The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-21
STOCKS AN DBONDS.

New York May 20.-The late upward
movement of stocks last week falled 10
continue today although there was
some resistance at times in the way
of strength for individual stocks. Taere
was progressive decline in the influence
of these special movements, and the cay
closed with the market quite active ana
decidedly weak at about the lowest OF
the day all around. There were one or
TWO unfavorable new features during
the day. but there We're also some de-
velopments which had taVoraole m
depreciation. The market was not very
manifestly influenced by the news OF
the day, but seemed rather to mcve as
the result of technical causes. Iaklh5
of profits on last weeks late rise was
the principal of these causes. Inc NOR
ket gave growing evidence OF It's apan-
donment of the class OF profesSlohal
operators, some of them of large means
and broad methods, but with the pub
lie evidently not factor IN the mar
ket and disinclined to respond TO the
temptation Of price movements lac
maxim of the professional operator TO
sell stocks on show of strength aho
to buy them in decline comes IN 10
interrupt the movement of prices be-
fore it has extended far IN either ul-
rection, and to bring the market con-
stantly nearer to a state Of equilibrium.
The market opened irregular and then
yielded all around to the realizing p'tt
recovered quite strongly in response
to movement in the Coalers. There was
some strength also among the South
Westerns apparently on the score OF
published reports of a projected new
the Orient. The obvious fact that the
struggle for control of the transpof
tation of future trade products to tie
Orient lies at the root of most OF the
movements working out in the traps
continental railroad territory gives any
suggestion in this line an influence.
The movement in the Coalers was ar
parently speculative. The strength IL
81 Paul was not explained by any
news. but the buying was called good
The stock yielded, however, in the late
weakness and closed at net loss. The
weakness of Union Pacific was an eff
fective factor in upsettting the market.
Allegations of further issue Of con-
yertible bonds to finance the purchases
of Northern Pacific stock were the
prime factor in the stocks weakness
It closed at par, ~ points below Sas-
urday's close and at the lowest OF the
day.
There was large buying Of Burlington
for cash, which was apparently con
nected with the fact of the proposition
for the Burlington DEAL being condi-
toned upon the deposit of at least Two
thirds OF the capital stock on or befor
May 10Th. A number of minor indus
trials showed notable strength although
their best prices We're reduced by the
late weakness.
The bond market generally was dull
and irregular. Total sales (par value)
SO, $50 coo.
United States bonds were all an
changed on the last call
The total sales of stocks today We're
sS4, 500 shares, including the following,
Atchiscn $4,000; Atchison preferrei y
ZOO baltimore and Ohio 10,500; Colo
RADIO Southern, $500; Chesapeake ana
ohio 10000: Erie $500: Illinois Central
$780, Louisville and NashVllle 9'oUo'
Manhattan $780, Metropolitan fooU:
Mexican Central 1900; Missouri racine
80, 7O0 New York, Ontario and western
/ 81. 7OO; Pennsylvania IL 400; Reading o.
| 800; Reading first preferred sow
| Reading second preferred 59,4oU' o.
Paul 49,S0O Southern Pacific lhleO;
Southern Railway 25.S00; Texas ana ia .
] cific q 300; Union Pacific 84,1O0: Wa
bash 9,1O0; Wabash preferred $500:
Amalgamated Copper 11,600; LinSeed
Oil $4,000; Linseed Oil preferred $500.
American Tobacco 10,100; international
Paper preferred 5000: Peoples Gas SS-
400; American Sugar 1S,200 United
! States Rubber $500; United Stat y
i, Rubber preferred 5000; United States
Steel 44,5O0; Toledo, st. Louis and