The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-04-30

Steel Stocks. Union racine ana N0fLn~
ern Pacific in the speculative situation
and that leadership was unaffected dur
ing the whole of the day. There was
great activity and some striking
strength shown by a number OF
other stocks but they paed
into insignificance in comparison
with the furious activity and
extraordinary price changes in the
] leaders. Often during the day there
were strips of several feet of ticker
! tape which recorded successive transac-
tions in enc of the other of these stocks.
with not single block of less than
/ a thousand shares in the series and
/ running up to 5000 shares. The ex-
treme advance in Union Pacific extend
ed to 1871 in the late afternoon and
/ in Northern Pacific to 10M United
/ States Steel stocks did not show such
wide fluctuations, as is natural from
| the much greater volume of the COM
panys total capitalization Neverthe-
less the common stock achieved an ex-
| IRENE advance of 3a, and the PREFER
ed of "a and held mere firmly than
almost any other stocks in the list
/ There We're some very striking gains
among the Changers, Pacific and Trunk
lines. but these seemed to be associated
in the minds of the buyers with the
movement in Union Pacific. If these
stocks are set apart it will be found
that the dealings elsewhere and the
movement of prices otherwise were not
| sensational. But contemplating these
special price movements and the volume
of dealings in the stocks enumerated
one has compassed the salient facts of
the extraordinary market of the day.
There was no specific news to account
for the unprecedented dealings which
lifted the DAYS record to $50 GOO
shares. As the vital point of the specu-
lation is the money supply. the increase
in surplus reserves shown by Saturday
bank statement was a favorable factor
The large gain in cash was noted with
especial satisfaction, as rejecting the
continued inflow of funds to New York
Much store is placed also in the Gov
eminent interest disbursements to be
made on May LIST and large corporation
dividend payments are discounted upon
for help to the money situation The
reliance placed on these factors was
made evident by the engagement
of 1.750000 in gold for export and the
opinion of exchange experts that prob
ably $5,000000 might go out during the
week. There was some doubt as 70
the destination of the gold, but that
it would so 70 the continent and not
to London seemed evident The addi- i
tional engagement of 81 100000 for Lon
don was unknown until after the close.
The strength Of the Steel stocks was
accompanied by rumors of coming
statements which will show extra
ordinary earnings by United States Steel
Corporation The belief is widespread
in speculative circles that extensive
readjustments in the relations of the
various Granger and Pacific railroad
systems are necessitated in compensa-
ton for the Burlington deal This be-
lief gives rise to almost infinitely varied
rumors, almost all OF which are re-
ceived with certain amount of credul-
ity. The action Of the whole market
shows clearly that the demand for
stocks from all classes of buyers main
tains it's yoracious force and needs
only the leadership of an upward move
ment in price to bring in such. buying
from all quarters as eclipses all pre-
vious experiences in the history of the
FncculatiVe markets in New Yirk The !
final volatile outburst in Union Pacific
and Northern Pacific today seemed 10
arouse misgivings and there was free
prctit-taking all through the rest of the |
list. But this is exactly the history
Of LIST weeks similar movement in |
Union Pacific, which caused widespread
apprehension lest the elimination OF
the boom had arrived and which was
nevertheless followed by renewal n
full force Of the speculative advance
Dealings in Union Pacilic convertible
bonds We're in enormous volume and tha
price shot up rs points in response 10
the advance in the common stock. Deal |
ings otherwise were large and prices
ctanges irregular. Total sales (par
value) 100000
United States IS advanced 4 ana the
is coupon and refuding rs e per cert |
On the last call.
The total sales Of stocks today were
100000 shares, including the following.
Atchison $4,000: Atchison preferred 81.
100; Baltimore and Ohio % 200; Chicago, |
Great Western $500: Chicago, Burling-
ton and Quincy 1900; Chicago, In
dianapolis and Louisville $780, Chicago,
Rock Island and Pacific 46 500 Colora-
do Southern Al 900; Colorado Southern
first preferred $4,000; Colorado South
ern second preferred 1880; Erie To-
800; Great Northern preferred $500:
Illinois Central 1900 Louisville and
Nashville $4,000; Manhattan Elevated
25.500; Metropolitan Street Railway 15.-
500; Missouri Kansas and Texas ID
100; New York Genital 5000: Northern
Pacific 1863, 400 Northern Pacific PREFER
ed cd %. 300; New York. Ontario ana
Western 1920; Pennsylvania Railroad
5l.900, Philadelphia and Reading 81
500; Philadelphia and beading first
preferred 1890: Missouri Pacific 49,
500; ST Louis and San Francisco 9,
400; Chicago, Milwaukee, and St. Paul
1900; Southern Pacific 1Sl 500; South
ern Railway preferred 10000; Southern
Railway preferred 500: Union Pacific
392. 500; Union Pacific preferred 10000,
Wabash preferred 300; Texas and Pa
cific 1900: Baltimore ana Ohio pre-