The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-02-07


in many cases selling at less than half
their par value. The demand for railroad
bonds is nevertheless a very notable feat
ure in the current market. and the press
ure of investment funds into these semi
speculative securities had great int'u-
| ence on speculative sentiment IN the
stock market The days market divided
itself quite distinctly into three cycles.
The first was comprised in the opening
| bulge IN which the violent competitive
| bidding due TO the congestion of urgent
buying orders over night caused some
sensational advances Prices promptly
ran off on profit taking attracted by this
high level and the market yielded SO east
~ that the bear traders made vigorous
attack, causing some rather serious breaks
in prices. This comprised the secoI.d
cycle of the market. When the selling
mood had exhausted itself. traders began
to be impressed With the character or
some of the buving at the decline When
the semi-annual dividend on Philadcl-
phia and Reading first preferred was an
nounced, showing an increase from liz
per cent the previous rate to per cent,
the buying again became furiously active
and q considerable short interest was
driven precipitately to cover. This COM
priscd the final cycle in the market The
final recover was broken up by fire.
quent periods of realizing, which con-
tinucd in some cases to the close. making
the tone slightly irregular at the last,
though the undertone was strong. The
opening bulge was most pronounced in
the Steel stocks under the influence of
the growing belief in the plan to consoli-
date all the great steel combinations. This
billion dollar consolidation is so stuDen-
dous in its proportions, and offers such
vast possibilities for Notation of new Sc
curities, as to dazzle the most fertile
speculative imagination. The current be-
lief in its accomplishment really under
lay the whole speculative movement of
the day, although there were other con-
siderations which supplemented 1t. The
NEST conspicuous movements in the Steel
stocks and the largest transactions were
in Federal Steel and American Steel and
Wire. Federal Steel rose 3Ss and the
preferred AZ. American Steel and Wire
rose and the preferred 2. National
|. Tube was up 3ss and Republic Iron and
Steel preferred AZ. There We're consid-
cradle reactions in this group as we'll as
in the whole group after the opening
bulge The selling to take profits showed
signs of urgency at many points in the
railroad list and some of the leading
stocks got from one to two points under
last night Those which have recently
advanced most strongly were weak. but
on The decline, Pennsylvania the Coalers,
the Changers, the Southwesterns Clnclud-
king Atchison and Southern Pacific) and
Louisville and Nashville were all con-
spicuously heavy. Some of them remained
comparatively heavy until the close, al
though the late violent recovery in the
Philadelphia and Readings and st. Paul
affected the most prominent of the group.
The belief has been rather fostered that
the dividend on Philadelphia and Reading
first preferred would be maintained on
5 per cent basis and its increase to
4 per cent basis caught large short in
terest both in that stock and in the Fries.
The hope is encouraged of a eommensu-
rate dividend on Erie first preferred. The
late movement carried Philadelphia and
Reading first preferred 3ss over last night.
and Eric first preferred 2ls Union Pa
cif1c Welded under the carly profit TAX
ing hut took very prominent part in
The recovery, reaching a level AS over
yesterday, Denver and Rio Grande made
a sensational advance of 5k and the pre-
ferred of 2M. while other Colorado stocks
we're affected to less degree on the sup
position that their arnalgamation is im-
n NEXT
Call money again rose above the re-
Gently current rate in the late realings,
ccatIy curreut rate in the late dealings.
Int without affecting the bullish enthr-
siasm.
Wabash debentures were the feature of
The railroad bond market on an extreme
advance of tx Other low rriced bonds
we're in large demand. Total sales (par
valued IS. 595, 900.
United States refunding rs declined is
Gil the last call
The total sales of stocks today were
1901 200 shares, including the following;
Atchison. 81 200 Atchson preferred. -.
Acc: Baltimore and Ohio, $4,000; Chicago.
Burlington and Quincy, 23.700; Chicago.
Rock Island and Pacific %, 400: Denver
and Rio Grande, 26100; Denver and Rio
Grande preferred. 1860: Erie. 1890:
Erie first preferred. 40.100; Louisville and
Nashville, II 100; Manhattan Eleva.eS
L. AGO; Mexican Central. 5000; Missouri
Pacific 1900 Missouri. Kansas and Tex
| as. ~. 500: Missouri. Kansas and Texas
preferred, $500 New York Central, s.
900: Norfolk and Western. 5,400; North
ern Paciic, 100 500; Northern Pacific pre-
ferred, G2Ge: New York Ontario and
western. So zoo; Pennsylvania Railroad
G. coo: Philadelphia and Reading. 66,70o:
Philadelphia and Reading first preferred.
-. 100: Philadelphia and Reading second
preferred e. 200: st. Louis and San Fran
cisco. 10 100; st. Louis and San Francisco
second preferred. $500: st. Louis and
southwestern. 8, 400; ST. Louis and South
western preferred 10.700: Chicago, Mill
Waulee and St Paul. 6S400: Southern
Pacific. II 500; Southern Railway, 1890
Southern Railway preferred II, 400: Texas
and Pacific. $500: Union Pacific. 203.700
Union Pacific preferred. $4,000; Wabash.
II 200: Wabash preferred. 1880: Wheel
ing and Lake Erie, 1900: Wheeling and
Lake Erie second preferred. 100: Ma
tional Tube. 1890: American Smelling
and Refining. 1900 American Steel
Hoop, l1,S00: American Steel and Wire,
l28. 70a; American Steel and Wire pre-
ferred $500; American Tobacco. 90 700:
Brookiyn Rapid Transit, 1920; Colorado