The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-06-04
STOCKS AND BONDS.

New York. June Sit would be useless
to seek for any thing but a negative in
ference from the operations in today's
stock market, owing to the smallness of
the dealings and the langud movement
of prices. Variations of as much as n
point advance was sought amongst the
obscure portions of the list. An example
of the character of the market is offered
by st. Paul. usually an active leader OF
the market, but in which there were only
three transactions up to 2 o'clock today
1t is necessary to go back nearly two
years to the period preceding the last
Presidential election to find any such
showing of stagnant speculative interest
The undertone was rather firm as the
immediate news developments were ia
vorable to values. The buying was en-
tirely by small professional traders and
the market was so narrow that they We're
obliged to concede all of the advance
of price caused by their bidding in order
to close out contract. The traders
bought during the first hour in the be-
lief that the success of the anthracite
operators in keeping their mine pumps
going, in spite of the strike, would
presage an advance in the value of an
lnTdClle SlOCkS.i lIlDOTld0Ce WIS also
attributed to the notable increase in the
receipts of corn and the resultant de-
cline in the corn market. The immediate
benefit of increased traffic for the rail-
roads of the larger receipts was con-
sidered of much less consequence than the
obvious inference that the freer offerings
of corn were due to belief of planters
that the coming crop would be abundant.
The higher rate for money was probably
the most influential factor in REFRESHING
speculation. Rates for money on call
ruled about last weeks maximum
throughout The syndicate operations
last week which resulted in the 5,000,-
900 loan expansion by the banks are
liable to be repeated in kind at almost
any time ID the effect on the money
market in the present narrow state of
the surplus reserve is an object lesson
against free speculative commitments.
The question is beginning to be can
vassed, whether the tav reduction
bill, which goes into effect on July 1st,
will afford the expected relief to the
money market by relaxing the govern
ment's surplus revenue requirement. The
fiscal operations for May show that in
spite of a falling off of over $4,000000 in
internal revenue collections the govern
ment's surplus for the month was fully
equal to that of the year before. The
most notable factor in maintaining the
surplus of the government is the cessa
ton of bond redemptions which We're
continuing source of relief to the money
market after July 1st of last year The
policy of the new Secretary of the Treas
ury has not yet provided for this relief
and his intentions in the matter are not
known to the public
There was an active demand for con-
soldated Tobacco As Otherwise the
bond market was dull and irregular.
Total sales, par value, $3,405.O00
United States bonds all unchanged on
the last call.
Total sales of stocks today were $4,000
shares, including Canadian Pacific, 6,400;
Manhattan. 800; Reading, 14,900; Union
Pacific, $500; Brooklyn Transit, $500;
Consolidated Tobacco preferred, 1890;
Sugar, 20,600