The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-05-19
BALTIMORE PROVISIONS.
STOCKS AND BONDS.

New York, May 18.-Tnere was very
liquidation in the stock mar
ket today. The selling seemed induced by
a crystalization of sentiment which las
been approaching definite formation, hut
for some time but has been deferring
action In the stock market IN the hope OF
a recovery There was no new develop
ment to cause the decline except the en-
gagement OF S2,325000 of gold for export
to Europe. Business had been quite de-
fnitely expected and the amount was
rather less than some of the forecasts.
There was a slight hardening in the call
loan rate in response to the gold move
ment, but it could not be said that any
liquidation was forced by a withdrawal
of credits The result of the considera-
ton over Sunday of the general financial
outlook seemed to be rather the placing
OF stop-loss orders as a precautionary meas
ure below the market than definite orders
to sell. The opening of the market was
in fact irregular and a slight decline was
followed by a considerable rally This
rally persisted after the first knowledge
of the engagement of gold for export. But
the report that 100000 had been deposit
ed at the sub-Treasury for Geographic
transfer to New Orleans was followed al
most Immediately by a crumbling of prices
throughout the list This evidence that
the violent cotton speculation is making
demands upon the money market was TAX
en- in very i'll part by the stock market
It is probable that the decline in prices
was Immediately due to professional at
tack by the bears, but the existence of
stop-loss orders below the market adopted
prices vulnerable. The net result of a
considerable decline is now seen in the
increased disposition to sell merely, but
prices have declined. Stocks which have
now got lower than in last months de-
cline on account of the Northern Ssecnri
ties decision are conspicuous sufferers IN
the present selling This is seen in the
case of st. Paul, New York Central and
Southern Pacific especially. Quite num-
Der of additional stocks today broke
through the previous low level for the
year, made last month, and this fact nad
strong influence on bearish sentiment.
Nearly al the active stocks today fell
between 1 and 2 points and St Paul, New
York Central Missouri Pacific, Rock Island
and Reading exceeded that Amongst
dormant stocks there were even wider dc.
clines The market closed easy and with
in small fraction of the lowest
u. S. Steel new sinking fund bonds were
dealt in for the first time on the stock
exchange and rose more than point over
Saturdays price on the curb without ex-
nlanatioh. Otherwise bonds were weak
Total sales (par value) s2,O20,O00.
u. S. new As declined n per cent on the
last call.
Total sales were 65OsOO shares. includ
| irg:
adam Pacific, 1885; G. and X, 1860
Erie. Is, 500; do first preferred, e,125; L
and n. 4105; Manhattan, 6,23S; Metro
nol;tan street Railway, $500; Missouri Pa
cifc 4i.s65; New York Central, 12,175
Norfolk and Western, $500; Ontario ano
western 7.4O0; Pennsylvania. 6S,72s
Reading 81 $50; st. Paul, e2,25o; South
ern Pacific. 6,s4O; Southern Railway, 8,
245:A do preferred, $50; Texas Pacific, 5,4OO
Union Pacific, 4s.SlO; Wabash preferred