The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-11-01
STOCKS AND BONDS.

SIOChS AND BONDS.
New York Oct. 31.-The Improvement
noted in the stock market yesterday was
continued today, and the list, while COM
paratiYely dull and narrow, gave evil
dence OF q more hopeful feeling. Trad
ing was still largely professional and
the activity shown in a number of issues
was clearly due TO energetic pool buy
ing Todays business was not altogether
confined to operations of this character,
however, many traders taking the long
side in the BELIEF that the trend OF the
events gives promise of better condi-
lions. Advances were general at the
opeping, the gain in Manhattan being
most noteworthy. Baltimore and Ohio
was another strong issue, and Erie,
Missouri Pacific Canadian Pacific,
Southern Pacific, Reading and st. Paul
rose fractionaIIy ST. Louis and San
Francisco advanced point. Little was
done in the industrial issues at any time
during the day. Steadiness was shown
by a number of these stocks. however,
among them, the United States Steel
shares Louisville and Nashville was
weak at the outset and reflected more
or less pressure which could not be eX-
piaired on any ground other than that
the minority holders may not receive
any of the benefits that are expected to
accrue from the recent change of con-
troll On moderately large transactions,
the stock made a maximum decline of
over points, but more than recovered
this loss, making a net gain of 1ss. Read
inc was another stock against which con.
siderable pressure was shown, but all
offerings were freely taken, and the
stock made a gain equal to that OF
Louisville and Nashville. Manhattan
was the feature of the day, both in re-
spect of activity and strength. The
trading amounted to 1900 shares and a
net gain of 22s points was registered.
Some of the very substantial specula-
tive interests were said to be back of
the move in Manhattan, and one of the
arguments advanced in it's support was
that the company will show a great re-
duction in operating expenses as soon as
it's electrical equipment is completed
Much of the Manhattan buying came
from interests that were prominent in
the recent Missouri Pacific pool. A re-
newal of the demand for Colorado Fuel
was accompanied by reports that inside
firmation was obtainable, but observers
of the market regarded it as significant
that other stocks with which those APP
parently conflicting interests are said to
be identified were fairly strong. A fur
Their hardening of prices was shown in
the late session and more traders who
sold on yesterdays advance found it adj
visable to cover their contracts. Private
wire houses had fair supply of buying
orders. The sales of Northwest were
scattering and as on the previous days
of the week appeared to be long stock.
The final hour developed no new fea-
lures, though the tendency to further
Improvement was checked in a measure
by the advance to seven per cent. in the
rate for call money. Northwestern
rallied on moderate transactions. The
closing was firm though dull.
A firm undertone was shown by the
bond market, but the demand continued
small. Total sales (par value) $1,64o, 900.
United States rs declined Il per cent.
on the last call.
Sales of stocks today 415200 shares
including Atchson, $4,000; Baltimore and
Ohio, $500; Erie, $500; Louisville and
Nashville, 1900; Manhattan, 1900;
Missouri Pacific, 1900; Norfolk and
Western, 1890; Pennsylvania, 1880;
Reading, 81 200; st. Louis and San Fran
cisco. 500; St. Paul, $1,000; Southern
Pacific. 1900; Union Pacific, 26,6OO;
Amalgamated Copper, 500; Brooklyn
Rapid Transit 5,4OO; Sugar, 6,4O0; United
States Steel $500; United States Steel,
preferred 5000.