The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-06-04
STOCKS AND BONDS.

and the dealings showed substantial eX-
pansion over those of Friday. Both in
character and volume of trading the mar
ket bore a close resemblance to that in
the boom period. Strenuous efforts were
put forth by powerful financial interests
to give it that appearance. There was an
increasing interest on the part of the OUT
side public demonstrated through the
commission house orders executed in the
market, but the market still continued
for the most part in the hands of profess
sional operators and the larger specula-
tive interests. Much of the buying IS
that the powerful financial interests OF
the country have reached a determination
by tacit agreement to advance prices to
a higher level again and to attempt TO
renew the speculative conditions prevail
ing before the upset in the second week
of May. Buyers of last week were very
heavy sellers to take profits today, ana
this selling caused a very general reac-
tion after the opening advance, Whlch was
fairly common to the whole list. Some
Of the stocks which were most conspic-
nous in the opening advance did not do
more than hold their own in the later
dealings others continued to advance
while still others which were strong
early last week and then reacted re-
newed their strength in the late dealings.
After the first general reaction the policy
was adopted to advance first one and then
another stock in sequence. Realizing was
continuous under cover of these move
ments but the net result of the days
trading was a substantially higher level
of prices at the close after a day of
great activity and variety. The Steel
stocks were conspcuously under pressure
of realizing after the opening rise and
closed on the downgrade with only frac-
tional net gains. Very conspicuous
strength was shown by st. Paul. Union
Pacific, Southern Pacific, Missouri Pacific,
and in the final dealings, the Readings
and Fries. There was development of
great speculative activity in Sugar, which
carried that stock up an extreme five
points. Amalgamated Copper gained 81.
The Tobacco stocks, Colorado Fuel Con-
solidated Gas, General Electric and Pa
ciic Mail rose from 2 to AN Sugar was
affected by the renewed conviction that
an understanding existed between the
competing interests. In the market at
large there was little specific news to
account for the activity and strength
beyond the general belief that the agree
ment arrived at in the Northern Pacific
dispute carried with it an assurance OF
concord among all the great railroad pow
ers Northern Pacific stock sold at $50
and at the closing was 100 bid and $50
asked. Only one hundred shares were
dealt in. One of the rumors current was
that Northern Pacific stocks would be
exchanged for bonds to be jointly guar
anteed by Union Pacific, st. Paul, Great
Northern and Chicago and Northwestern.
The speculation was largely based on
general considerations such as that time
had demonstrated that the stock market
panic had effected no impairment of the
prosperous business conditions so that
with speculative losses adjusted re-
newed advance was in order. The UNI
impaired earning power OF properties and
the renewed accumulation of capital, 1T
is argued, point to renewed demand for
securities. The belief is prevalent that
still further large readjustments in the
relations and holdings of the great rail
road systems, looking towards additional
stability of conditions are still in con-
temptation, and it is argued that the
panic in itself may have facilitated ef-
forts to concentrate holdings OF railroad
securities with these ends in view An
easier tone in the exchange market indica-
ted less probability of gold exports this
week.
Bonds were active and strong in SYM
patty with stocks Total sales (par valued
$4, 700, 000
United States bonds were all unchanged
on the last call.
The total sales OF stocks today were
1904 900 shares including the following:
Atchison, 65, 300; Atchison preferred, 3d.
500; Baltimore and Ohio, 5000; Chesa-
peake and Ohio, 6400; Chicago and Alton,
1890; Chicago, Indianapolis and Louis
Vile, 1900; Chicago, indianapolis and
Louisville preferred II ,000 Chicago, ROCK
Island and Pacific, 5000; Colorado South
ern, 1000; Erie. 7O,100; Erie first pre-
ferred., 8,400; Erie second preferred, o.
100: Louisville and Nashville, 800; Man
haitian Elevated, 49, 100; Metropolitan
Street Railway, 1900; Missouri Pacific,
80 100; New York Central, 1880; New
York, Ontario and Western, 30,S0O; Penn
sylvania Railroad, 60,200; Philadelphia
and Reading, 25,400; Philadelphia and
Reading first preferred. 41,5O0 Philadel-
phia and Reading second preferred, 70, :
100 Chicago, Milwaukee and st. Paul,
81. 100; Southern Pacific, 145500; Southern
Railway, 102, 1907 Southern Railway pre-
ferred. % 100; Texas and Pacific, $4,000;
Union Pacific, 1880; Union Pacific pre-
ferred. $500; Wabash, 1900; Wabash
preferred, 1900; Amalgamated Copper,
"a 700; American Car and Foundry, $500;
American Tobacco 1880; Anaconda. g.
500: Brooklyn Rapid Transit 1890; Colo
RADIO Fuel and Iron, 500; Consolidated
Gas. ZOO; Continental Tobacco, 1860;
Hooking Coal, 100; Pacific Mail. 10000;
Peoples Gas, 1880; Republic Steel ana
Iron. 900; American Sugar, 154,SOO; Uni
ted States Leather, 80 800; United States
Leather preferred, 5000; United States
steel Corporation, 176.S00; United States
Steel Corporation preferred 54,3O0
BONDS.
US Ref. 2'sreg. .106A N. Y. q. 1sts...loS
S. S Ref. 2'scou 1904 n. J. Z. gen. 5's..132h
II. s. 2's reg. -. No. Pac 3's..... TEX
U. S.3'sreg =. ..1o9 4s...........loo12
coup ........1Oo NY. C.&St.LDfs 1o7
U. s. new 4'sreg 1881 N, &. Wcon. 4s'lo2
coup 49,. 1881 Ore. Nav lists .'1o9