The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-04-12
STOCKS AND BONDS.

STOCKS AND BONDS
New York, April II Speculative liqui.
dation was very clearly at work again in
today's stock market. 1t was offset du-
ring the early part of the day by the
aggressive strength shown by handful
of stocks. The advance in these was help
ed by violent manipulations, but it serv-
ed to sustain the rest of the market in
face of heavy selling until the call money
rate ran up again, when the pressure to
sell became greater than the absorptive
power and the market turned weak Even
the notably strong stocks lost all of their
gains IS a rule and the market closed
dull and at about the lowest and at con-
siderable net loss except in a very few
stocks. The arrival in London of the New
York financier. who has been the moving
spirit in most of the recent vast financial
projects in this country, aroused some ex-
pectation that the London market would
reflect his presence there and that ac-
ton would be taken on some Of the pro-
jeets, which have been supposed to be
waiting upon his council. The rumored
Burlington deal was the most important
of these, and the failure Of official confir
mation of the very positive assertions
which have been current that this trans
action was completed had good deal to
do with the depression which permeated
the whole market as the day progressed.
1t is very evident from the persistence of
disclaimers of the deal that an important
minority of the stockholders is still OPP.
posed to it, even if it be true that actual
control has passed to the Hill- Morgan
interest. The widespread belief in inn
pending consultations of Importance in the
Copper world made Amalgamated Copper
very active and buoyant, but here again
the failure of expected official confrma
ton aroused some feeling Of distrust
among the spectators who had bought
most largely and with least information,
and the profit taking cost the stock prac-
tically all of its 80 points rise. The Chi
cago and Northwestern stocks continued
their remarkable rise, the common adj
vancing thirteen points and the preferred
eleven points. each of them showing five
point advances between sales. Denials
from official sources of the rumored con-
solidation of this road with Chicago, Min
neapolis, ST. Paul and Omaha. and with
Union Pacific caused reaction in the
stock of 13. There were denials of the
rumored sale of Consolidated Gas, causing
a reaction of four points from the stocks
five and a half points rise. The advance
of three and a quarter points in Rock
Island on rumors of buying for control by
Pennsylvania Railroad was more than
lost. American Sugar Refining rose an
extreme three end a quarter and saved
more of its gain than other stocks. The
United States Steel Corporation stocks
showed a notable relapse from their
early strength, closing at net declines Of
a fraction to a point. The selling pres
sure was most marked in Chicago, Bur-
lington and Quincy and in Northern Pa
ciffe, and it was only for brief period
that they were lifted at all over last
night. The reaction in Chicago, Burling
ton and Quincy reached five and a half
points and in Northern Pacific 2s. The
requirements of the Sub Treasury and the
demand fror, the interior continued to
make inroads on banking reserves and the
refusal by the Secretary Of the Treasury
of bonds offered to him at the market
price discourages the hope of relief from
that source. The hardening of the money
rate in London also causes apprehension
of a renewal of pressure for gold from
that point, although the higher money
rate here was sufficient to cause yield
ing in the sterling exchange rate today.
The bond market was moderately ac-
tive and yielded in sympathy in some
places with the late reaction in stocks.
Total sales (par value) $4,945,000.
United States old As coupon advanced
n per cent on the last call
The total sales of stocks today were
1,745, 500 shares, including the following
Atchison, 80, 100; Atchison, preferred, 16,-
500; Baltimore and Ohio, $500; Chesa-
peake and Ohio, $500; Chicago, Burling-
ton and Quincy. 10000; Chicago and
Northwestern, 10, 500 Chicago, Rock ISL
and and Pacific, 51.100; Colorado South
ern, 1900; Erie, u, 400; Erie, first pre-
ferred 1900; Louisville and Nashville,
L. 400; Manhattan Elevated, 10000; Met
ropolitan Street Railway. 1880; Mexican
Central, II 500; Missouri Pacific, $500;
Missouri. Kansas and Texas, preferred,
IL 900; New York Central, 1900; Norfolk
and Western, 800: Northern Pacific,
80 900; Northern Pacific. prferred, 5000;
New York, Ontario and Western. 1900;
Pennsylvania Railroad, 1860; Philadel-
phia and Reading, 200; Philadelphia and
Reading, second preferred, 10000 Chica-
go, Milwaukee and St. Paul. $4,000; South
ern Pacific. 500; Southern Railway, TO-
700; Southern Railway, preferred, $500;
Texas and Pacific. 52,10O; Union Pacific,
g, 2O05 Wabash. preferred, 32,700; Anal
gamated Copper, 152, 800; American Smelt-
ing and Refining, 5000; American Tobac-
co, SO 800; Brooklyn Rapid Transit, 1880;
Colorado Fuel and Iron, Is, 500; Continen-
tai Tobacco, 12,200; General Electric, g.
zoo; Peoples Gas Light and Coke Com
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