The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-01-04
STOCKS AND BONDS.

STOCKS AND BONDS.
New York, Jan. 3.-The preliminary
figures of the weekly cash movement
furnished by the banks this evening give
assurance that the return flow of cur
rency from the channels of domestic
trade has set in in force. There was
quick response in the money market,
where enormous offerings of funds car
ried the rate down to six per cent.
Standing loans were all readily marked
down to that rate on request of the bor
rowers. This is exactly the develop
ment that the recent rise in stocks was
intended to anticipate, yet the stock
market yielded today to overwhelming
offers to realize profits and ended at a
level substantially below that of last
night. There were points of strength
during the day, and the speculative liqui-
dation was kept we'll in hand with the
assistance of the strong spots in the
market, which were in part due to man
ipulation. There was a very palpable
shifting of speculative accounts from
Reading into United States Steel, and
there were evidences of similar trans
fers at other points in the market. Early
in the day the strong points predomi-
nate over the weak ones, but the profit
taking became more general as the day
progressed. Transactions in United
States Steel were on very large scale,
and those stocks held their advantage
rather more firmly than the regular
market. The local traction stocks show
ed strength, led by Brooklyn Transit
which is one of the few stocks on the
list, which started this year at price
far lower than it did last. There was
strength also in a number of central
traffic and Southwestern railroads. The
Wabashes were conspicuous and the To-
ledo, ST. Louis and Western stocks were
unusually active on rumors of absorption
by the Vanderbilt interests. On the
other hand all the recently prominent
speculative favorites were under acute
pressure. These included the coalers,
especially Reading, the Changers and Pa
cifics. An ostentatious advance of 31a in
Great Northern, preferred, and bidding
up of Northern Securities Company on
nominal transactions in the outside
market failed to deter spectators from
selling the Pacifics There was nothing
in the days news of sufficient import
ance on the side of depression to ac-
count for the reaction, and it was at
tributed purely to realizing of specula-
tive profits. This development rather
discredited the recent theuory that the
late strength of the market was due to
support by great capitalists and banking
interests with view to prosecution of
future projects, and seemed to put the
professional stamp on the recent bull
movement. The indications are that the
clearing house statement tomorrow will
show a gain of upwards of $7,O00,000 in
cash. The market closed active and
easy at about the lowest.
The market for bonds was active and
broad, but still somewhat irregular.
Total sales par value $5,160,000.
United States bonds were all I'M
changed on the last call.
Total sales were 1027,100 shares in
Guiding Atchison $1,000; Atchison, pre-
ferred 10000; Baltimore and Ohio $4,000;
Chicago, Indianapolis and Louisville
Chicago and Great Western $500; Erie
40,400; Erie, first preferre 1900 Erie,
second preferred $500; Manhattan 30,100;
Metropolitan $500; Mexican National
800; Missouri Pacific $4,000; o. & W.
II. 200; Pennsylvania q, 900; Reading
111,S00; Reading, first preferred 5000;
Reading. second preferred 31,1O0; st.
Louis and San Francisco $500; st. Louis
and San Francisco, preferred 7,40O; st.
Paul 31,500 Southern Pacific 30,500;
Union Pacific 1920; Wabash 12,400;
Wabash. preferred 10000; Copper $500;
Brooklyn Rapid Transit $4,000; Peoples
Gas 1880; Sugar 1900; T. c. l. S4O0:
limited States Steel 107 10O limited Statec