The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-04-20
STOCKS AND BONDS.

New York, April 19.Todays stock
market was the most remarkable which
has yet been seen during the present
unprecedented speculative era. Not only
in the aggregate sales of stocks, which
reached 2193, 800 shares, but in the wide
distribution and variety Of the trading,
the amount and the number of the gains
recorded, the record prices touched, the
Wilderness of the general outside inter-
est manifested in the market and from
almost any point of view, the market was
entirely without precedent in the history
| of Wall Street. The feverish tone which
has been a feature of the market on
some of the heavy speculative days of
late, and which was due to state OF
nervous apprehension On the part of the
spectators for the rise, seemed to be en-
tirely lackngsin today's market. There
was a steady and persistent uplift OF
prices which was as Irresistible as hy-
draulic pressure. The occasional profit
taking which was largely by room trad
ers, was licked up with hardly more than
mCmentary influence on prices Even
the selling to take profits in the last
hour, which was naturally very large at
ter so considerable a showing of profits
on the days movement, stopped at about
a point, even in the most active and
buoyant of stocks and the market surged
upward again at the last closing in
buoyant and spectacular outburst such
as was perhaps never seen before
Only some factor of universal applica-
tion could at ali account for such general
strength. This was the marked relaxa-
ton in the money market and the pres
pect of q very strong bank statement to-
morrow OF course this factor has only
a remote bearing on the value of proper
ties whose shares were in such eager de-
mand today, but it furnishes the sinews
Of war upon which the spectators are
dependent for carrying on their campaign.
1t has been shown a number of times re-
Gently that the cutting off of these sinews
is the only thing which will serve to
repress the speculative ardor which
seems to have thoroughly permeated the
spirit of the American people. With the
replenishment of available resources to-
day the speculation was revived in an
unbridled manner. There were few spe-
cifc influences to be detected in the trad
ing The completion of the Burlington
deal of course had a notable influence on
sentiment, although Burlington, Great
Northern and Northern Pacific held a
comparatively inconspicuous place in the
trading. But the air was thick with ru-
mors of measures to be taken by rival
railroad systems to Offset the Burlington
deal The movement in Union Pacific and
in the Atchisons was distinctly traceable
to this influence, aided by supplementary
rumors of coming dividend increases. The
British export duty on coal was a factor
in the buoyant uplift of the seaboard
bituminous coal carriers, as it aroused
hopes of a large growth in our export
trade in coal. The so-called junior VAN
derbilts evidently moved in sympathy or
the supposition of closer combination and
additional financial security with the par
ent New York Central system. The ex-
press stocks moved upwards in company
on the belief that closer association was
in view as the result of yesterdays cleo
ton as directors of the United States
express of officials CT other companies.
Belief in merger of Southwestern rail
roads was a potent factor in that sec
ton Of the market. In large number of
stocks there was not even an attempt to
assign motive for the large buying,
which was palpably based on the all
embracing expectation that the price of
the stock would go up because others
had done So A very sharp contrast to
the general movement of the market was
the heaviness of the United States Steel
stocks, the preferred falling at one time
nearly a point below last night. This
was partly accounted for by the circula-
tion by the bears of rumor that j. p.
Morgan was suffering from heart trouble,
but the stocks did not recover with the
authoritative information that Mr.. Nor
gan was in good health This rumor
helped to account also for the midday dip
in the market, which was effectually
overcome.
Business in bonds was also very active
and became generally strong as the day
progressed. Total sales (par value) 81
200 600.
United States refunding 2s declined 1-3
and the SIS Il per cent on the last call.
The total sales of stocks today were
219S,20O shares, including the following:
Atch:son, $4,000; Atchison preferred 81
7G0 Baltimore and Ohio 40 200; Canada
Southern. 60,500; Chesapeake and Ohio,
AZ, 500; Chicago, Burlington and Quincy,
A 100; Chicago, Rock Island and Pacific,
"a 000;~ Big Four, 800; Colorado South
ern, $500; Erie, 1880; Erie first pre-
ferred, 9.100; Hooking Valley Coal 500;
Illinois Central, $500; Lake Erie and
Western. $500; Louisville and Nashville
Il 100; Manhattan Elevated, 1920; Met
ropclitan Street Railway, 1920; Missouri
Pacific. Al 400; Missouri, Kansas and
Texas, 81, 400; Missouri, Kansas and Texas
preferred, 81 ,100 New York Central, sc,
900; Norfolk and Western u 600; North
ern Pacific, 26, 900: Northern Pacific pre-
ferred, 8, 900 New York, Ontario and Wes-
tern, $500; Pennsylvania Railroad, g.
500; Philadelphia and Reading first pre-
ferred, 10, 900; ST. Louis Southwestern, 49,
100; St Louis Southwestern preferred, g.
100; Chicago, Milwaukee and st. Paul
| 172 200: Southern Pacific, eS,S00 Southern
Railway, 81, 800; Southern Railway pre-
ferred, 1880; Texas and Pacific, $4,000
Union Pacific, 245, 700; Union Pacific pre-
/ ferred, 26,SO0; Wabash preferred, 21,800i
Baltimore and Ohio preferred, $4,000
| Amalgamated Copper, l4l,10O; American
I Smelling and Refining. 1880; American