The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-02-08
STOCKS AND BONDS.


ted the speculation almost completely.
renewed upward movement in Union
Pacific formed an effective supplement.
The Steel stocks all opened notably strong
and had good advances under the flood
OF buying orders attracted by the signiti-
cant admissions from authorities in steel
trade as to the reality of pending nego-
tiations. The enormous volume of the
offerings during the first hour, especially
in Federal Steel, made it clear 10 trad
ers that holders of very large amounts
of this stock were willing to avail them
selves of the good news to realize profits.
The amount of stocks encountered ct So
was apparently illimitable, and not only
Federal Steel but the whole market stag
gered under it. Surmises regarding the
further plans of the "billion dollar Steel
Trust" had evidently run considerably
beyond the ascertained facs. There were
significant intimaticEs thrown out that
the whole negotiation was still in
somewhat delicate stage, and that the un-
bridled speculation in the securities con-
cerned might seriously interfere with its
consummation, The idea of being long
OF the Steel stocks with the proposed
combination collapsed and abandoned was
amongst some of the spectators. who
have taken on enormous lines OF these
stocks. The appearance of inside selling
added to their perturbation. With the
speculative position thus made Vulnerable
the stocks were subjected to severe hand
ling during the afternoon. There WIS
a monetary pause in the rall, 'ut il
was renewed again, carrying federal
Steel down an extreme 5A. Federal steel
preferred, American Steel and Wire.
Tennessee Coal and Iron aud National
Steel Az. Colorado Fuel ara lr.n ! : grd
other members of the group from tw" TO
three points. That these violent declires
were due to a speculative raid was made
manifest by the sudden reeoveries when
the shorts began to cover, Steel and
Wire raIlying 2% Federal Steel preferred
81. and other stocks in the group from
one 10 two points. The railroad list
had It's opening bulge and subsequent
decline on profit taking, but it was stiff
fened up again to some degree by the
remarkable advance IN Union Pacific of
31s points to 9712. The rumor that pro-
posed stock issue to provide for the
Southern Pacific purchase had neen IN
derwritten al par was the cause Of he
excited speculation in Union oacifie Here
again the high level invite caGrlnOus
realizing The movement elsewhere II
the railroad list was rather mildly re-
spcnsive and only a few other railroad
stocks attained any notable price level
above last night. With the late drive
against the Steel stocks, the whole list
crumbled, Union Pacific itself Welding ali
but a small fraction OF its advance ann
many market leaders among iii" Gram
gers Coalers, trunk lines. Paci!ics and
Southwesterns falling from pne TO two
points below last nights level. / he sell
ing Of Missouri Pacific was especially Er-
gent, carrying that stock pa uader IL st
nights level, an cxtr srne decline Of four
points. The final rally in Union Pacific
left It with net loss of Us. The VOL
ume of dealings again reached far above
the normal and near to the record anu
there have seldom been such excited
dealings and such wide and E.f1'l3 Soc
iuations IN the market. The reduction
in the bank of England rate ami ne fall
il the sterling exchange put Coil sArO; is
a present out of the question. Tie late
for loans did not rise .tblve TWO per
cent on the exchange, but spectators IRE
now entirely free from nneasiness IS 10
t'-n POSSIBLE effect on the onay arket
of tho enormous financial tiera IONS in
ccrternNlation.
The railroad bond market continued
very act.ve but there were some recess
sions III rices in sympathy with the re-
action n stocks. Total sales (par value)
$5.c10,tt0.
Uni cd states bonds were unchanged.
The total sales of stocks today were
Of ,ba following
Atchison, 50 500; Atchison preferred, 29,-
me; Baltimore and Ohio, $500; Chesa-
peake and Ohio, q, 800; Chicago, Great
Western, 5000; Chicago. Burlington and
Quincy tex-diyidend and exrights), 49,
Gee: Chicago, Indianapolis and Louisville,
1850; Chicago, Rock Island and Pacific,
&c 900: Colorado Southern first preferred,
S,cC0; Denver and Hudson, 1920; Denver
and Rio Grande, II 400 Denver and Rio
Grandc preferred 800; Erie, "A, 400; Erie
FIST preferred, g, 100; Louisville and
Nashville, 1890; Manhattan Elevated,
%, 800; Missouri Pacific. $4,000; Missouri,
Kansas and. Texas preferred, 11,100;
Northern Pacific, 81 400 Northern Pacific
preferred. Sl00; New York Ontario and
Yves tern, % 100; Pennsylvania Railroad,
500; Philadelphia and Reading, 400;
philadelphia and Reading first preferred.
g. zoe; ST. Louis and San Francisco, T.
son; ST. Louis and San Francisco second
preferred 5000; st. Louis and Southwest
tern preferred, $500; Chicago. Milwaukee
ara ST. Paul SO, 300 Southern Pacific, A.
900: Southern Railway. 1880; Southern
Railway pre- ferred, $500; Texas and Pa
cidc is Gne Union Pacific, 277 800; Union
Pacific preferred. 40, 500; Wabash, 13. 700;
Wabash preferred, 2l,S00; Wheeling and
Lake Erie. 21,100; Wheeling and Lake
Erie second preferred, 1890; National
Tube, $500; Amalgamated Copper, 21,-
900 49, ~.~~-- r---oltfrp and Refining, g.,
0O0; American Steel Hoop, $4,000; Ameri-
can Steel ard Wire. 122. 700; American
Steel and Wire preferred, II 100; Ameri-
can Tin Plate, AZ, 100; American Tobacco,
10, 100; Brooklyn Rapid Transit, 1900;
Colorado Fuel and Iron, 10000; continental
Tobacco, $4,000: Federal Steel 1O9. 700;
Federal Steel preferred 24,9O0; National
Steel. 20,70O; Peoples Gas Light and
Coke Company, 5000; American Sugar,
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