The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-02-11
STOCKS AND BONDS.

| New York. Feb. 10.--There was some
apprehension In speculative circles that
the support accorded the market on Sat-
urday after the appearance of the bank
statement would prove but temporary,
and that setback was Imminent in the
prices of stocks The heavy fire losses
reported over Sunday, especially that at
Patterson. caused additional apprehen-
sion before the opening. The uneasiness,
however. proved to be unfavored.
There was abundant buying of stocks
from the opening and but little liquida-
tion was encountered. There was indeed
profit-taking in many of the stocks
which have had striking advances re-
Gently. but the strength was diverted TO
new points. Today's market. although
disclosing some striking features of
strength, by no means took on the full
proportions OF a bun market in either
the volume of dealings the extent of the
advances or the breadth of the distribu-
ton. The bulk of the business was still
contested in comparatively few stocks
notably Southern Pacific and the Read
ings and stocks most nearly connect
ed to them There were indications of
a common origin for the active dealings
in both these leaders The buying of
Southern Pacific is avowedly based on
the rate of earnings reported for the
company. and the possibilities of reduced
operating expenses and refunding Of
high interest mortgages. The gain in the
price of the stock extended to 215 The
strength of the coaIers was due to TIE
u. u, l..
putes was assured The soft coal car
riers shared in the movement. Many of
the less prominent stocks were features
of the trading. notably the ST. Joseph
and Grand Island stocks. the Kansas
City Southern stocks and the Toledo,
ST. Louis and Western stocks. Some of
this class Of stocks which rose last week
suffered sharp reactions American eX-
press rose / and Wells Fargo IA on the
conviction that developments are pend
ing in the express business. The indus
trials generally Were inclined to be
heavy except these. having to do with
iron and steel. Detailed analysis OF Sat
urday's bank statement shows that a
few large banks are responsible for the
large change in Saturdays statement.
Of the total loan increase of nearly $29,-
coo 900 four banks are seen to be respon-
sible for $4,000 900. namely, the National
City the First National, the Hanover
National and the National Bank of Com
merce. OF these it is also notable that
the decrease in reserve for three of them
amounts to considerably more than the
total decrease for all the banks, while
the First National Bank alone of the
four shows an Increase in reserves of
nearly 100000 The large changes thus
shown confirm the conviction prevalent
that some large financial projects are
pending
The bond market was active and broad
but somewhat irregular.
Total sales (par valre) S4,425, 900.
United States bonds were all unchang-
ed on the last call
Total sales for the day were $4,000
shares. including Atchison, 1880; G. &
o., 1900; Colorado Southern, z 100; Erie,
%. SOO do first preferred, 100; Manhat
tan, $500; Metropolitan, $4,000; Missouri
Pacific, 14S00; New York Central, $500;
Ontario and Western. $500: Pennsyl
vania, 1890: Reading, 101, 700; do first
preferred. $500; second preferred, 3S,700;
st. Paul, 81 400; Southern Pacific, 1850:
Southern Railway. $500; Toledo, ST
Louis and Western preferred, $500; Un
ion Pacific "A, 400; Amalgamated Cop
per. $500; B. r. r., $500; Sugar II 500;
United States Steel, 26,100, and do pre-
ferred, 2O,750