The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-15

operators who were so fortunate as tt
secure stocks that were sacrificed al
the low level on Thursday, were very
willing to sell and take profits when they
perceived that the rebound had about
reached its limits. There was another
class. that of the insiders and friends Of
various stocks, who bought heavily or
Thursday to support their favorites in
order to protect their values as far as
possible This class was anxious tc
tighten its holdings when the panic was
checked and took advantage of the high
level of prices. There was a large amount
of belated liquidation also in today's
market on the part of capitalists and OPP
orators who were strong enough to hold
through the panic and save their property
from absolute sacrifice, but who were
nevertheless bent on liquidation. The Sat-
urday holiday was taken advantage of all
through the Wall Street district to bring
up accounts to date, and the weak con-
dition disclosed in many cases prompted
the closing out of these accounts. This
factor would have had more influence
yesterday had it not been for the encour-
aging effect of the favorable outcome OF
the London settlement. The bears also
resumed their aggressive mood today, and
not only offered prices down to take
the market away from those seeking tC
liquidate. but were industriously circnlat-
ing alarmist rumorS of the further conse-
quences to ensue from the conflict In
Northern Pacific. 1t was observed with
apprehension, as indicating possible
spread of hostile tactics to general stock
market warfare that brokers usually sup
posed to be employed by Standard Oil in
terests were sellers of so-called Morgan
stocks while the supposed Morgan brokers
were in evidence when the stocks in the
Southwestern group began to give way
This might easily have been a bear ma
noeuver, but it was effective in driving
prices downward There were whispers
about the exchange also of a new ele-
ment of disturbance in the Union Pacific
situation. That stock was most promi-
nent in the market all day and it's violent
break after brief period of strength was
an effective influence in unsettling the
whole market The selling was seemingly
for the account of insiders, judging from
the agents employed in executing orders,
and very large selling orders in this and
other W. r. r. stocks came from that por-
tion of the country through Chicago. Bos-
ton was also active on the selling side.
With the obvious tendency of the mar
ket to yield the investment buying which
has been more or less in evidence for the
last day or two, was largely withdrawn
in the hope of getting stocks later at
lower prices. 1t was the prevalent belief
in the market also that the powerful OPP
orators, including the most conspicuous
one of the group, who were so long fore
most in the bull market had turned to
the bear side and were selling freely.
Whatever the causes at work, it was clear
that the buying demand for stocks had
fallen into insignificant proportions and
the liquidation, even of comparatively
light lines, caused sudden and rapid melt
ing away of values. There were inter
walls on the downgrade of /, 2 and even 5
points between sales. A scrutiny of the
price changes of the day will reveal net
losses of between and 6 points for a
large number of the principal active
stocks
The money market was not an influ-
ence, as there was no large demand for
call loans. In fact people were mostly
converting securities into money as rap
idly as possible. For the same reason
the growing difficulties of the foreign
money situation and the belief that it will
draw largely on New York's money sup
ply was viewed with lessened apprehen-
sion
Bonds became weak in sympathy with
stocks after an early show of strength.
Total sales (par value) $2,S70,000.
United States refunding rs and new As
advanced Il per cent on the last call.
The total sales of stocks today were
1.21S, 700 shares, including the following
Atchison, GO 400; Atehison preferred, 25,-
500; Baltimore and Ohio, $500; Canadian
Pacific, $500; Chesapeake and Ohio, 21,-
500: Chicago, Burlington and Quincy, s.
200; Chicago, Rock Island and Pacific, H.
700; Colorado Southern, 6,100; Erie, 49,
900; Illinois Central, 800; Louisville and
Nashville II, 700: Manhattan Elevated,
% 500 Metropolitan Street Railway, g.
600; Mexican Central, 1900; Missouri Pa
cific, 23,100; Missouri, Kansas and Texas.
$500; Missouri, Kansas and Texas pre-
ferred. $500; New York Central, 10000;
Norfolk and Western, 6,100; New York,
Onutario and Western, $4,000; Pennsyl-
vania Railroad, IS. 100; Philadelphia and
Reading, $500; Philadelphia and Reading
first preferred, $500; Philadelphia and
Reading second preferred, $500; Chicago,