The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-02-24

added today Northern Pacific, with an
increase for the second week in February
of $139,3OS or Al per cent. Western
New York and Pennsylvania, of the bl-
luminous coal group, showed an increase
of 80 per cent. But even at the opening
pressure was manifest against individual
stocks amongst the specialties, which
served to unsettle the market and even
tually to turn the tide in favor of the
reactionists. Continued depression was
manifest at the opening i'm Third Avenue.
Peoples Gas, United States Leather and
American Sugar. AS the day progressed
other stocks came under pressure and the
group above named showed some recov-
cry. The Iron and Steel group were the
first affected by the spread of weakness,
Tennessee Coal and Iron dropping an ex-
treme five points and American Steel
Hoop, National Steel, American I'm
Plate, Federal Steel, American Steel and
Wire, Colorado Fuel and Iron and Re
public Steel from one to three points
Later the announcement of the dividend
ON Consolidated Gas at the reduced rate
established since the local gas war was
in effect led to a raid ON that Speciality
with a resulting loss of 4A4. United
States Rubber preferred lost nearly four
points, Metropolitan Street Railway four
and a half, Glucose Sugar three and a
half and Brooklyn Union Gas two and
half. Third Avenue fell in the final deal
lngS to the lowest of the day. showing a
decline of seven points net. These yio-
lent declines had a sympathetic effect ON
the general list, especially on the
Granger and Trunk lines, and declines in
the railroads were extended to point
or over IN many cases. Fears that the
cutting of rates ON grain would lead to
Generalization of freight rates had an
influence. Apprehensions of higher money
also had to do with the decline. There
was a slight rally ON covering of shorts
by the bears and in sympathy with rise
in Reading first preferred to o9ss. This
made the closing firm, but at net losses
in practically all cases.
Preliminary estimates of the movement
of currency by express TO and from the
interior indicate an increase in the
Shipments by the banks but a
still greater increase in their re-
ceipts, so that the loss ON the interior
movement lis believed to be less than half
million dollars. Receipts of money by
registered mail are said by banking a1l-
thoritieS to- be sufficient to more than
offset this. Losses by the banks on Sub
Treasury operations for the week foot
up S3,0S4, 600. For some reason the
opinion prevails that the loan expansion
will show a considerable falling off from
the recent rate of increase. More or less
mystery still attaches to the phenomenal
increases in loans of last week and the
week before, and the disposition grows TO
attribute them to special operations. But
further decline in surplus reserves of
several million dollars will inevitably be
shown by tomorrow's bank statement.
The bond market showed decreased ac-
tivity and prices declined. Total sales
(par value) 81, 1926, 900.
United States new and old As and the
IS advanced II and the IS a quarter in
the bid price.
The total sales of stocks were 100000
shares, including: Atchison preferred
12,540; Baltimore and Ohio S,7S7; Chica-
go, Burlington and Quincy 1857: Man
haitian Elevated $3.50; Missouri Pacific
1850; Norfolk and Western 1850; Nor
folk and Western preferred 1915: New
York. Ontario and Western $3.50; Phila-
delphfa and Reading first preferred H..
400: Southern Pacific $3.50; Union Paci-
fic 1000; American Steel and Wire 49,
215; American Tobacco 25,S20; Brook
lyn Rapid Transit 16,75S; Continental
Tobacco 6,S45; Federal Steel 1915; NAL
tional Steel 5,1S4; Peoples Gas 25702;
Americans Sugar 1906: Tennessee Coal
and Iron 1915; United States Leather
% tn 81