The news & observer., 1901-04-16

semblage of professional operators IN
stocks, who have led the great bul
market of this year throughout Were
making an abrupt SHIFT from the higr
priced railroad stocks into the indus
trial stocks of all grades, down to many
that are in the stock exchange category
known as "cats and dogs Very buoy
ant advances were effected in many oil
these and the unfailing following of cut
side SPECTATORS which has quickly fol.
lowed this leadership for many weeks
past continued its docile response today
There was very fragrant manipulation in
the case of many of these advances, and
in others there was a very large, and
apparently urgent demand which ar
gued knowledge of coming favorable de-
velopments. A very notable feature OF
the market was that profit-t taking in the
railroad list persisted throughout the
buoyant rise among the specialtias
Prices of the railroads were opened
high, helped by some speculative de-
mand for London account, the latter
factor being especially notable in South
ern Railway preferred. But the OPEN
ing prices in the railroads of those made
during the first hour proved to he the
highest in very many cases. Railroad
stocks generally show net losses on the
day. although an effort was made to
support them at the last, lifting some
of them from the lowest. New York
Central had receded to 151 Is in the
last hour and was made to sell on the
next and last sale at 152A asked. BY
far the most CONSPICUOUS movement of
the day, owing to the enormous volume
of the dealings, was in Amalgamated
Copper Thesstock fell back at intervals
on profit taking after it's wide opening :
at 1T to 120 compared with 116 at Sat
urday's closing. In the final DEALINGS
1t was rushed up through flood OF
offerings to 124M closing at the top
notch There were notable upward
movements in all the gas stocks, led By
Consolidated Gas and Brooklyn Union
Gas, with advances of 61a and 10 respec-
lively. Peoples Gas rose at one time
nearly points. Call money did not
rise above Y. per cent today and eased
off during the day. Speculative sentl-
ment, however, is not free from mis-
giyingS over the future of the money
market. 1t is to be borne in mind that
the lending in New York for account
of Western banks. which has been q
feature for several days past, is effect
ed by drawing upon the New York de-
posits of those banks. The result is to
give the benefit Of the higher interest
rate TO the Western banks rather than
to the New York banks, but it is SIM
ply by a transfer of account which
does not afford relief to the money
market The high money rate here,
however, has checked the interior de-
mand for cash, and the rise in the New
York exchange rate at Chicago to par
suggests the imminence of return flow
of currency to New York. The bond
market was strong, Mexican Central
incomes being in notable demand,
and large business transacted in Tn
ion Pacific convertible fouls. Total sales
par value $6,690,000 United States old
As regular advanced 1-S and do coupon
declined is per cent on the last call
The total sales of stocks today were
/ ,6O9, 400 shares including the following
Atchiscn 21, 800; Atchison preferred 1S.-
800; Chesapeake and Ohio 1000; Great
Western 1000; Burlington 33100; Rock
Island 24,100; Big Four 12,600; Colorado
Southern 15,600; Erie 40,500; Erie first
preferred 6.100; Louisville and Nashville
8 400; Manhattan 10000 Metropolitan
SO, 200. Mexican Central 10000; Missouri
Pacific 7100; Missouri Kansas and
Texas preferred 10000: New York IL
500; Northern Pacific 51,700; do preferr-
ed 6, 100; Pennsylvania 80 100; Reading
15,400 Reading first preferred 21,300;
Reading second preferred 3,100; ST. Paul
15,600; Southern Pacific 300: Southern
Railway 13,400; do preferred 10, 500: Tex
as and Pacific 16.1O0: Union Pacific 49,
800; Wabash 1900: Copper 154,3oa:
Smelling 10000; Tobacco 30,400; Ana
cando 25,100; Brooklyn 39,700 Colorado
Fuel 24,700; Continental Tobacco 24,200;
Peoples Gas S3,400; Pressed Steel Car
$40; Pressed Steel Car preferred $500;
Sugar $4,000: Tennessee Coal and Iron
2S,50O; United States Leather SO, 200; do
preferred 17,5O0 United States Steel
$4,000; do preferred 59,400