The news & observer., 1901-04-17
STOCKS AND BONDS.


New York, April 16.--The stock market
gave evidence today that the speculation
still retains an abundant vitality. but
nevertheless the tone was exceedingly
feyerish and at times very nervous, An
opportunity was given during the morn
ing to see the unwisdom of the specula-
tive leaders in having attempted to sub
stitute a lot Of low grade industrial's
stock for tn high grade railroads as lead
ers CT the market. The violent relapses
from yesterdays manipulated advances in
slme of these stocks caused considerable
disorder IN the market during the early
trading. The decided weakness of the
United States Steel stocks on account of
the reported threat of the president of
the Algamated Association to precipitate
strike had an unsettling effect all
through the industrial list. 1t was
proved once again that the Industrial
stocks are influenced by such variety
of causes and conditions that it is hope
less to induce any uniform movement in
all of them. A number of the high priced
industrials continued to show strength,
notably Sugar and Algamated Copper.
The dealings in the latter stock were on
an enormous scale. and the price move
ment violent and erratic. After the open
ing bulge realizing carried the price "
below last night. Later in the day, after
the publication of the proposition for abb
sorption of Butte, Boston and Montana,
the stock rushed UP 4B from the lowest
to 1885. The last price was 125B, net
gain of only Is. The general market
proved rather Indifferent to the move
Inent of the specialties and there was q
general declining tendency, Rock Island
especially falling 81 under last night,
and a number of prominent railroad
stocks from / TO points. With the re-
vival Of rumors that the Burlington plan
of merger would certainly be published
tomorrow, that stock, Northern Pacific
and the Eries became extraordinarily
buoyant again, and there was sympa-
thetic recovery in the general market.
The Kansas and Texas stocks were anoth-
er centre of strength. In this movement
Burlington touched 1876. recovery from
the lowest of ~, and Northern Pacific,
selling ex-dividend of l per cent rose by
violent advances to 1861, an extreme ad-
vance of 71@. The Erie stocks rose from
2 to points. The prices of all of these
stocks except Erie second preferred, made
new high records today. notwithstanding
the sympathetic recoveries in the gen
eral market it will be seen that the day s
net changes are, as a rule, of insignifi-
cant dimensions. The gains by the banks
from the Sub b-Tfeasury, owing to the
high level of pension payments and the
buying of bonds by the secretary of the
treasury afford unQuestioned relief to the
money market. The rise in Chicago ex-
change to 10 cents premium also reflects
the turning point in the interior currency
movement in favor of New York. But
the significant fact in the days money
situation was the quick response of the
Sterling Exchange market to the easier
money conditions here, giving grounds for
the conjecture that any increase in the
available supply of funds in New York
will go to London for the purpose of the
coming issue of consols. The eXtraor-
'dinary financial operations in progress in
New York were again reflected today In
the clearing house exchanges, which
reached the astounding aggregate of $445,
241, ,223, compared with the previous rec
ord daily clearing of $437,852,9S0 on one
day of last week. Operations in connec-
tion with the United States steel syndi-
Gates finances are supposed to account
for these figures.
The bond market became irregular to-
day on realizing in speculative issues.
Total sales (par value) 5000, 600
United States refunding 2's declined "a
and new As advanced 4 per cent on the
last call.
! The total sales of stocks today were
| .S17, 400 shares, including Atchison, %,
500; Atchison. preferred, 10,800; Canada
| Southern, 81 900; Burlington and Quincy
1877 100; Rock Island, 2O,200; Big -Four
1900; Colorado Southern. 25,900; Erie
119. 500, Erie, first preferred, $4,000
Louisville and Nashville, $500; Manhat
tan. "a 4.0O0: Metropolitan. $4,000; Mexico
| Central 100; Missouri Pacific, 16,SO0
Missouri, Kansas and Texas, 17,100; Mis-
souri,. Kansas and Texas, preferred, H.
| 900 New York Central. Il, 100; Northern
Pacific. 10S 500 Northern Pacific preferre'
| 70 100; Ontario and Western, 11,100; Penn
sylvania, 49, 200; Reading. 9,100; Reading
| first preferred, il, 100; Reading, secon'
/ preferred. II, 900; ST. Louis & S. F., q,
900; st. Paul, 25, 100; Southern Pacific, IL,
SOC: Southern Railway, 1900; Souther1
Railway. preferred 9200; Texas and Pa
| cific. is 500; Union Pacific, 3S, 500; Wiscon
sin Central $4,000; Copper. 214400
Smelling, 1900; Smelling. preferred /,
4 ion. v,obocoo 7O0. Anaconda AZ 200