The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-04-24

urgent selling movement OF the last
hour had gained full Roadway that the
market presented anything like the ami
nation which characterized it yesterday.
Speculative sentiment ran over pretty
much the whole gamut of emotions, from
that of buoyant citation during the morn
ing to something like collapse in the af-
ternoon. Although the market closed at
net declines throughout extending in some
cases to three or four points, or even
more, there was time during the morn
ing when the level of prices was ma
terially higher than yesterday and the
market had the appearance of full re-
sumption of the bull speculation. The high
priced railroad stocks continued to be
the principal subject in the speculation,
especially ST. Paul, Union Pacific and
Southern Pacific. Atchison preferred had
q strong upward movement and there
were points of strength among the South
westerns. Burlington and Northern Pa
cific were strong and held better than the
average of stocks in the late break.
Among the specialties, Amalgamated Cop
per recovered quite vigorously from yes
terday's depression and United States
Steel stocks made a show of strength
for the first time in several days. These
were the principal centres of the early
strength in the market but their infiu-
ence was radiated pretty generally
through the list. 1t would be somewhat
difficult to assign causes for the early
strength or the late weakness, as it
seemed to depend little on the news of the
day The motives of the traders were
confined for the most part to fears or
suspicious of what others were doing.
Powerful support and violent manipulation
were resorted to in the early dealings
and the success of these measures in
turning prices upwards caused heavy
covering movement among the large short
interest which was formed yesterday.
There were limitations during the morn
ing that the official statement regarding
the Burlington deal would be given out
later in the day, and a rumor was cur
rent that, it would be found to provide
an exchange of bonds to the value of
1870 per cent and cash payment of $40
per share, together with a cash payment
of 50 per share for the next dividend.
The report that the price of steel rails
was to be advanced to $28 per ton, was
the cause of the advance in United States
Steel, although professional manipulation
parts of the market. The announcement
over night of an engagement of $1,0O0,O00
in gold for export seemed to have little
effect on sentiment and reports were set
afioat that large blocks OF Government
bonds were held ready to offer for re-
demption, which would provide gold for
any export demand without affecting the
money market The source of this avail
able supply of Government bonds was not
disclosed. Sterling exchange also yielded
slightly under the offerings against the
gold shipment. Probably it's recovery
later in the day was large influence
in the renewed uneasiness manifest over
the money market The Sub Treasury is
again taking money from the market and
New York exchange in the interior has
fallen back to a discount, indicating a
cessation of the supply of funds from that
source. The adjustment of the Burling-
ton directors without offering an off
cial announcement was disappointment
The success of the bulls in getting prices
up was Offset by the heavy offerings to
realize, attracted by the advance. This
was especially SO in the United States
Steel stocks, owing to the suspicion prev
alent in Wall Street that heavy liquida
tion is going on in these stocks on the
part of the former large interests in the
individual companies absorbed by the
combination, and who are retiring Bear
selling also became very bold and extern
siye when the futility Of the bull efforts
to sustain the market began to be seen.
The closing was weak at the lowest and
showed such violent declines from the top
level as five and a half in Sugar, four
and three quarters in St. Paul, four and
quarter in Brooklyn Rapid Transit,
four in Consolidated Gas, four and half
in Rock Island, and from one to over
three points in a long list of important
stocks.
The bond market was active and irreg-
ular. Total sales (par value) $4,97O,0OO.
United States 3's, coupons declined "
per cent on the last call.
The total sales of stocks today were
100000 shares, including the following:
Atchison, 26, 700 Atchison preferred. a.,
400; Baltimore and Ohio, 1900 Chesa-
peake and Ohio, 6,100; Chicago, Great
Western, $500; Chicago, Burlington and
Quincy, $4,000; Chicago, Rock Island and
Pacific, Is, 100; Big Four, $500; Colorado
Southern, 300; Colorado Southern first
preferred, 5000; Erie, 33, 700; Louisville
and Nashville, IL 400; Manhattan Eleva
ted 81, 900; Metropolitan Street Railway,
"a. 400; Missouri Pacific, $4,000; Missouri,
Kansas and Texas, 27400; Missouri, Kan
sas and Texas preferred, 28.500; New
York Central, $500; Northern Pacific, 49,
400; Northern Pacific preferred, 800;
New York, Ontario and Western, 9,40O;
Pennsylvania Railroad, 211O0; Philadel-
phia and Reading, 31,700; Philadelphia
and Reading first preferred, 1900; Phil
adelphia and Reading second preferred,
II 900; st. Louis and San Francisco, O.
900; Chicago, Milwaukee and st. Paul,
las, 100; Southern Pacific, 166,600; South
ern Railway, 21,S00; Southern Railway
preferred, $500; Texas and Pacific, Al, 400;
Union Pacific, 146,5 500; Union Pacific pre-
ferred, $780, Wabash preferred, S,100;
Wisconsin Central, 30,100; Amalgamated
Copper. $4,000; American Smelling and
Refining, 1880; American Tobacco. 81,
200; Anaconda Mining Company, $500;