The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-04-10

market today. lnere was not Sign Oh
the distress and acute anxiety under
which the market labored all day yes
terday 1T is the almost invariable rule
that such a violent break in prices as
that of yesterday brings in over night
an accumulation of selling orders from
alarmed holders of stock who wait for
daily reports for their information of
the stock market, but the opening this
morning was quiet and unruffied with no
important pressure to sell and with many
notable advances induced by the demand
of the shorts to cover. Before the day
was over the bull leaders had recovered
their full control of the situation and
were marking UP prices and attracting
large following with all the facility which
has characterized their operations for
many weeks past There was very PAL
pable manipulation and there were care
fully organized operations to support the
market Commission houses which were
prominent in bidding up stocks and which
have acted for large speculative interests
all through the recent bull campaign
were free lenders of money below the
rate offered by the banks, at the same
time that they were buying stocks. The
rumor of the Burlington deal was re-
habilitated and had apparently not lost
any of it's pristine force, although official
confirmation was still conspicuously lack
ing There was revived eredulity in many
other rumors which have already done
good service, including that of the sup
posed readjustment of General Electric's
capital and the Southwestern railroad
merger. The settlement of the internal
dissensions in the American Smelling
Company, the advance in the price OF re-
fined sugars and the absence of any
engagements of gold for export by tomor-
rows steamer were all used with effect
by the bulls. Advances reached six
points in Burlington, Rock Island and
Northwestern 31a in Northern Pacific, 4
in Texas and Pacific, in Chicago and
East Illinois, 312 in Metropolitan, in
Western Union, Consolidated Gas 3h,
Amalgamated Copper 4, Sugar 25s, United
States Express 81, Rubber Az, Rubber
preferred 81a, and the majority of the
principal active stocks from one to two
points Only in one or two cases were
the gains fully maintained, reactions run
ming from one to two and three quarters,
but the market was vigorously supported
again and the closing was irregular. The
pressure of profit taking was not notably
heavy, even at the advances. Appar-
emily the speculative holders of stocks
were determined to hold for further
rise unless they were forced into liqui-
dalton by calling Of loans or by wiping
out of margins.
The easier money in London today les
sened the demand for exchange and the
rate for sterling yielded a fraction. The
Sub Treasury was a debtor at the clear
ing house today to the amount OF ST.
sos, 537 on account of the payment by
the Postoffice Department to railroads
for the transportation of mails. Yester-
avs heavy liquidation also caused some
natural relief to the money market. There
was not lacking a suspicion that yester-
days violent relapse was winked at ii
not connived at by sold-out bull leaders
either to enable them to get in at lower
prices or to shake out weak following
and relieve the condition of over-specula-
ton.
The bond market was moderately ac-
tive and irregular. Total sales (par
value) $3,0S5,00O.
United States old As coupons adj
vanced Il per cent on the last call.
The total sales of stocks today were
1345,000 shares, including the following:
Atchison, 31,S00 Atchison preferred, H.
ZOO Burlington, 131 300; Rock Island, 61,-
900; Delaware and Hudson, 1900; Erie,
$4,000; Louisville and Nashville, $4,000;
Manhattan, 17,500 Metropolitan, 3l700;
Missouri Pacific, &c, 500; Missouri, Kansas
and Texas preferred, 6,400; New York
Central, 10, 400; Northern Pacific, $4,000;
Northern Pacific preferred 16,400; On
tario and Western, $780, Pennsylvania,
17,100 Reading, $780, Reading first pre-
ferred, II 400; Reading second preferred,
II, 500; st. Paul, % 800; Southern Pacific,
10000; Southern Railway $4,000; South
ern Railway preferred, $500; Texas and
Pacific 67,1O0; Union Pacific, 81 100; Union
Pacific preferred, 7,400; Wabash pre-
ferred, 300; Amalgamated Copper, 81,
700; American Smelling and Refining, 40,
500; American Smelling preferred, $500;
American Tobacco, q 300; Brooklyn Rapid
Transit, 1880; Colorado Fuel and Iron
II 600; Continental Tobacco, 5000; Gener-
al Electric, $4,000; Peoples Gas, 14800;
American Sugar, 60, 800; United States
Rubber preferred, $500; Western Unior
Telegraph, $4,000; United States Steel
81 200; United States Steel preferred, AZ,
900