The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-23
STOCKS AND BONDS.

New York, May 2Z.-Ihe STOCK market
fell still further into apathy today and
was only relieved from semi-stagnation
by the movement in the Erie stocks.
Considering the present Indifference of
the speculative public to the market,
the volume of transactions in Erie must
be accepted as significant. The profess
sional traders. at a loss to secure even
a fractional profit on q turn in the mark
ct, fiocked to the Erie crowd as the mark
ct progressed and added their speculative
operations to the other buying of the
stock. The opinion, however, gained force
on the exchange that the movement
marked a resumption of operations of the
extension Of influence and control OF ex-
listing railroad systems. The buying was
attributed to Wabash interests, and there
were sundry circumstances which offered
some confederation. Statements were
published this morning to the effect that
a controlling interest had been secured in
Lackawanna in order to afford an outlet
to the seaboard for the Wabash and the
Gould Southwestern system. This evil
IDENTIFY presented an effort to account for
the recent strength and it's southwestern
affiliations in face of the disappointment
over the non declaration of a dividend
on Missouri Pacific. 1t has been stated
with particularly for several days past
that the buying of Toledo ST. Louis and
Western stocks was for Vanderbilt ac-
count. and it was claimed today that
control had passed 1t is to be consid-
cred that these roads run over closely
related territory and the activity In
their stocks favors abe presumption that
the problem of their future relations and
control is being worked out The
strength of Chicago Indianapolis and
Louisville and of the Chicago Great Wes-
tern stocks may have had bearing on
the same problem. The strength of the
bituminous coal carrying roads was di-
rectly attributable to the declaration of
dividend of 1b per cent on the common
stock of Hooking Valley, the first in its
history. The Wheeling and Lake Erie
stocks, Norfolk and Western, and CheSa-
peake and Ohio all moved upward in
sympathy. The strength of the Readings
was called in sympathy with Erie in its
character as an anthracite carrier, but
Erie was the only one OF the group to
maintain it's advance. This stock closed
at the highest at a gain Of "a points.
Some of the individual blocks purchased
ran as high as six thousand shares.
feature of the day w2s sale of North
ern Pacific at III, compared with 1861
last night, but the stock dropped back
again to 100. An unpleasant impression
was produced by suggestion that the
authorities of the London Stock Exchange
would rescind the suspension of rules
for buying in of Northern Pacific stock
against the shorts. At the last settle
ment, it will be remembered, the diff
Guilty on this account was adjusted by
allowing the shorts to carry over at
fixed price But this left their con-
tracts still uncovered and the buying in
of the shorts for the next settlement.
which occurs next week, would be the oc-
casion for renewed uneasiness. This sug-
gestion and the announcement of $780,
600 exported gold had part in the early
heaviness of the market. The fact that
there were no additional gold engage
ments. contrary to expectation, may have
had some influence in the later hardening
of prices, but the vigorous advance in
Erie was the main factor. A number of
minor Industrial stocks were strong on
very palpable manipulation, Des Moines
and Fort Dodge was lifted 2s4 and the
spectively for the common and prefer
red In the general list changes are
small and somewhat mixed.
The bond market was not very active.
but showed some strength. Total sales
(par value) $4,450,000
United States new As declined u per
cent on the last call
The total sales of stocks today were
7S3, 500 shares, including the following;
Atchison, 5000; Chesapeake and Ohio,
81. 400; Chicago, Indianapolis and Louis
Vile. 5000; Colorado Southern, $4,000;
Erie, PAT, 100; Erie, first preferred, 1860;
Erie, second preferred, 500; Mexican
National, 800; New York, Ontario and
Western, 300; Pennsylvania Railroad,
5000; Philadelphia and Reading, 25,5OO;
Philadelphia and Reading, first preferred,
II 100; Philadelphia and Reading, second
preferred, $500; Chicago, Milwaukee and
ST. Paul, 1900; Southern Pacific. II, 100;
Southern Railway 6,100; Toledo st. Louis