The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-04-25
STOCKS AND BONDS.

L
speculation must be included the scale
and character of the professional manip-
ulation for purely sentimental effect on
the speculative public at large. No such
| fight against prevailing tendency in
| the market was ever before witnessed
on the New York Stock Exchange today.
Some Of the leading operators in the re-
cent speculation are credited with the as
sertion that there is no amount of stock
which they will not buy in order to sus-
tain the market for the protection of their
favorite stocks. Such sentiments in
Wall Street are always accepted with the
allowance due to assertions palpably
made for effect. Yet today's market gave
evidence of astonishing boldness and ag-
gressiveness in supporting prices by the
expedient of simply buying everything
that was offered. Prices were also boldly
bid uD in spite of the increasing weight
Of the selling on the advance. The bur-
den of support seemed to grow too heavy
toward the latter part OF the day, al
though the market had been bought to a
standstill after the opening. In the lat
ter part of the day, however, the bull
pool seemed to concentrate attention
more on the few stocks which had been
selected for the most aggressive manpu
lation for sustaining effect on prices gem
orally and to impress the public mind
Union Pacific was the NEST conspicuous
of these, but the speculation was also
very heavy in st. Paul, Northern Pacific
and Southern Pacific. Burlington, though
not largely dealt in, was very jealousy
supported. The total dealings in Union
Pacific reached an aggregate of 662,S00
shares. AS the total issue of the com
pany's capital amounts to less than $780,
00C shares of common took it is evident
that today's sales would have been suf-
ficient to transfer the control Of the com
pany had they represented actual trans
fer of stock in any large proportion. Add
the sales of Monday and Tuesday with
those of today and we have a total OF
971,O 900 shares which is much more than
the total common stock issue Yet no
hint is heard from any source that Union
Pacific is changing hands. In fact there
( was no fresh news at all to account for
today's violent rise in the stock. which
reached an extreme SIS, closing practical
ly at the top. This case is typical Of the
Intensely speculative character of recent
{ enormous dealings in the stock market
although todays business was even more
congested IN few stocks than at any
time hitherto. In fact the general mar
ket did not any time fully respond to the
manipulation Of the leaders. Union Pa
cific at the beginning of the last hour OF
the day was left alone on it's upward
course, the selling having embraced
practically every other stock in the list.
When Union Pacific gave way the slump
of prices became general throughout the
list. In the principal active stocks 1t
amounted to from two to five points and
from one to two points all through the
general list. This decline offered attrac-
tive profits to the room traders and when
Union Pacific made it's final squirt the
covering by the bears caused some fever
ish rallies, but the closing was erratic
with new points of weakness developing.
The action of the market is difficult to
explain from any news of the day and
seemed to be wholly due to the technical
causes. There are those who believe that
very widespread feeling exists that the
speculation and the advance in prices
have been overdone. and that there is
danger of a tight money market which
would force LIQUIDATION on an overstrain-
speculative lines and reduce commit
ments is the outcome of this feeling, but
it is evident that it is contested by a
very powerful combination of speculative
interests who hope to renew the specula-
tive activity and advance.
Union Pacific convertible bonds were
the leaders of the bond market at an ex'
treme advance of Us. The market other
wise was fairly active, but the move
ment of prices was irregular. Total sales
(par value) $6,325,ooo.
United States bonds were all unchanged
ON the lest call
The total sales of stocks today were
2,026, 400 shares, including the following;
Atchison, g. 300; Atchison, preferred, TO-
500; Baltimore and Ohio, 5000; Chesa-
peake and Ohio, $500; Chicago, Burling-
ton and Quincy, 1900; Northwestern and
Chicago. $500; Chicago, Rock Island and
Pacific. 80 900; Colorado Southern, $500;
Erie. 300; Illinois Central, TOO; Louis
Vile and Nashville, $4,000; Manhattan
Elevated, 29,500; Metropolitan Street
Railway. 800; Missouri Pacific, 22,5OO;
Missouri. Kansas and Texas, preferred,
* 200: New York Central, $500; Northern
Pacific. 70, 500; Northern Pacific, prefer
red 500; New York, Ontario and West
ern 8,40O; Pennsylvania Railroad, $4,000;
Philadelphia and Reading, first preferred,
700; Philadelphia and Reading, second
preferred, 800; St. Louis and San Fran
cisco. $500; st. Louis and Southwestern,
$500: Chicago, Milwaukee and st. Paul,
1872 200; Southern Pacific 115,500; Southern
Railway. IL, 400; Southern Railway, pre-
ferred $500; Texas and Pacific, 43,SOO;
Union Pacific 800; Union Pacific, pre-
ferred, 300; Wabash, preferred 1920;
Wisconsin Central, 29,100; Amalgamated
Copper, 52,4O0; American Smelling and
Refining, POI, 300; American Tobacco. 3d.
100; Anaconda Mining Company, $500;
Brooklyn Rapid Transit, $4,000; Continen-
tai Tobacco. 5000; Peoples Gas Light
and Gas Light Company, 15,40O; Ameri-