The news & observer., 1901-01-16
Then Why not Work for Us.

panied by lumor that todayS declara-
ton would b" simply a quarterly one
of Ia per cent omiting the expected
lump divide I'd of five per cent After
the close of the market a five per cent
dividend was declared Steel and Wire
was forced down AS and National Steel
American Smelling. American Steel
Hoop Colorado Fuel and Iron and Ma
tiOnal Tu3e rom two to three points
The episode ;s by some regarded as re-
fiectirg the impression produced by
the utteranCeS and projects of the coun-
try's leading steel magnate TO the
same influence was perhaps traceable
the weakness tf the trunk line railroad
stocks, the uiagnates projects being
reported to- include the construction of
a railroad frMn Chicago to the seaboard
by way Off it:sburg in order to secure
satisfactory freight rates for herself
Pennsylvania and New York Central
were both Of about two points AL
though the :'arket generally gave way
in the late dealings in sympathy with
the break in the steel stocks. there were
examples Of strength in the earlier part
of the day. ''he Erie stocks were gen
orally perslstently strong and the Gran
gers and TIA. ificS were at one time
higher than last night. Kanawha and
Michigan was advanced five points. st.
Louis and San Francisco was strong
on rumor of plan for retiring the
companys first preferred stock. At
the low Doirt the extreme decline in
Burlington Wss two and three quarters,
in st. Paul IL in Lackawanna 21a and
in Delaware end Hudson 3A. Ameri-
can Sugar was erratic and dropped four
points from the early advance, closing
with a net loss of 3A The break in
sterling exchange this morning made it
evident that cold would not go out inn
mediately ana this had an effect on the
early strength of the market. The
money rate ran up to four per cent just
before the close and reports were cur
rent of some enormous borrowings by
the Pennsylvania Railroad on account
of it's purchase of stock of other rail
roads during the past year. A Philadel-
phia dispatcn placed the amount raised
by the comr3ny since January 1st. as
high as $50 100000. Payments on ac-
count of the Pennsylvania Coal Com
pany are also in progress this week. in
volving some very heavy financial op-
erations. Cash continues to flow to this
center in very large amounts and no
notable hardening of the money mar
ket is thought to he possible.
Bonds We're weak in sympathy with
stocks Total sales (par value) 81
10000
United States refunding 2's declined
- per cent and SIS coupon Il on the last
call.
The total sales of stocks today were
1,113,200 shares. including the following:
Atchison, 10, 700; Atchison, preferred
5000; Baltimore and Ohio II 800; Chica-
go, Great Western, 500; Chicago. Bur-
lington and Quincy, 1880; Chicago Rock
Island and Pacific, 9,10O; Erie, Sc. 900;
Erie, first preferred, 43. 200; Louisville and
Nashville 900: Manhattan Elevated
3S,400; Missouri Pacific, II 800; Missouri
Kansas and Texas. preferred, 15 500; New
York Central. 1850 Norfolk and Western
$500; Northern Pacific, 13, 500 New York
Ontario and Western, % 100; Pennsylvania
Railroad, II, 200; Philadelphia and Read
ing, 26170; Philadelphia and Reading
first preferred. 81 200; Philadelphia and
Reading, second preferred, 5000; st. Louis
and San Francisco second preferred s.
800; Chicago. Milwaukee and st. Paul,
AZ ,500 Southern Pacific, 22,200 Texas and
Pacific. $1,000 Union Pacific SO, 800 Ma
tional Tube A. 500; Amalgamated Copper
$500; American Smelling and Refining
%, 2,300 American Steel and Wire. q 200;
American Tobacco, 16. 100; Brooklyn Rapid
Transit, 1900; Colorado Fuel and Iron,
500; Continental Tobacco, 80 .300 Federal
Steel SO 800 Federal Steel. preferred
5,400; Peoples Gas Light and Coke Com
pany, 14,S00 American Sugar, SS, 100;
United States Leather. 1900; National
Steel, 100.