The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-08-28

u.
veloped yesterday continued this morn
ing. After the first recession in prices,
strenuous efforts were made to check the
reaction, which met with degree of sue
cess The character of the buying in ST.
Paul was large influence in the tenn
pcrary upturn of the market. Very larage
amounts of this stock were taken by
brokers supposed to act for the group Of
hnanciers which has been foremost in for
warding projects for the community Of in
terest in railroad ownership Operations
towards supporting the market elsewhere
were attributed to the most conspicuous
operator in the street, and the apparent
confidence with which they were con-
Quoted served to intimidate the profess
sional operators of smaller class, who
were inclined to take a bearish view Of
the market. But when this latter class
detected the diminution of the outside
buying through commission houses and
some evidence of profit taking by the
longs, they offered prices down boldly and
by uncovering stop loss orders dislodged
very heavy offerings, under which the
market broke badly. With the downward
tendency established the traders gave a
pessimistic twist to the current news, as
is their wont There was, however, little
news to account for the course of the
market. The inference was clearly JUS
titled that the buying and bidding up Of
stocks for two weeks past represented an
experiment by stock market operators
VINO hoped to attract sufficient outside
interest by this means to take an active
bull speculation. Yesterdays extremely
moderate demand from outside sources
chilled the expectation of the bulls and
what long lines had not been sold to
realize profits were forced to sale more
urgently today with the still further di-
minution in the outside demand. Natur-
ally the stocks which have been recently
bulled the most were the weakest on the
reaction, the Pacific, Atchison Amalga-
mated Copper, Norfolk and Western and
the Coalers suffering the widest declines.
Yesterdays story Of the settlement of the
steel strike was clearly shown this
morning to have been put out to hold
the market and the United Staes Steel
stocks dropped with the rest of the mar
ket and are IL lower for the day. The
rally in the corn market was also an in
fuence and there was renewed selling
from Western sources. which have been
covering in stocks during the period OF
reaction in corn. The most potent influ-
ence in checking the speculation for the
advances was the growing conviction that
requirements to move the crops must be
met to a large extent by the New York
money market, with the prospect of a
continued drain at the same time On ac-
count of United States Treasury opera
tions. There was no striking new devel-
cpment today to emphasize this conyic-
ton but the factors recently at work to
that end continued in force. The market
had substantial rally from it's break,
caused by short covering but the recov-
cries were well held, and the closing was
feverish and irregular with heavy I'M
dertone.
The railroad bond market continued
quite active but turned weak in sympathy
with stocks. Central of Georgia issues
were strong on the declaration of the
full interest on the first incomes, which
rose 3D. and the third incomes 3A.
Total sales (par value) 81, 1880
United States bonds were all unchanged
on the last call.
The total sales of stocks today were
7314O0 shares, including the following
Atchison 1920, Atchison preferred 5,400,
Baltimore and Ohio $500, Erie 300,
Erie first preferred $4,000, Erie second pre-
ferred 500, Louisville and Nashville 49,
400, Manhattan Elevated 1900, Missouri
Pacific $500, New York Central $3.50,
Norfolk and Western 1910, New York,
Ontario and Western 1900, Pennsylvania
railroad 24400 Philadelphia and Reading
2o,1G0, Philadelphia and Reading second
preferred $500, Chicago Milwaukee and
st. Paul $1,000, Southern Pacific $500,
Southern Railway 1880 Southern Rail-
way preferred 1920, Texas and Pacific
1000, Union Pacific 70100, Wabash 800,
Wabash preferred 1920, Amalgamated
Copper 29.2oO, Brooklyn Rapid Transit
5000 Republican Iron and Steel 19,400,
Republican Iron and Secl preferred $500,
American Sugar 5,0O0 United States Steel
Corpora ton $1,000, United States Steel
Corporation preferred 1890.
sTo~w EXCHANGE TO CLOSE.
New York, August 27.-The governors
of the Stock Exchange voted today to
suspend business on Saturday next.