The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-25

JeSt6d IN q few stocks The tobacco
stockS American and Continental were
the feature of the market. The volume
of business in them grew as the advance
progressed, and all of the room trad
ers, hungry for stock that would move
easily, tailed on to the movement. By
bidding up prices smartly, they ascer-
tanned that very few selling orders for
the stock We're in the market above the
prevailing price level. These technical
conditions were responsible for the
movement of the stocks so far as any
news that was published would indi-
cate. Something is made of the fact
that the new tobacco company which is
being organized has representatives in
it who organized an opposition com
pany once before, which was absorbed
in short time by the American Com
pany. The days gain registered for
American Tobacco was eight points, and
for Continental Tobacco Az The final
strength of the market was due to this
movement and to the late accentuation
of strength in other stocks, which had
shown signs of firmness and strength
earlier in the day. The weak points
were also pulled up, SO that the losses,
which were at one time very general,
We're either wiped out or greatly reduc- 1
ed all around. The Fries, the Wabash
stocks, Missouri Pacific and Atchlson
were good points of resistance all day.
The story persisted that efforts We're
making to secure trunk line outlet
for the Gould Southwestern Railroads
and Wabash; that the great trunk line
proprietors had protested against this
project and that it had been threatened
ha n NV no
Pennsylvania in retaliation. This story
and it's variations will be found close
ly related to whatever strength was
shown in the days market. The move
ment of Union Pacific was a notable in
fiuence on the whole market, it's break
to SO being the principal factor in the
carly weakness of the market and it's
recovery at the close largely relieving
the depression. The forecast of strong
bank statement, promising a recupera-
ton in cash by the banks of nearly
So, 900 900, was reviyifying influence,
although there has been no lack OF
money to loan The fact that no fur
Their gold was engaged for export was
also a strengthening factor, not only
for it's immediate bearing upon the sit
uation; but in it's larger significance
foreign money situation. Yesterdays
large purchase of newly arrived gold in
the open market in London by the bank
of England was the signal that the
pressure for gold at Continental Centres
had relaxed, that the requirements in
Paris for the Russian loan had been
satisfied and that London was free
to recuperate it's money market and
prepare for some large future needs.
This is a notable relief to the whole
financial world and is incidentally a
striking testimony to the strong posi-
ton to the Bank of France, which has
been able to provide for the Russian
loan with a much lighter recourse than
was expected to the foreign credits OF
the Paris money market. The cessa-
ton of the urgent demand for Northern
Pacific also relieved apprehension. The
result was an active and firm close IN
the stock market after day OF feeDle
and desultory fluctuations.
The bond market was irregular and
only moderately active Total sales
(par value) $4,79O,000.
United States new As advanced IA
per cent on the last call.
The total sales of stocks today were
I3S, lUU SnaFeS, lHcluuluS lIle lolloNihS
Atchison so, 400 Atchison preferred H.
700: Baltimore and Ohio $500; Chesa-
peake and Ohio 5, 100; Erie III 100; Man
haitian Elevated 5000; Metropolitan
Street Railway $500; Missouri Pacific
II 100; New York, Ontario and Western
9 200: Philadelphia and Reading 5000;
Philadelphia and Reading second pre-
ferred 6,100; Souther nPacific 109, 1OO
m an1
cific 7,10O:; Union Pacific 71,7O0; Wa
bash preferred q 900: Amalgamated
Copper $500; American Tobacco 1885,
500; Anaconda IL 500; Brooklyn Rapid
Transit 1900; Continental Tobacco pre-
ferred 6,0O0 Peoples Gas 10,400; Amer
lean Sugar 6,10O; United States Steel
q, 200: United States Steel preferred
II 400