The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-22


enced by them in moving prices. de-
clines being easily effected on light Of
ferings and advances are as easily
achieved by smart bidding up pro-
cess. The light share of the public i'll
the market, however, offers no medium
to take profits and the professionals
find more and more that in covering
short sales or in selling to realize on
purchases, prices are brought back to
about where they started from. The
nature of the business is indicated by
the example of several stocks today.
Union Pacific was sold yesterday on re-
ports of additional issues of convertible
bonds to finance the Northern Pacific
stock purchase. Today the fact was
confirmed that the company had applied
to the stock exchange to list the addi-
tional bonds, yet Union Pacific rose at
one time four and a half points over last
night. Missouri Pacific was weak yes
terday on the statement that the ex-
pected dividend would not be declared
at once; today the directors met with
out acting on the dividend; yet the
stock rose four points over the early
low point. In other words, the bears
of yesterday We're covering their con-
tracts today. The buying by railroads
and capitalists to effect changes in con-
troll of various railroad systems, which
was supposed to make up the bulk of
the buying in the boom market, when
dealings ran between two and three
million shares a day is also inconspic-
ious although rumors of such dealings
continue to play some part, especially
in Union Pacific which is credited by
the newest rumors with securing an
interest in ST. Paul. The strength of
the Toledo, st. Louis and Western
stocks is accompanied by limitations
about the exchange that the buying is
for Vanderbilt account with view to
elimination of competition. The old
story of a consolidation of Southwest
ern roads was revived today in connec-
ton with the rally in Missouri Pacific
The continuation of the injunction
against Amalgamated Copper's merger
project accounted for the early weak
ness of that stock. American Linseed
and National Lead We're coincidently
strong, rather strangely, since the abb
sorption of the Linseed Company by
the Union Lead and Oil Company Is
supposed to indicate increased comp&-
tition for the National Lead Company.
The greater ease Of money today had
some influence in the recovery of
prices. Banks which were below their
legal reserve by Saturdays statement
apparently completed their recupeFa-
ton yesterday. The payments of an
fnstallment of subscriptions on the I'm
ion Pacific bond issue and on the pur-
chase of the Rio Grande Western by
the Denver and Rio Grande, which
were made yesterday, resulted in some
return to the market today. There WEIR
no gold engagements today, but guam
tity is expected to go out before the
end of the week. The stiffness of the
London money rate lifted the sterling
rate at Paris fraction, but any relax
alton in the London money rate finds
immediate response in decline in the
Paris sterling rate, which means ship
ments of gold from New York to Paris
| for London account That is to say.
Paris money lent in London is called
| home to meet the eXigency of the Rus
| sian loan, unless the London rate is
| kept high enough to make a loan there
more attractive.
The bond market was dull and in
| clined to weakness early, but showed
| some recoveries later in sympathy with
stocks. Total sales (par value) $3.50,
| 600.
! United States new As declined Ia
per cent on the last call.
| The total sales of stocks today Were
| GAS, 300 shares, including the following:
| Atehison 1920; Atchison preferred g..
10O Baltimore and Ohio $500; Erie So,
| 1907 Manhattan 10000; metropolitan
Street Railway 5000; Missouri Pacific
| Is, 300; New York, Ontario and Westelr
7.900 Pennsylvania 800; Reading g.,
| 500: Reading first preferred 1890; Ok
second preferred 1900; Southern Paci
/ fc 17,7O0; Southern Railway 10000; 81
Paul 80 200; Texas and Pacific 7,10O
Union Pacific &c, 500; Union Pacific pre-
ferred $500; Wabash $500; Wabasi
preferred 266OO; Amalgamated Coppe
Is, 100 Linseed Oil 1S,400; Linseed OF
preferred II, 800; Brooklyn Rapid Transi
10 500: Continental Tobacco 5000; PEG
pies Gas 1860; National Lead 1900
Sugar IA, roo; United States Steel 29,30e
United States Steel preferred 1880
Mexican National 27,700; Toledo, s.
Louis and Western preferred 1880.