The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-19
STOCKS AND BONDS.

New York, May 1S.-The promise of re-
newed strength in stocks held out by yes
terday's market was not fully realized
today, although the substantial early
reactionary tendency, due principally to
the bank statement. Just at the close
there was an abrupt marking up of a
few stocks to top prices, apparently by
manipulation, which lessened the appear
ance of weakness. The disappointing fea-
ture of the bank statement was the de-
crease in the cash reserves. The pre-
liminary estimates of the interior currency
movement indicated that receipts had
been so heavy as to offset the outgo by
gold export and Sub Treasury require
ments and bring the net gain in cash by
the banks to $6,000,0 900 or upwards. The
statement shows a decline on the contrary
of q 293, 800 The discrepancy is surpris-
ing but the fact is obvious that the re-
Taxation in the local money rate has les
sened the attraction here which was
drawing money from the interior during
the stringency of last week and early
this week, just as it has allowed gold to
go to Europe. The heavy stock market
liquidation is shown in the $24. 204, 500 OF
repayments of bank loans. 1t is clear
that the money market is again a factor
to be considered in the stock market with
receipts OF currency from the interior
arrested and gold going out to Europe. The
effect of realizing was quickly manifest
this morning in stocks which had been
strongest yesterday. Atchson forged up
ward to the leadership Of the market
and closed at a net gain of 35s. There
was no news to explain the rise. Other
strong features were the local gas stocks,
Baltimore and Ohio, Lackawanna, Rock
Island, Illinois Central, the Chicago and
Alton stocks, Pittsburg, Northern Pacific,
Great Northern referred the Fries, the
Southern Railway stocks, Wheeling and
Lake Erie first preferred, International
Power, the National Lead stocks Man
haitian and number of minor industrials
and specialties Last prices were decided
ly below the best in most cases. The de-
crease in loans was the largest for c2e
week in the history of the clearing house.
Prices Of bonds have not made the
feverish fluctuations shown by the stocks
aud the volume Of business has decreased
United States new As advanced y and
the refunding rs Il per cent. The fves
declines ~ below the closing call of last
week.
The total sales of stocks today were
Goa. 500 shares. including the following:
Atchson, 50 800; Atchison preferred, H.,
100; Baltimore and Ohio, 10, 400 Burling-
tor, 5000; Erie, as, 800; Louisville and
Nashville, 1890; Manhattan, p 200; Met
ronolitan Street Railway, $500; Missouri
Pacific. 2G,200; Ontario and Western, rs
300 Pennsylvania. $500; Reading, IS, 700;
Grading first preferred, $1,000 St. Paul,
1890: Southern Pacific, II, 100: Southern
Railway. 1880; Southern Railway pre-
ferred, $500; Union Pacific, 10000 Wa
bash, $780, Wabash preferred. 800;
Amalgamated Copper, 1900 Linseed Oil
preferred, 5000; American Tobacco, TO-
SEQ; Anaconda. G.100; Brooklyn Rapid
Transit, IA, 800; Continental Tobacco, s.,
SOC; Peoples Gas, 90 400; American SUI
gar, 23,400; United States Steel $500;
United States Steel preferred, 22.4n0 Chi
ca and Alton G,69o; International Power,
5.fG0.