The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-03-12
STOCKS AND BONDS,

STOCKS AND BONDS.
New York, March 11.-Wall street SEN
timent experienced a sense of relief when
the reports of the early London market
showed that powerful support was ac-
corded the Kaffir market there and that
very little damage had resulted elsewhere
from the shock of the capture by the
Beers of General Methuen. The price of
British consols yielded only a shade,
which was probably the most accurate
index of the real gravity of the event in
its influence upon British financial af-
fairs. The revised reports of the output
of gold from the Witwatersrand for Feb
ruary is probably of more real import
ance at this stage of the war, and it's
showing may help to explain the indif-
ference of the London market to the
Methuen disaster. According to this re-
port by the Transvaal Chamber of Mines
81 ,405 ounces of gold were taken out dur
ing February, compared with 70,340 in
January, 53,S97 in December and no more
than 39,095 in November. This rate of
resumption of the gold output means
much to the foreign financial world and
indirectly to New York, while it is called
upon to supply European deficiencies due
to the cutting off of the South African
supply of gold. The calmneSS of the
London market led to some covering by
shorts in this market. which were put
out late yesterday in the hope of cover
ing at a profit on London selling this
morning. There was renewed movement
in some of the minor speeialties. which
have been the favorites for some time
past. The news of the deposit at the
sub Treasury of 81 $50, 900 in gold for
telegraphic transfer to San Francisco in
connection with the traction merger
there, called renewed attention to our
own domestic money market situation.
The selling movement which followed
threw the market into irregularity for
the rest of the day. The earlier gains
were generally wiped out by the first
selling on this news, there were some
subsequent recoveries but the market
closed heavy in tone and without ami
nation. Without counting today's trans
fer to San Francisco, the markets loss
tC the sub Treasury since the last bank
statement, counting the Saturday ship
ments of gold for which payment was
made to that institution, amounts to
$4,5S1 ,000 The rate for New York Ex
change at Chicago, however, which has
been discount, rose to par. But for
eign exchange rates, which were easy
yesterday, steadied today and the ques-
tion of additional gold exports is there
by reopened. OF the days special move
ments, that in the Colorado and Southern
stocks continued notable. Manhattan was
firm on the reports of buying in their in
terest of Baltimore and Ohio. The Wis
consin Central stocks were active and
strong without specific explanation. The
strength in Peoples Gas was due to re-
ports of measures to contest the Is cent
wa ordinance in Chicago. There were
few other wide movements of less
importance and which were not fully
maintained.
Bonds were rather dull and irregular.
Total sales (par value) $29S5,000.
United States bonds were unchanged on
the last call.
Total sales of stocks today were 554.-
800 shares, including Atchison $500; Chi
cago Terminal and Transit 600. Chicago
Terminal and Transit preferred 1880;
Colorado Southern $4,000; Colorado
Southern preferred 1880; Erie $4,000;
Erie first preferred 5000; Manhattan
Is 600; Mexican Central $4,000; Mexican
National 1880: Missouri Pacific 1880;
Pennsylvania 10000; Reading 19,9O0
Reading second preferred 0,4OO; st.
Paul 23,700; Southern Pacific 1880;
Union Pacific 1890; Wisconsin Central
80, 400; Wisconsin Central preferred IT,
7O0 Amalgamated Copper 21,9OO; Peo-
pies Gas 1890; Sugar 1880; Tennessee
Coal and Iron $500; U. S. Steel 32,4OO;
U. s. Steel preferred $4,000.