The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-04-11

same appearance as it had during The
excited speculation of last week LondoI
helped to this result by some rather EN-
phatic advances in the internationa
stocks before the opening here, which
were perhaps incident to the fortnightly
settlement now in progress on the Londor
stock exchange. The market opened here
in a fairly buoyant condition, the con-
gested buying causing running sales Of
several thousand share blocks in a mum
Der of stocks at the opening at advances
of from one to two points. This mate
rally higher level of prices attracted
some large selling to realize, and the tone
became rather nervous for a while as
shown in the wide and frequent f1uctua-
tions in some of the prominent stocks
But the speculative leaders seemed to be
again we'll supplied with resources and
they supported the market with great
confidence and manipulated prices with
holiness. The sudden and violent ad-
vances were we'll calculated to fascinate
the multitude of outside spectators
who were very evidently waiting to come
into the market on any definite signs OF
a further advance. Mondays reaction
and the subsequent recovery evidently
served to convince many persons that nc
lower prices were to be expected for the
present and that further advance might
be reasonably looked for. 1t was demon
strated in fact that the public is still
willing and eager to buy stocks, notwith-
standing the high level of prices measur-
ed by the earning power, so long as
prices continue to go up. Large specu-
lative pools, therefore, find it worth while
m m
market, even in face of heavy offerings,
owing to the large outside demand at
tracted by the advance in prices. The
appearance of new lenders in the money
market including some of the spectators
interested in the rise, has served to again
defer the exhaustion of money resources
but the rate for call loans ran up above
Mondays level to seven per cent today,
under the requirement of the active spec
ulation and of some large financial oper-
ations. including the payment of another
$40, 900 600 installment on subscriptions to
the Union Pacific collateral bond issue.
The slightly frmer tone of sterling ex-
change this morning while the money
rate was lower indicated that any relax
alton in the rate would lift sterling back
to gold export point. The advance in the
call loan rate helped to precipitate a
lively realizing movement during the last
hour which cut into prices all around and
made the closing easy. The Burlington
deal and talk of q consolidation of copper
interests with the Smelling interests
looking to control of the gold, silver and
copper product, were the leading infiu-
ences in the days speculation so far as
it was due to any specific influence at
all. Burlington rose an extreme ga, to
a new record price at 1872, and Northern
Pacific came within small fraction OF
par The whole Granger group was af-
fected by sympathy and Northwest pre-
ferred made a notable advance of fifteen
points, while st. Paul and Omaha rose
eight points Amalgamated Copper gain
ed 5h on very large dealings; Anaconda
Mining Company stock Is. Texas and
Pacific was largely bought at an advance
of 215 on talk of an exchange of two
shares of the stock for one of Missouri
Pacific. AS an outgrowth of these move
ments the Southwesterns, Changers and
Fries were all strong and active Special
features of strength were Consolidated
Gas, which rose III, Brooklyn Union Gas
A. General Electric six points, with re-
action of five, American Tobacco 81,
(ex-dividand); Pullman ga and Chicago
Terminal Transfer preferred Is. Evans
vile and Terre Haute jumped seven
points, allowing for a III per cent divi-
dend off.
The bond market was moderately active
and higher Total sales (par value) So
755, 900.
United States refunding rs advanced
is and the old AS registered and the
new As Il per cent on the last call.
The total sales of stocks today We're
/ 900, 300 shares, including the following:
Atchison, 77,100; Atchison preferred, 49,
200; Baltimore and Ohio, 300; Chicago,
Burlington and Quincy, 1890; Chicago
and Northwestern, 13, 100; Chicago, Rock
Island and Pacific, II 100; Colorado South
ern, %, 400; Erie, 113,800: Erie first pre-
ferred, 1900; Louisville and Nashville,
1880; Manhattan Elevated, 10,l00; Met
ropolitan Street Railway 1890; Mis-
souri, Pacific %, 500; Missouri, Kansas and
Texas, 14,200; Missouri, Kansas and
Texas preferred, 37,4OO; New York Cen
trail, Is, 100; Northern Pacific, 95400;
Northern Pacific preferred, 25,500; New
York, Ontario and Western, 11,7OO; Penn
syIvania Railroad, 18,S0O Philadelphia
and Reading, 13,4OO; Philadelphia and
Reading first preferred, 1880; Philadel-
phia and Reading second preferred, $500;
ST. Louis and Southwestern, $500; St.
Louis and Southwestern preferred 5000
Chicago. Milwaukee and st. Paul, 107 800;
Southern Pacific 10000; Southern Rail-
way, $4,000; Southern Railway preferred,
II 300; Texas and Pacific, $4,000; Union
Pacific, 80, 500; Union Pacific preferred,
1905 Wabash, II, 800; Amalgamated Cop
per, 100, 400 American Smelling and Re-
fining, II 600; American Tobacco, 1O6,500;
Anaconda Mining Company, $4,000; Brook
lyn Rapid Transit, 27,100; Colorado Fuel
and Iron, 80, 100; Continental Tobacco,
90 900; Federal Steel $500; General Elec-
tric IA, 400; International Paper, 800;
Peoples Gas Light and Coke Company,
1890; Pressed Steel Car, $500; Ameri-
can Sugar Refining, 10000; United States
Leather, 500; United States Leather pre-
ferred, $500: Western Union Telegraph,
1900; United States Steel Corporation,
LOG 200; United States Steel Corporation