The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-24
STOCKS AND BONDS.

New York May 23.-Today's stock mar
ket offered very little that is worthy of
any comment. Still further evidence was
given of the abandonment of the trading
TO professional operators most of them
of the class known as room traders who
operate for a days turn and do not Of
ten leave their account open over night.
The see-saw movement of the market
is the natural consequence of this class
of operations Prices are not likely to
move in one direction beyond the second
day Yesterdays strength in the Erie
stocks was maintained today and helped
the market to some advances, most con-
spicuous in about the same stocks as
those which showed strength yesterday.
The movement in Erie continued the sub
ject of much interest, and the conjecture
as TO it's origin ranged from belief that
it was pure speculation with manipulation
by pool to the opinion that contest
for control might be involved. The theory
that the Gould Southwestern group OF
railroads were striving for trunk line
outlet to the Atlantic found it's advocates.
This possibility was in itself disturbing to
speculative sentiment as threatening TO
upset the statu quo in the trunk line ter
ritory. Declines of 2& in New York Cen
trail and "a in Pennsylvania gave some
point to this apprehension. For this
reason the strength OF Erie had begun to
lose its sympathetic influence before that
stock itself yielded to the later weakness
of the market. The absorption on the ad-
vance was very heavy, blocks OF 5000
to 5000 shares appearing on the tape.
Union Pacific was the first stock to show
notable weakness, possibly due to the
fact that the governing committee OF
the Stock Exchange at yesterdays meet
ing rafrained from action on the appll-
cation Of the company to list $l0O, O0,0O0
Of convertible bonds. London was an ac-
tive seller during the day. The lesson OF
the Northern Pacific corner was shown in
the timidity of arbitrage brokers' about
going short of stocks even on arbitrage
account where a purchase in London had
first been made against the sale here.
Northern Pacific sold up to POS Turing the
day The demand was believed to be due
to the requirements of London shorts. The
London Stock Exchange was reported to
have decided today not to reconsider its
decision suspending the rule for buying
in of Northern Pacific until June 10th.
But the movement of the stock here indi-
Gated that the London shorts had received
some kind of warning to prepare for
settlement. Anything connected With the
Northern Pacific corner has not lost its
power to dsquiet and it was disturbing
influence today. The statement OF the
Bank of England for the week ana the
hardening of the London money marhCt
lifted the sterling exchange rate to a
higher level The sharp advance in ster-
ling in Paris indicated the relief there
over the closing of subscriptions to the
Russian loan. and suggested cessation
of pressure for gold. Exchange experts,
however, believe that more gold will go
out from New York this week. The final
selling movement in the stock market
carried prices down from two to over four
points. The weakness was severest in the
leading Changers, Pacifics, trunk lines and
some of the Specialties. The United States
Steel stocks shared in the general weak
ness.
The bond market became irregular with
the development of weakness in stocks.
Total sales (par value) 3,635,000.
United States bonds were all unchanged
on the last call.
The total sales of stocks today were
So, 800 shares, including the following:
Atchison. 2S, roo; Atchison preferred, 81
0OVi CHESAPEAKE anu OhlO' ''iVV' Cfiiie1'oo'
Indianapolis and Louisville, 1880; Chi
cago. Great Western, 500; Colorado
Southern, $500; Erie, 24270O; Erie first
preferred, II 800; Erie second preferred,
6,1O0; Manhattan Elevated 5000; Metro
politan Street Railway, 5000; Missouri
Pacific, 1880; New York Ontario and
Western, 1880; Pennsylvania Railroad,
6. 900; Philadelphia and Reading, 25,2O0;
Philadelphia and Reading first preferred,
10, 60O Philadelphia and Reading second
preferred, q, 700; Chicago, Milwaukee and
st. Paul, 20, 100; Southern Pacific 9,4OO;
Southern Railway, $500; Union Pacific,
SO GOO; Wabash, II 800; Wabash preferred,
L.. 200; Amalgamated Copper, 1890;