The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-08-12
STOCKS AND BONDS.


lacking today echoes of last weeks ex-
cited surmises regarding the supposed
readjustment of relations in the South
ern and Southwestern Railroad world,
but the entire absence of any official cor
rohoration or countenance for the ru-
mors caused a pause in the speculation
based upon them. The necessity for some
arrangement to harmonic perfectly the
new order of things by reason of the
change in control of the Louisville and
Nashville and the passing of the Chi
cago and Eastern Illinois to the st. Louis
and San Francisco is generally recog-
niZed Attention was diverted anew to
the money market today, in view of the
heavy inroad upon the surplus reserves
of the banks revealed by the Saturday
bank statement Many glowing reports
were received in Wall Street of the
promise of the harvest, the large traffic
moving on the railroads and the indiCa-
tions for an unusually large fall trade II.
all branches. The present high level oil
prices for grain carrying railroads is me
result of former buying to discount these
very conditions. 1t is certain also that the
more active business there is the more de-
mand there will @ for cash IN the coun-
try's circulation thus drawing 1T from
bank reserves. where it might serve as
basis for credits. Western banks, in
common with those of the East are lined
close to their available resources. ana
the demand for cash upon Eastern banks
is expected to be rather more
than usual at the crop moving seas
now close at han1 1t is observed also
hest
tating to off n exchange bills against flu
ture shipm ais of merchandise owing 10
the knowledge that large interest al
ready exists in exchange on account OIL
borrowings from abroad, which mature
during the fall. The July foreign trade
statement explains the continued short
age in the exchange market, reports oil
domestic products having fallen more
than $21, 900, 900 below those of the same
month last year. over half the decrease
occurring in breadstuffs. Attention was
also attracted by the estimate of the Ca
madam gold commissioner that the gold
output of the Klond;ke for this season
would probably not exceed $14000,00 as
compared with s21,00O, coo for last season.
Call money rates rose above . per cont.
today as a result of these considerations
on the part of lenders of money ard time
money rates also were tirner. During the
final hour the pressure to sell berame ur-
gent and prices declined sharply through
out the list. St Louis Southwestern pre-
ferred, Norfolk and Western and West
ern Union were conspicuously strong in
the early dealings, but they lost most of
their gains in the late reactions. st.
Louis Southwestern preferred stiffened
closing generally was irregular.
Selling to realize made the bond mar
ket easier Total sales lpar value)
81, 100000.
United States Is advanced IA per
cent on the last call.
Total sales of stocks today We're $780,
400 shares, including Atchison. $4,000;
C. & o., %, 800: Baltimore and Ohio, $500;
Canadian Pacific, $500; Colorado South
ern second preferred, 9,400; Erie $4,000;
Illirois Central, 1900; Louisville and
Nashville, 90 400; Manhattan, 14,9OO;
Missouri Pacific. 1890: Norfolk end
Western, $4,000; Pennsylvania, 10,4OO;
Reading, 800; do preferred, $500: st.
Louis Southwestern, 2S,S00; do preferred,
1900; st. Paul, 20.9cO: Southern Pacific,
32 500; Southern Railway, 25,2oO; Texas
and Pacific, II 800; Uuicn Pacific, 1890;
Amalgamated Copper, 14,400; American
Car and Foundry, 100; Sugar, $500;
Western Union, 1900, United States
Steel. 800.