The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-04

| very teeth of such a situation with every
preliminary warning, but pushing reck-
lessly onward until the actual event forci-
| bly, checked the advance. The danger has
been obvious that the speculation was
overrunning the bounds OF reason and
safety. The buying was admittedly with
out motive or information beyond the
hope and belief that there would be
enough future buyers to lift prices to a
higher plane and so offer profits. There
were exceptions in the case of the great
rsrlet leaders in which there swere
plausible theories and reports Of buying
10 change control. But in these also the
horde of spectators, who have tailed on
precipitately to each movement of this
kind for several weeks past was a very
large element in the buying Increasing
trepidation has been felt among commits
sion brokers and lenders of money who
assume responsibility for speculative buy
ers that many OF this class were stretch
ing their resources unduly. dependent
as they are, on the maintenance of the
price of securities to keep their credit
good. AS consequence there has been
an increasing pressure from commission
houses upon their customers to take their
profits and tighten their load. But the
buying demand has been constantly re-
inforced by newcomers and the inroads
upon the money market extended The
preliminary figures of tomorrow's bank
statement made it clear that only a weak
showing can be hoped for frcn that
statement, and the bankers began calling
loans to recuperate their position The
to nm in ~
per cent and the spectators began 10
manifest acute distress as they found
themselves obliged to look about for new
accommodations. The extreme sensitive
ness of the situation was manifest in the
violence of the reaction caused by what
was really a moderate hardening in the
money rate. The delicacy of the situation
was enhanced by the furious speculation
this morning in Atchison, st. Paul, Rock
Island, Baltimore and Ohio, Missouri Pa
cific and number of stocks influenced by
these movements. Advances OF three and
a quarter to seven and fve-eighths had
resulted during the morning amongst
these stocks, st. Paul being particularly
buoyant. When the pressure came upon
the market, these stocks were naturally
amongst those which were most acutely
affected by the selling. Enormous blocks
We're unloaded on the decline at success
sive drops OF a half TO a point through
many points decline The bears were
so eager to take profits after their long
abstinence that their demand to cover
caused rallies amongst these stocks of
from two to four and three quarters. But
the rallies were not held and prices went
of again in some cases TO the lowest
The closing was feverish and unsettled
and the undertone continued weak The
preliminary figures of tomorrow's bank
statement indicate gain on the interior
movement of less than 81, 600 900 to offset
the loss to the Sub Treasury, which was
reduced in today's statement by the pay
ment of Government interest checks and
bond redemptions to 81. us 600. But the
extent of the disturbances in the money
market today indicates that the available
surplus of the banks had been considera-
bly, impaired by the great demand of
the stock market speculation, AS well as
by this indicated loss in cash of nearly
$4,000, COO. The easier tone of the sterl-
ing exchange market, followed naturally
from the sharp demand for money and
there was no further engagement of geld
fer expert tomorrow
Bonds gave way in sympathy with
stocks, but there was no great activity
in the general list. Total sales (par
va.uel S.. 1856 600.
United states SIS and SIS declined 4 and
the new is and refunding rs 3s and 2s
coagcn Il per cent on the last call.
The total sales of stocks today were
2,96S, SEQ shares. including the following:
Atchison, f34 600; Atchson preferred
l64 zoe; Baltimore and Ohio 40 100; Ches-
apeake and Ohio. GO eco: Chicago, Bur
lington and Quincy, 1900; Chicago, Rock
Island and Paci"S, 1850; Denver and
RIG Grande, 1920, Erie 1873 200: Illinois
Central. 11.400; Louisville and Nashville
ij,l0o Manhattan Elevated Is, 100: Met
topc,itan Street Railway, ll0G0; Next
can Central. II 500; Missouri Pacific. 94-
go; Missouri, Kansas and Texas, 1890;
Missouri. Kansas and Texas preferred
1880 New York Central, 40, 200 Norfolk
and Western. $500; Northern Pacific
50 SEQ Northern Pacific. preferred, 100;
New York. Ontario and Western Is 100;
Pennsylvania Railroad, 300; Philadel-
phia and Reading, 27,5o0; Philadelphia
Louis and San Francisco, 9,l00 St. Louis
Southwestern, preferred, 6.400; Chicago
Milwaukee and St. Paul. l9l SEQ; Chicago
Milwaukee and st. Paul, preferred $500;
Southern Pacific. los, 300 Southern Rail-
way 33, 600 Texas and Pacific. $500;
Union Pacific, 3Sl, 100; Union Pacific, pre-
terred. $4,000; Wabash. 1880; Amalga-
mated Copper, SO $50; American Smelling
and Refining. 1880; American Tobacco,
II. 500; Anaconda Mining Company 100;
Brooklyn Rapid Transit 1890; Con-
tinental Tobacco, 21.100; Peoples Gas
Light and Coke Company. $4,000; Ameri-
can Sugar Refining S9100; Tennessee
Coal and Iron. $500; Western Union Tele-
graph 1890: United States Steel Cor
poration, l62.700; United states Steel
Corporation, preferred, $4,000; Chicago
Terminal. 500; Chicago Terminal, pre-
ferred. 5000: Baltimore and Ohio. pre-
Il