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

York Stock Exchange. me extent anu
variety of the price movement have
rarely if ever been equalled in a bull
market although the crumbling of prices
in panic has occasionally caused as wide
variations. All ordinary standards fail
in the computation of such a market. The
forces in operation were titanic in their
power and effect. The undertaking sue
cess of the speculative leaders in advanc-
ing prices made them bold to a degree
which it is moderate to term reckless.
They bought with an unsparing
hand through the stunning avalanche of
offerings which was hurled upon them on
the advances and lavished their re-
sources apparently with an abiding con-
viction that the astounding rise in prices,
now so long continued was destined to go
indefinitely further. That the speculative
spirit was still rampant among large
circle of the public was obvious from the
large and eager following which was at
tracted by any show of strength at any
point in the list. 1t cannot be said that
news in the ordinary sense had anything
to do with the extraordinary buoyancy
of the market, although rumors were
plentiful and all embracing 1t was also
a marked characteristic of the market
that the dealings were heavily predomi-
nant in a limited number of stocks, and
that the general speculation in limited
number of stocks, and that the general
speculation was decisively Influenced by
the movement of these. Two stocks stand
out conspicuous even in this list, the price
movement in which was astonishing
throughout. These are Delaware and
Hudson and Rock Island. The former
stock was the conspicuous leader of the
early rebound from the slight opening de-
preston. Rumors were circulated that
lease had been signed by which the New
York Central took control and guaran-
teed a dividend OF seven per cent for
year and eight per cent annually after
wards. The stock was run up an extreme
1879 points to 1861. Rock Island was
under rather severe pressure at the open
ing and was forced 11s under last night.
1t was not until late in the day that
it assumed the leadership of the market,
when it was rushed up by rapid stages
on the purchase of blocks of thousands
of shares to ISL, at which point it closed
at an extreme rise from the lowest of
1874 points. 1t is not often in the his
tory of stock markets that such move
ment is witnessed in stock of large
floating supply, alarge capital issue and
the holdings of which are widely distrib-
uted.
There were kindred movements to these
elsewhere, both amongst the Changers
and the Coalers. The buying of the
Changers seemed to be based largely on
general considerations, the large earn
ing power of that group of railroads even
in face of last years spring wheat short
age being cited as giving assurance
against the ordinary vicissitudes of the
crops, to which they have been so sensi-
tive in the past The movement resulted
in an extreme advance of eight and
three-eights in Burlington, six in st.
Paul and Omaha five in the preferred
3A in Northwestern, Az in the preferred,
27s in st. Paul and 312 in the preferred.
The rise in Lackawanna and Western was
obviously in sympathy with that in Del
aware and Hudson and extended to six
and a half Peoples Gas became very
buoyant at the last and rose an extreme
AS in company with Rock Island. Missouri
Pacific was up 81 and Illinois Central
2%. There was an enormous amount OF
profit taking during the day and only
few stocks escaped without serious in
roads upon their best prices, the reaction
extending to as much as five in Delaware
and Hudson and large amounts in other
volatile stocks. There were some impor-
tant stocks which showed no wide move
ment all day, some of them closing at
declines. This was notably true of the
Steel stocks, which were under pressure
all day and were much less actively
traded in. The engagement of an addi-
tional 100000 in gold for export was
totally ignored. The demands of the
enormous speculation made no impress
sion upon the money market and the
additional purchases of Government bonds
by the Secretary of the Treasury kept
opinion optimistic over the money OUT
look.
Dealings in bonds were large and the
market irregular. Total sales (par value)
So, 6S5, 900.
United States new As advanced u and
old As. coupons, declined Y per cent
on the last call.
The total sales OF stocks today were
1876 800 shares, including the following
Atchison, $4,000; Atchison preferred, 34,-
S00 Chicago, Burlington and Quincy. 49,
200 Chicago and Northwestern, 1900;
Chicago. Rock Island and Pacific, 1888, 900
Lackawanna and Western, $500; Erie
49,, 200; Erie first preferred, "a, 100 Great
Northern preferred, 800; Illinois Central
IA 200; Louisville and Nashville, 60,700i
Manhattan Elevated, 43,200; Metropolitan
Street Railway, 5000; Missouri Pacific
80 800; Missouri, Kansas and Texas, g.
100: Missouri, Kansas and Texas pre-
ferred. $500; New York Central, 24,300
Norfolk and Western, $500; Northern
Pacific, 100, 100; Northern Pacific PREFER
ed. 21, 700 New York, Ontario and Wes'
tern, 16, 500 Pennsylvania Railroad, 81
| 300 Philadelphia and Reading, 1900
Philadelphia and Reading first preferred
| 1880; Philadelphia and Reading SECOND
preferred, 80, 500; St. Louis and South
western, 10000; st. Louis and Southwes
tern preferred, 300; Chicago, milwaukee,
and st. Paul, 63 roo; Southern Pacific, 15,
200; Southern Railway, $500; Texas ant