The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-04-09
STOCKS AND BONDS.

proved again to be the solar pleXuS OF
| the stock market as it has done on many
| occasions before. The construction of the
money supply and the advance in the rate
| for call money precipitated such spasm
| Of liquidation as threw the stock mar
| ket into condition bordering on demon
alization What happened today in the
stock market, is what, according to the
common agreement of all classes of OBJ
servers. was bound to happen in due
course of time. Nevertheless, as is the
wont of stock market happenings, the
days events came as a surprise. Even
the most enthusiastic bull has agreed to
the proposition that such a rampant spec
ulatien as has been going on for weeks
past was bound to overdo itself and be
followed by a relapse of corresponding
violence. Only the enthusiastic bull has
chung to the supposition that the relapse
was still remote and has continually
moved forward the supposed date Of its
occurrence in the hope that there was
time for still another speculative turn.
Even the wild and excited market of last
week, which was an ominous symptom,
left the bulls unprepared for today's
developments. Tips for a rise in many
stocks were still widely prevalent before
the opening this morning and the ex-
PLANTATION was offered that Thursdays
furry in call loan rates was due to ma
nipulation by the bears. But the instant
the market opened it became evident
that the developments since Thursday had
induced a widespread determination to
sell stocks. Another palpable fact was
that some of the most powerful opera
tors in the market had already sold their
holdings and taken profits during the vii
excitement of that week and were COM
pactly organized on the bear side of the
market this morning. Perceiving the
highly. vulnerable condition of the mar
ket, owing to the over extension of long
accounts thinly margined and backed by
weak resources, the bears fell upon the
market with great fierceness and cut q
wide breach in prices at the first on
slaught The wide extent of the first
declines which were made by successive
drops of from one to two and half points
between sales, invited to quick profit
taking by the bears, and the violent raj
lies which ensued, encouraged the bulls
to make some stand against the reduc-
ton, hoping that the furry was temper
airy and the market prepared to renew
the advance. This was the only period
of the day when there was any show
Gas, Texas and Pacific, and number Of
less important stocks were marked up
sharply over last Thursdays level The
strength was short-lived, however, and
after the demand from the bears had
been satisfied many of the banks began
calling loans. This brought a fresh sup
ply of liquidation on the market and
invited fresh attack by the bears The
selling became precipitate as the fall in
prices wiped out the margins and uncov-
cred stop loss orders and the unlucky
bulls jettisoned great bales of stock with
the hope of relieving their load and saw
ing other holdings from the shipwreck.
The only important demand at any time
came from the shorts and the occasional
srasmodic rallies were not held in any
case. This was true of the last as of
former rallies and although prices had
not fallen back to the lowest all around
they were again on the downgrade in
most cases and the closing irregular and
only slightly above the lowest. Sterling
exchange eased off slightly in response
to the higher money rate, but the con-
viction was not altered that large adj
ditonal sum Of gold will be exported to
meet the requirements Of the London
money market in connection with the
coming Government loan.
Business in bonds was relatively less
active than that in stocks and the move
ment CT prices was irregular. Total sales
(par value) $S,51O00O.
United States refunding rs advanced
is and new As " per cent on the last
sail.
Total sales Of stocks today were 1709,-
800 shares, including the following At
Gibson, Il 200; Atchison preferred, 30100;
Baltimore and Ohio, 1900; Chicago, Bur-
lington and Quincy, $500: Chicago, In
dianapclis and Louisville, Is, 500; Chicago
Rock Island and Pacific, 41,700; Colorado
Southern, 400; Delaware and Hudson,
1900; Erie, $4,000; Erie first preferred,
1880; Illinois Ceetral, $500; Louisville
and Nashville, 80, 500; Manhattan Eleya-
ted, &c 600; Metropolitan Street Railway,
sc, 100; Missouri Pacific, 1880; Missouri;
Kansas and Texas, $500; Missouri, Kan
sas and Texas preferred, 1900; New York
Central, 81 ,100 Norfolk and Western g.,
800: Northern Pacific, 46.10O; Northern
Pacific preferred, 10000; New York, On
tario and Western, Is, 800; Pennsylvania
Railroad. sc. coo; Philadelphia and Read
ing. 10 600; Philadelphia and Reading first
preferred 20, 800; Philadelphia and Read
ing second preferred, ID, 500; st. Louis and
San Francisco 5000; Chicago, Milwaukee
and st. Paul, 6O,1OO; Southern Pacific,
20 500. Southern Railway, 1920; Southern
Railway preferred, 5000; Texas and Pa
cific, "a. 200; Union Pacific, $1,000; Union
Pacific preferred, $500; Wabash pre-
ferred. $500; Amalgamated Copper 99,-
700 American Smelling and Refining 65.-
600; American Smelling and Refining
preferred, 13,300 American Steel and
| Wire, 1900; American Tobacco, 10000;
Anaconda Mining Company 5000; Brook
lyn Rapid Transit. $4,000; Colorado Fuel
and Iron, 81, 900; Continental Tobacco, g.
| 900; Peoples Gas Light and Coke Com
| pany, A, 400; American Sugar Refining,
$1,000; Tennessee Coal and Iron, 9,4OO;
United States Leather, 5000; Western