The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-08-23
STOCKS AND BONDS.

New York, Aug 22-Todays stock
market rallied from yesterdays depres-
sion and closed at materially hlgner
prices than last night. There was
considerable contraction in the volume
of the trading, and it was not until late
in the day that the disturbance to sent1-
ment caused by yesterdays break In
prices seemed entirely overcome. TINS
was partly due to the evidence of con-
tinud liquidation in Colorado Fuel, when
1t was feared was creating a necessity TO
unload stocks elsewhere in the market
The appearance of support is that stock
and it's rally to more than a point over
last night was an important factor in
reassuring sentiment and its effect was
impressed by the renewed strength in
Louisville and Nashville, which was sup
posed to be related in speculative way
to the movement in Colorado Fuel. The
points of strength in the early part of the
day were somewhat scattered and might
be attributed to special causes. In the
late dealings the strength became more
general and the market broadened out
under the immediate influence of a two
point rise in Southern Pacific. The ex-
PLANTATION OF strength in this stock was
not obvious beyond the fact that the
speculative leader who has made this
stock favorite Of late years, is now due
to arrive from Europe. Ontario and
Western continued its advance, with a
rumor that it was being sought by
Canadian Pacific for q connecting link
with New York city, thus supplementing
recent runners of Canadian Pacifcs pur
pose to enter Chicago, which were subse-
quently denied. The firmness of Western
Union continued TO excite remark and
conjecture as to possible combination
of telegraph interests. When Colorado
Fuel made it's recovery there was a fairly
general advance among the Independent
iron and steel companies from which the
United States Steel stocks were conspicu-
Gus exceptions, the movements Of the
latter being restricted to narrow frac-
lions. The Changers, Pacifics and South
westerns quite generally participated in
the late movement in Southern Pacific.
The reaction in the wheat market may
have helped this movement. The free
dom from furry in the money market
with the demand for loans to carry over
until Monday had a reassuring effect
and aroused hopes that the bank state
ment tomorrow would show a strength
ened condition. If this proves to be the
case it must be by reason of loan con-
traction by transfer of credits to the
trust companies and to foreign leaders.
The interior currency movement seems
still to be slightly in favor of New York.
The advancing quotations for govern
ment bonds are believed to be due to the
expectation that the Treasury may take
early steps for the relief of the money
market, either by increasing deposits
with the banks or by redemption of
bonds
Bonds were firm in sympathy with
stocks. Total sales par value $3.50, 000
United States refunding rs, the old 4s
and the 3's advanced Il per cent on the
last call
Total sales OF stocks today were 625, 100
shares, including Atchison 10, 7O0 Balti-
more and Ohio 6,1O0; Canadian Pacific
$500; Chicago Great Western 5000;
Denver and Rio Grande 1880; Denver
and Rio Grande, preferred, $500; Erie
700; Louisville and Nashville 1900;
Missouri Pacific II 900; Norfolk and
Western $500; Ontario and Western 3d.
500; Pennsylvania 500; Reading Is, 100;
st. Paul $500; Southern Pacific 1890;
Southern Railway 1860; Texas and Pa
cifc AGO. Toledo, st. Louis and Wes-
tern $780, Union Pacific Is, 200; Wheeling
and Lake Erie 5000; Wheeling and Lake
Erie, preferred, 5,4OO; Colorado Fuel A.
500; Republic Steel 1860; Sugar $500;
Tennessee Coal 10, 300; United States
Steel 10000; United States Steel, pre-
ferred, $500; Western Union 62,7OO