The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-17
STOCKS AND BONDS.

New York, May 16-There was a still
further lapse of interest in the stock
market today as was shown by the de-
cline in the volume OF dealings to below
a million shares, for the first time since
the late boom attained force.
The market also gave evidence of
further progress towards normal condi-
tions. There was still rather feverish
price movement, but the oscillations
showed a lessening tendency These are
phenomena which invariably follow a
panic Usually the first violent relapses
after the first rebound do not carry prices
back as low as the panic level nor do
the rebounds reach as high as the previ-
Gus level After the violence of the
fluctuations has subsidized there is likely
to be dull period and gravitating
tendency to a lower level unless some
new factors of strength develop to re-
awaken outside buying demand. Today
the speculative contingent were inclined
to look for such a new influence to the
promised settlement of the Northern Pa
cifc dispute. No authentic information
can be had as to the terms of this agree
ment, but it is generally accepted in Wall
Street that it will insure the safeguard
ing of the interests which deem them
selves threatened by the Burlington deal
without detracting from the benefit of
that deal to it's original projectors. The
rapid progress reported to be making in
the deposit of Burlington stock to be ex-
changed for the proposed new bonds
seemed to insure the rapid consumma-
tion of the Burlington deal itself. The
effect of this development was mcst mani
fest in ST. Paul and Rock Island. North
ern Pacific owing to the abnormal stand
ing of that stock in the market was not
an index to the situation. The process
of exchange going on in the Burlington
stock affected it to some extent in the
same way. The advancing tendency In
Union Pacific was constantly checked,
supposedly by the surmises as to the
method of financing the purchases Of
Northern Pacific stock made in the COM
pany's interest. The advance in ST.
Paul over last nights level reached rs,
in Great Northern, preferred, 6B, in
Northwestern 6, and Rock Island Az,
Another active center of speculation
was Amalgamated Copper in which the
buying was large apparently by inside in
forests and regarding which various ia
vorable items Of news were published
during the day. The most important was
the reported intention of the Vice Chan
cellor of New Jersey to dissolve the in
junction against the absorption Of the
Butte and Boston and the Boston and
Montana companies. The stock advanced
at one time 7h. There were various
other points of special strength, the
causes of whicoh were not always dis
closed.
The relaxation of forced liquidation
made comparatively light buying orders
effective in advancing prices. There was
undoubtedly q good deal of manipulation
by insiders in the interest Of better
prices, but there was also a growth in
investment demand for good dividend
payers But not less striking than the
strength with which prices advanced was
the ease with which they were forced
down again under very light selling
with which the day closed with prices all
the way from one to five points below
the best, and with net changes a good
deal mixed and for the most part small.
Reports of needed rains in the South
west were an early encouraging feature,
and the growth of labor troubles caused
some uneasiness, especially the candid
admission by the leading publication in
the interest of the iron trade that there
may be widespread labor disturbances In
that trade after July list The ease IN
the money market was due entirely TO
the falling off in demand and speculation
as other causes are tending to steady
depletion of New York bank reserves.
The bond market was broad and mod
erately active and price changes were
irregular. Total sales (par value) $3.50, :
o0O
United States bonds were all un-
changed on the last call.
The total sales OF stocks today were
926,900 shares. including the following:
Atchison, As, 200; Atchison. preferred, 3D.
100; Chesapeake and Ohio, 1860; Bur-