The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-04-23

activity of the speculation is witnessed
| by the record of the aggregate sales for
| the day, which rose again to 1882, 500
shares, compared with the previous rec
ord on Friday of 2,193,4 400 shares. The
character of the market showed marked
change from that of the latter part of
last week, when the tendency was dis
tinctIy upward throughout the list There
was a great variety in the speculation
and extreme irregularity in the move
ment Of prices all day and there was a
resumption of the feversh tone which had
broken in. on the present extended adj
vance in prices at various times. 1t was
obvious that there was heavy profit-tak-
ing going OH in stocks which have showed
the greatest strength recently but the
bulls had the situation fairly we'll in hand
through the early part of the day, and
the process of shifting the speculation
from one set of stocks to another which
has gone on in constant succession all
through the period of the rise seemed to
be going on in a normal manner. The
weight of the profit taking became so
formidable, however, and the violent ma
nipuiation of special stocks by which it
was sought to sustain prices became so
full concerted attack on the market in
the final hour. They offered prices down
by rapid steps without meeting any eff
fective support. taking the market away
from the bulls. who were eagerly taking
their profits. The relapse from he high
point was very violent in some stocks
and the level of the whole market was
carried well under Saturdays close The
violence of the decline invited some quick
profit taking by the bears, whose cover
ing demand caused few sharp rallies,
but the general tone was weak at the
close. Except for the slump in Amalga-
mated Copper at the opening, the market
started off with every appearance of a
continuance in full sway of last weeks
active speculation for the rise. Gains of
from one to enc and half on initial pur-
chases of from 900 to $500 shares, were
shown by a. number of the leading ac-
tive stocks including St Paul, Union
Pacific Missouri Pacific and Pennsyl-
vania and Southern Pacific was rushed
up 2 is. The last named stock was
conspicuous figure in the dealings all day
and even after the general market had
commenced going to pieces the price was
advanced to 53A, which was 53s over Sat
urday's close ST. Paul after various
pauses, rose to 49,. There were periods
of strength also among the Coalers, the
local fractions, the Southwestern, Sugar
and some other individual stocks. Pacific
Mail was rushed up Ga, apparently in
sympathy with Southern Pacific. The
strength in the Southwestern was on the
renewed talk of combination, including
Chicago and Alton and an entry into
Pittsburg. These extreme advances came
after the opening gains had been pretty
generally wiped out under the flood of
realizing which has been the feature of
the morning dealings on every day sue
ceeding notable advance. 1t was very
evident that the bull leaders were using
every endeayor to turn the market up
ward in order to revive the outside spec
ulative buying. But they did not succeed
in reyiving general strength at any time.
The upward movements were not accom-
panied generally by any news and were
based almost wholly on the argument that
the price paid for Burlington was warrant
cd by contrast with much higher prices for
other railroad stocks. The bulls sought
to make capital of the advertised invi-
tation for subscriptions to the new Brit
ish consol issue, as arguing confidence
by bankers in the future plenty Of money,
out the sharp rise in sterling exchange
rates in response to the large subscrip-
tons said by the bankers having them
in charge to be received for the loan
de acted from the force of this argu-
ment. Call loans did not rise above five
per cent notwithstanding Saturdays
strong bank returns. The proft-taking on
purchases made in anticipation of that
statement proved larger than the new de-
mand attracted by it. In the late re-
LAPSE in prices St Paul dropped seven
points, Northwestern five, baltimore and
Ohio four and half Unicn Pacific four
and an eighth and a large number Of the
active stocks from one to three points.
Burlington held well at point or mere
over last night. The price of this stock
baving been made an index to warrant
the advance Of the whole market. it was
we'll supported. United States Steel
stocks were weak throughout the day,
and show net losses Of three quarters for
the common and one and quarter for the
preferred.
The bond market was active and broad,
but the price changes were irregular
Total sales {par yaiue) $6480,00
United States bonds were all I'M
changed on the last call.
The total sales of stocks today were
1852, 500 shares, including the following
Atchison, 44,700; Atchison preferred, 3D.
zoo: Baltimore and Ohio, 1880; Chesa-
peake and Ohio, $500; Chicago, Burling-
ten and Quincy $1,000; Chicago, Rock Is
land and Pacific, 21S00; Big Four. $500;
Colorado Southern, 1880; Colorado South
ern first preferred, 10000; Colorado South
ern second preferred. $500; Delaware
and Hudson. ZOO: Erie, $500; Illinois
Central. $500 Louisville and Nashville,
16 zoe; Manhattan Elevated, 69,5O0; Met
ropoltan Street Railway, 1920 Missouri
Pacific, $4,000; Missouri, Kansas and
Texas, 30, 700: Missouri, Kansas and
Texas preferred, 24.600; New York, Cen
trail Ii, 500; Norfolk and Western, $780,
Northern aPcifc, 22.300; Northern Pacific
preferred, IL. 700; New York, Ontario and
Western, 10000; Pennsylvania Railroad
200; Philadelphia and Reading, $500;
Philadelphia and Reading first preferred
1890 Philadelphia and Reading second