The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-04-18
STOCKS AND BONDS.

| ket was excessively irregular, showing
| the decidedly nervous state of mind
| which spectators have come to be in who
are long of stock, as we'll as the watch
| full mood for weak points to develop OF
| those who are short. The battle between
| the two elements waged all day with
varying success and the market closed
with the issue apparently undecided, al
though a review of the net changes for
the day will show that the bears had
the best of the contest taking the day
through. The bulls contested the on
slaught Of their opponents with vigor and
determination and had fairly secured the
upper hand of them after the opening
drive against the market. Even after
the last dip in prices which carried quo
tations to the lowest of the day, the
bulls were still in full array, vigorously
supporting prices here and there and
boldly manipulating advances in a num-
Der of stocks. The only point of positive
strength was in the Southwestern rail-
road division. An effort was made to
revive speculative excitement by bring
ing up the rumors of a Southwestern
merger During the period of the first
retreat of the bears, the movement in
this department proved an effective lead
ership in the market led by Kansas and
Texas preferred. New York Central and
some OF the other trunk lines also showed
signs Of strength and Sugar, Peoples Gas,
and the Smelling stocks made effective
auxilaries in the demonstrations of the
bulls. Little, was left, however, of these
advances after final reaction except in
the ttchisons which moved more yigor-
ously upwards, the common rising 2Ss over
last night. Prices rallied while the room
shorts were uncovered, but went off again
on renewed selling, making the closing
unsettled and irregular with some stocks
at the lowest. There was a disposition
to take. speculative profits regardless of
news developments. 1t was especially
manifest in the stocks which had been
influenced most by the Burlington deal
rumors and in Amalgamated Copper
There was almost complete recovery
from these opening losses, apparently on
the supposition that the Burlington di-
rectors after their meeting would am
nounce the completion of the deal. Their
failure to do so was the principal element
in the sharp break The bull leaders
are manifestly perplexed over what is
to take the place of the Burlington deal
as an effective influence in fomenting
speculation when the matter Is finally
disposed Of Today's development did not
seem to cause doubt of the practical
contamination of the plan and in fact
heavy profit taking was to be looked for
even had the matter been announced. 1t
is not too much to say that the Burlington
episode has lost its influence to attract
speculative buying so long as official an
nouncement of the matter is withheld,
giving room for rumor and surmise over
the plan. The threatened strike of iron
and steel workers was a continued int1u-
ence towards depression, and United
States Steel stocks were heavy all day,
ruling fraction under yesterday
throughout The weather bureaus week
Iy crop report showing retarded develop
ments by reason of cold weather, may
have had some influence. But the move
ment of the market was principally due
to technical causes. The more favorable
money conditions were ignored. The
gains by the banks from the Sub-Treas-
ury which have already reached $4,000, 600
this week and the arrested outflow OF
cash to the interior gave pretty good
assurance Of favorable bank statement
on Saturday. The sterling exchange
market was rather soft. Notwithstanding
the increased supply here of loanable
funds, SO that the outflow of gold is pref
ty certainly deferred beyond this week
The range of prices during the day was
extremely wide, reaching from two to
four points in nearly all of the most ac-
tive stocks. The bond market continued
active but the price movement was ir-
regular Total sales (par valued So,
305 ,000.
United States old AS, registered, de-
clined u and old As, coupons, 1-S per
cent on the last call.
The total sales of stocks today were
/, 641, 200 shares, including the following:
Atchison 90 900; Atchison preferred, 20,
5OO Baltimore and Ohio, 800; Chicago,
Burlington and Quincy, 81 400; Chicago,
Rock Island and Pacific, 81 100; Big -Four,
6,100; Colorado Southern, Sc, 900; Erie,
1873, 400; Great Northern preferred, $500;
Louisville and Nashville, 6,400; Manhat
tan Elevated, 18,4OO; Metropolitan Street
Railway, Il, 900; Missouri Pacific, sc, 100;
Missouri, Kansas and Texas, 1900; Mis-
souri,. Kansas and Texas preferred, 49,
$780, New ork Central, q 800; Norfolk and
Western. $500; Northern Pacific, IS, 400;
Northern Pacific preferred, 14,6O0; New
York Ontario and Western, 5, 100; Penn
sylvania, Al 800; Philadelphia and Read
ing. 300; Philadelphia and Reading first
preferred. $4,000; Philadelphia and Read
ing second preferred, II 800; St. Louis and
San Francisco. IL 600; ST. Louis and San
Francisco second preferred, $500; st.
Louis Southwestern, $500; Chicago, Mill
waukee and ST. Paul. 10000; Southern
Pacific, 90, 200; Southern Railway, 11,0O0;
Southern Railway preferred, 6,1OO; Texas
and Pacific, SS 300; Union Pacific, $4,000;
Union Pacific preferred, $780, Wabash
preferred. 20, AGO. Wisconsin Central, s.
400; .Amalgamated Copper, $4,000; Ameri-
can Smelling and Refining, 80, 1907 Ameri-
can Smelling and Refining preferred, g.
700: Anoeriean Tobacco, 21,60O; American
Tobacco preferred, 10000; Anaconda Min
ing Company. $4,000; Brooklyn Rapid
Transit, 400; Colorado Fuel and Iron,
90. 800; Peoples Gas Light and Coke Com
pany, Il 500; American Sugar Refining,