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

certed attack on the local utilities and
broke Third Avenue nine points. Kindred
properties sagged one to three and 4
quarter, and American Sugar and Am-
erlcan Tobacco were also largely affect
ed. This manoever provoked some sell
ing of the railroad stocks, but as the
various encouraging traffic statements
came to hand the offerings diminished
and business conferred almost wholly in
the transactions. The decentralization III
Third Avenue induced an official state
ment by the counsel of the company of
plan to finance it's business by an issue
OF six per cent notes, allowing optional
redemption by the company within a
year. The notes do not contain any
clause permitting their convertibility into
stock This statement effectually dis
posed of recent rumors that the issue
would be $2O,0OO,000 and would jeopar-
die dividend payments ON the stock.
Supporting orders rallied lit three points,
but it went down lower than before in a
drive near the close and ended with
net loss of eight points. A variety of
rumors We're circulated in connection
with the buoyancy of the Iron and Steel
stocks, chief among whichw as the early
establishment of Tennessee Coal and
Iron common stock on an eight per cent
dividend basis. Other advices were pre-
, dictions as to the enormous earnings OF
the various companies and trade reports
asserting a distinct Improvement IN the
industry. Tennessee Coal and Iron dld
not deelOp its buoyancy until numerous
other issues of this class had been adj
vanced smartly. When the move in 1t
laouau!UoId p9mnSsS GIYo!nb !! p7lIBls
and rose nine points despite enormous
realizations. Gains in other members of
| the group were less pronounced, but
ranged from two to three and half
per cent. The early attempts of the
| hears to create liquidation in the Stand
ard stocks proved unavailing.
While the inquiry for the leading rail
road stocks was not very urgent, still
| there was a slight appreciation ali around
which was fairly well maintained to the
end. The ease with which the active Spe-
cialties responded to the pool buying
caused many of the active traders to
| transfer their efforts to raise prices from
| the railroads into the Metal group. where
| the prospective profit seemed alluring. In
| connection with the monetary situation,
call and time money rates were easy.
| but bids for large amounts of the latter
were made below the market which holds
at four per cent.
A good demand developed for the ac-
| tive bond issues today at higher prices.
Some concessions, however, We're noted
| in spots. Total sales (par valued, 81 $780,
600.
United States 2's. new As and SIS ad-
vanced in the bid price.
The total sales of stocks were 464 800
shares, including: Atchison Preferred,
%. 495; Burlington, $500; Metropolitan,
1855; Reading First Preferred, 6,070:
Missouri Pacific, 6,455; Southern Paci-
ic, 9,170; American Smelling and Re-
filming, 5,245; American Steel Hoop, l3,-
go; American Steel and Wire. 81, 1870;
American Steel and Wire Preferred. TO-
$50: American Tobacco. 22,214; Brooklyn
Rapid Transit, 1906; Colorado Fuel and
Iron. u $40: Continental Tobacco, 1850;
Federal Steel, 1882; Peoples Gas, r.
1875; National Steel, 12,411; American
Sugar, 1880; Tennessee Coal and Iron,
30, S95: United States Leather, $500;
Republic Iron and Steel, 1921.