The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-16

tnfGe-QuaflofS, AtcnlSOn TOUR ana d quar-
ter Chicago, Burlington and Quincy -four
and a half, Baltimore and Ohio three and
five eighthss while the net gains as a
rule were all the way from a fraction UP
to three points. These gains were only
slightly yielded at the last which was firm
and active at about the top. This ron2
recovery seems puzzling in face of tire
extreme sensitiveness of the early mar
ket. The progress of liquidation which
caused the early weakness was in Itself
an immense relief to the SITUATION. 1t
gave growing assurance If the solvency
of stock exchange houses who We're emery
ing from any dangers that may hay e
beset them by the rapid conversion oi
their resources into cash assets. 1t was
the fear that this could not lie safely
done, which overhung the market yes
terday. The more of i that was accom-
plshed the less remained IL do. The
fact began to grow clearer also that
speculative accounts in the stock market
itself were all that had been affected ny
last weeks slump. There remains some
holders with borrowed funds whose loans
were not sufficient to protect their hold
ings by additional security or to take
ings by additional security or to take
them up outright. The selling out of this
class was still in evidence this morning,
and no effective support was in the mar
ket to help them. The opening gains in
sympathy with the higher prices in Lon
don were quickly wiped out by this con-
tinued liquidation. The selling came at
spasmodic intervals and for the greater
part of the day no effective buying was
evident. On the successive downgrades
there were some buying orders met, but
they did not follow the market upward
until the last rally set in When it be-
came evident that the urgent liquidation
had spent its force and that there was
large reserve force behind the rally,
the buying orders grew in volume and in
fact were largest at about the top level.
The announcement of gold exports TO the
extent of 50, 200, 900 and the weekly crop
bulletin of the Government weather bu-
reau reporting the growth of the crops
retarded by the unreasonable weather
helped the early depression. So did the
rather alarmst reports as to the outcome
of payday in the London stock exchange
settlement. There was a call yesterday
for the payment of ten per cent of the
$50 GOO, 900 underwriting subscription for the
Burlington purchase and next Monday
there falls due 25 per cent installment
on the Union Pacific bond subscription
which win necessitate provision for about
$40 coo, 900. But these developments were
principally sentimental, as the money
market shows growing ease with the, pro-
gress of the stock market liquidation.
The prospectus of the Russian loan is
sued in Paris today and providing for
subscription by installments give some as
surance against money market pressure
on that account. There was perceptible
growth of confidence also that the hostil-
tiles precipitated in the struggle for con-
troll of Northern Pacific would in some
manner be adjuseted. With the relaxa-
ton of the liquidation it was compare
lively easy for friends of stocks to bid
up their nrices again without encounter
ing important selling and the late recov-
cry was largely due in its early stages
to pure manipulation of this kind.
The bond market did not fully recover
from its carrier weakness.
Business was moderately active Total
sales (par value) 1890, 900.
United States SIS advanced a per cent
on the last call.
The total sales of stocks today were
1853 900 shares, including the following:
Atchison, 1920; Atchison preferred, 49,
200; Baltimore and Ohio, 800; Canadian
Pacific, 1000; Chesapeake and Ohio, 16,
100; Burlington and Quincy, 1890; In
dianapolis and Louisville, 1000; Chicago,
Rock Island and Pacific, 9,400; Colorado
Southern, 7,400; Delaware and Hudson,
$500; Erie, $500; Erie preferred, 5000;
Louisville and Nashville, 1S,800; Manhat-
tan Elevated, 22,100; Metropolitan Street
Railway, 21,400; Missouri Pacific, $1,000;
Missouri, Kansas and Texas preferred, e.
600; New York Central, 1860; Norfolk
and Western, 500; New York, Ontario
and Western, 500; Pennsylvania Rail-
road, 90, 900; Philadelphia and Reading,
20,100; Philadelphia and Reading first pre-
ferred 26, 600; Philadelphia and Reading
second preferred, 1900; ST. Paul, 43,500;
Southern Pacific, 4S,9O0; Southern Rail-
way. go 200 Southern Railway preferred,
6.100; Texas and Pacific, $4,000; Union
Pacific. 1873 400; Union Pacific preferred,
$500; Amalgamated Copper, 44,700; Lin
seed Oil, 10, 800; Linseed Oil preferred, s.
800; American Smelling and Refining, T.
300; American Tobacco, 21,500; Anaconda
Mining Company, 5000; Brooklyn Rapid
Transit 81 800; Continental Tobacco, H.