The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-04-02

smaller traders who have been protesting
confidence that the powers in the money
world were going to put stocks up"
There was considerable selling by tired
holders and a dropping market. The
leaders in activity were Colorado Fuel,
United States Leather, Amalgamated
Copper and Sugar. Colorado Fuel lost all
of its gain, which amounted at one time
to 2A and closed with fractional net
loss Sugar was under pressure and
United States Leather stocks did not
fully maintain their advance. Amalga-
mated Copper, however, was persistent
ly firm and closed at the top with a net
gain of points. Reports of the con-
solidation of the copper properties of the
principal rival interests made the bears
in the stock timid and they covered
heavily. A judicial decision upholding
the New York franchise tax weakened
the New York public utilities and caused
some sympathetic response elsewhere.
Decreased earnings reported by the
American Car and Foundry Company de-
pressed that stock The Coalers were
affected by the announcement that the
summer schedule of prices, representing
reduction of so cents per ton from the
stead of being postponed until May LIST
as was expected. The fact that the dis
pute with the miners is still open was
an additional influence. The money
market was distinctly easier. both for
call and time loans and the large dis
bursements payable today are expected
to further increase the resources of the
market. Today's dividend and interest
H.
wards of $50, 100000 The London money
market was also easy today and sterling
exchange at Paris recovered a fraction,
so that the advance in sterling here left
a margin still between the market and
the gold export point. This influence
seemed to be ignored, however, as the
ease of the money market is not expect
ed to prevail for any length of time.
The British loan will soon be announced
and foreign banking houses in New York
expect that there will be American SUBJ
scriptions which will increase the de-
mand for remittance in addition to the
natural attraction for gold, which will
result from the hardening of the London
money market. The March statement of
Federal finances shows a surplus for the
month of $S,273, Alb, which is less than a
million under the surplus for March of
last year. The available cash balance
in the Treasury, which has been held
down in the neighborhood of $40, 900, 900
for many months by the redemptions of
Government bonds has now run up to
nearly $17S,000,000, with the prospect of
considerable daily addition with the re-
demption of Government bonds suspend
ed. The security of the New York
money market from future complication
is, therefore, not clear and this continues
to be a reDressive influence on specula-
ton.
The bond market was less active but
was generally steady. Total sales (par
value) $3,4SO, 900.
United States bonds were all unchanged
on the last call.
The total sales for the day of stocks
were 430, 500 shares, including the fol-
lowing: Manhattan $500; Philadelphia
and Reading 26, 700; Philadelphia and
Reading, second preferred, $500; Chicago,
Milwaukee and st. Paul II, 100; Union
Pacific $500; Amalgamated Copper 33, 600;
American Car and Foundry 13,100 Brook
lyn Rapid Transit $500; Colorado Fuel
and Iron 80, 800; American Sugar 81 900;
Tennessee Coal and Iron 6,000 United
States Leather 30,950; United States
Leather, preferred, 14,300; United States
Steel Corporation 9,400; United States
Steel Corporation. preferred. 13400.