The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-14

upward movement at the opening WHICH
might be sufficiently accounted for by the
feeling of great relief over the tiding
over of the stock exchange settlement in
London As there was known to exist
large short interest in Northern Pacific
in that market in addition to large de-
clines in other Americans since the last
settlement there was much uneasiness
lest heavy losses should occur. The news
that settlement with the shorts in
Northern Pacific had been arranged which
would allow them to cover at lao as
therefore an immense relief to sentiment
in New York which was in dread of
ref1ux action action on renewed disorder
in the London market After only
short time Union Pacific began to absorb
pretty much all the buying demand and
it's buoyant fight of 113 points, began to
arouse obvious uneasiness among stock
operators. After last week S experience
the first thought aroused by such move
ment is that another corner is in process
of formation. The most conspicuous shares
affected by Union Pacif1c's strength
were st. Paul and Amalgamated Copper.
The former rose five points and the lat
ter seven. Meantime, some points OF
weakness which had been moderately de-
VG1OpCu early the .udy, pGbun W 6ION
and spread. When Union Pacific touched
1874 the buying demand for other stocks
showed notable decrease and was not
sensibly revived for the rest of the day.
The selling pressure was not severe as
to volume when the reaction set in, but
very wide concessions had to be made in
order to effect sales of even small
amounts of stocks. In Rock Island. which
had advanced quite eagerly to 1R over
Friday, there was a drop of 3B on the
sale of only 100 shares.
There was similar weakness in other
stocks. These wide declines however, dis
lodged very little stock indicating the
small new commitments for speculative
account on the long side. On the other
hand prices were bid up with apparent
ease when any effort was made to sup
port the market. The source of the buy
ing which caused early strength was not
easy to perceive. London was seller in
this market and there was nothing to
show that there was any renewal of bull
speculation on a large scale. The mere
fact of a higher range of prices is of
Obvious advantage in the adjustment of
indebtedness growing out of last week S
troubles by increasing the value of col
lateral on loans. There was doubtless
some manipulation of prices with this end
in view and the absence of liquidating
sales on the advance facilitated the move
ment The money market was free from
disturbance and large payments of loans
made in the crisis last week were re-
ported to have been made The transfer
of great sums from the interior helped this
movement. In response to the easier
condition of money there was a violent
rebound in Sterling Exchange demand bills
rising to 1854 which is near the point
where gold went out in April The buy
ing of stocks for New York account in
London had its principal effect on the
rate for cabling the transfers. The prepa-
ration for the Russian loan and for the
future instaIlments of the British loan
were apparent in foreign money markets
and also affected the exchange market.
The strength of exchange may have had
to do with the later weakness in the STOCK
market which required after the various
rallies many stocks closing at the lowest.
But the general opinion is that the reaction
is due to the fact that the natural re-
bound after the panic had spent its force,
The bond market was generally strong
but not very active, total sales ;par value)
ST, 900, O0O
U. S. new As advanced u per cent and
the IS declined a per cent on the last
call.
The total sales of stocks today were l.
126. 500 shares, including the following:
Atchison, $4,000; Atchison preferred, 30,
600: Baltimore and Ohio $500; Canadian
Pacific, 1890: Chesapeake and Ohio, %,
100; c. B. & O., 1900; Colorado Southern
I. 200; Erie. 2S, 100; l.. & N. 1920; Manhat-
tan, IA, 500; Metropolitan, 10000; Missouri
Pacific. 21,30O; NJ X. & T. preferred, s..
900: New York Central. 300; Norfolk
and Western, $500; Ontario and Western
10 900; Pennsylvania 1900; Reading. H.,
200; Reading first preferred, 10,700; Read
ing second preferred, 1900: st. Paul. 3S
500. Southern Pacific. $4,000; Southern
Railway 16. 300; Southern Railway pre-
ferred, 5000; T. & p. 1920; Union Pa
cifc, 22t ,700 Union Pacific preferred, D.,
700 Wabash preferred, 5000; Amalgama
tel Copper. 3S, 400 American Linseed Oil
12S00 American s. e r., $500; Ameri
can Tobacco, 19,300 B. r. T., 25,600; Con
tinental Tobacco, 27,20O; Peoples Gas
IL 10e; Sugar, 23.300; L. S. Steel, 1293O0