gold
exports, although the sterling exchange
rate, after an early advance, became
somewhat unsteady Some of the recent
demands for exchange are reported to have
been for investment and bills bought for
this account would come on the market
at or near the gold export point. But
the general opinion is that gold will
shortly go out as discount rates continue
to harden in London and money rates to
decline in New York. Already money
rates are lower here and higher in Lon
don than in June last when 500, 900 900
of gold went out in payment of the Span
ish war claim. Demand sterling at that
time did not rise above 1881 compared
with 1857 this morning The Bank of
England was then bidding 1 u cents higher
for American cables and was allowing in
terest in gold in transit which, it seems
not disposed to do now. Notwithstanding
the prevailing ease of money rates here
now, the surplus reserves of the New
York banks are lower than usual at this
period Of the year, and the use of money
continues active in the interior. The
present supply to the market from the
Sub Treasury on account of payments of
bond premiums cannot continue indefin-
itely. Should it be interrupted while gold
exports are making inroads upon the sur
plus of the banks the affect on money
rates would necessarily be promptly
shown.
Western New York and Pennsylvania
general%'s rose AS and then reacted 2
The bond market was generally rather
weak. Total sales (par value) 1880, 600.
United States refunding rs (when is-
sued) the 3's and old As declined Il In
the bid price.
The total sales of stocks today were
$50 400 shares, including the following:
Atchison 1850 Atchison, preferred 90
695: Baltimore and Ohio. q, $50; Chesa
peake and Ohio, $3.50; Chicago, Burling
ton and Quincy 10S60; Louisville and
Nashville SITS: Manhattan Elevated.
$50; Missouri Pacific. 80 1855 Norfolk and
Western. $3.50; Northern Pacific, $500;
New York, Ontario and Western, $3.50;
Pennsylvania Railroad 14,S10; Philadel
phia and Reading, first preferred, o,450;
Chicago, Milwaukee and st. Paul. 12,625:
Southern. Pacific, 1880; Union Pacific,
20 100: American Steel and Wire, $685.;
American Steel and Wire, preferred, 81
2S0 American Tobacco. 5000; Brooklyn
Rapid Transit. 1880; Federal Steel, H.
79O Peoples Gas Light and Coke Com
pany, 21,750; American Sugar 91,475.