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

4
| which we're crowded upon the market as a
| result Of the nervous apprehension
aroused by yesterdays violent break, were
| confidently absorbed and only a momen-
| tary break was caused by the bank state
| ment although it was more unfavorable
| than had been expected, and the buying
afterwards was sufficient to carry prices
vigorously upward throughout the list Cb-
literating the important earlier declines
and establishing some striking net gains.
The closing was notably strong ana at
about the top The nervousness aroused
by yesterdays weakness apparently led
some large operators to anticipate the
New York decline by cabling orders 10
sell to London, and early quotations from
there showed declines OF from two to
four points in many important American
stocks. This level never was touched
in the days New York market. Opening
prices We're considerably above the Lon
don parity, although at decline of from
one to two points from New York's close
la many stocks Atchison opened wide
at an extreme decline of 23s and Union
Pacific Of points. Neither stock touched
the low level again, although there We're
feyerish relapses in prices after the first
rally, Atchison closed unchanged and
Union Pacific up "a The aggressive
strength shown from the outset by st
Paul and Missouri Pacific had an impor-
tant influence on the growing strength
OF the whole market. ST. Paul opened
q higher and rose an extreme y over
last nights closing within shade OF the
top. Missouri Pacific opened point high
er and closed ~ higher. These move
ments served TO give some reinsurance
TO the speculative contingent that the
process of absorption of railroads for
consolidation was still going on, belief
which was somewhat shaken by the char
acter of the selling in Union Pacific yes
terday 1t was argued also that the In
terests doing this buying might ha"r
had hand in yesterdays collapse in or
der to facilitate the operation, as buying
railroads for control in rampant bull
speculation is necessarily an expensive
operation. The large demand from the
short interests also disclosed that bear
operations played a very large part in
yesterdays selling. The improvement in
, the technical position of the market by
/ the throwing out OF weak holding en-
cGuraged the bulls. There was very 90
vicus support, also, in the United States
Steel stocks which gained a point each
: on the day Loans made on Friday carry
, over until Monday. SO that there were
no actual loan operations today Money
was easier in London today, which
aroused hopes that the foreign denaitd
for geld might be relaxed, although he
continental exchange still bear against
London The bank statement seemed 10
be ignored although it gave no evidence
OF any gain in cash from the interior to
~Rf.a -. O. Jt,n, 1.1,
had been confidently expected. Coptnen-
tai Tobacco was strong and advanced "a.
United States SIS declined per cent,
the SIS Il and the new As and rounding
rs Il per cent. The old As advanced
per cent over the closing call o. last
week
The total sales of stocks today were
94g, 400 shares, including the following:
Atehison SO 800; Atchison preferred, 23,-
SEQ; Baltimore and Ohio, 10, 800; Chasa-
peake and Ohio, 5000 Chicago, Burling-
ten and Quincy s. zoe: Chicago. Rock Is
land and Pacific, 49, 700; Erie, 81, 200; Illi-
nois Central 5000; Louisville and Nash
Vile, II 2G0; Manhattan Elevated. 6400;
Metropolitan Street Railway. II 600 Next
can Central E,200 Missouri Pacific, 81 500;
New York Central, IL 400; Northern Pa
eihc, q 500. New York, Ontario and Yes
tern. 1890; Pennsylvania Railroad. 49,
700, Philadelphia and Reading, II see;
Chicago, Milwaukee and ST. Paul III 400;
Philadelphia and Reading second pre-
ierrsd, 6,6C0; Southern Pacific, 34100;
Southern Railway II 500: Southern Rail-
way preferred, $500; Texas and Pacific.
$l0oi union Pacific t09 800; Wabash pre-
TERED. 6,400; Amalgamated Copper. g.,
Rapid Transit, 800; Continental To-
hGccc, "a, 800; Peoples Gas Light and Coke
Company. 10, 200; American Sugar Rein
ing. $500; United States Leather. $500.
United States Steel Corpora tioa SIS 400
United States Steel Corporation preferred
81 so: Western Union Telegraph 800