The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-01-07
STOCKS AND BONDS.

New York, Jan 1.-THE stock market
was awakened into some show of strength
and animation today after efforts to that
end had proved futile for the greater
portion of the session. The incident
which aroused the market was the de-
claration of dividend of per cent on
New Jersey Central stock. The declara-
ton is timed at the usual period for the
quarterly dividend, which had been rum
ming at the rate of III per cent but the
presence of the Reading Company, which
corporal ton now controls the New Jer-
Sey Central deprecated a designation
of this as a quarterly dividend. Never
theless, the street was inclined to the
conviction that the stock was TO be con-
sidered on an 8 per cent basis. Reading
was stimulated into great activity ana
rallied from an early decline of over
point TO IL over Saturdays level Della
ware and Hudson became quite buoyant,
rising 61s points over Saturday on con-
fdent hopes that it also was booked for
an early increase in dividend. There
was sudden squirt of 81 points in Min
ucdpOlto 81. ddi anu ouull ~. wall
and of Az in Minneapolis and ST. Louis.
The market geenrally recovered smartly
from it's early depression, but very few
stocks showed any material gains over
Saturday. Amalgamated Copper was an
exception, and after early weakness on
the further decline in the price of raw
copper in London rose rs over Saturday
The United States Steel stocks were
again dealt in on an enormous scale the
preferred leading both in point Of ac
tivity and strngtn. Rumors We're rife Of
the very favorable showing to be made
by the quarterly statement of net earn
ings, which is expected to be presented
at tomorrow dividend meeting. There
was no suggestion of the probability of
any increase in the dividend rate. There
were incipient upward movements in few
other industrials, while the railroad list
tended lower from the opening. The
general list was singularly unresponsive
to the demonstration in United States
Steel. The immediate cause of its slug
gishness and heaviness was the incep
@tion of gold exports, it being reported
during the day that $500, 900 had been sent
out on Saturdays steamer by the in
stitution which also withdrew $500, 900
from the Sub Treasury today. 1t is now
accepted that If more gold does not go out
this week it will be because there hap
pens to be no swift steamer sailing, afford
ing a saving of interest on the gold in
transit. but that considerable sum of
gold will go out in the immediate future
is considered certain, The financial
trouble in the Rubber trade, following
Upon the developments concerning the
trolley promoting syndicate caused some
reserve in speculation. The rise in
United States Steel extended to * and
in the preferred to rs. There was quite
an active demand for the locomotive
stocks, the gain in the preferred reach
ing Sh. The market closed firm and ae-
tive.
The bond market yielded in the morn
ing, but responded partly to the recov-
cry in stocks and closed irregular. Total
sales par value $780, 00
The United States coupon SIS advanced
n per cent on the last call.
Total sales for the day were S71 700
shares. including Atchison 10000. Atchi-
son preferred 13,100 Baltimore and Ohio
$500; Delaware and Hudson 1900; Erie
rs 100, Erie first preferrd 1900, Manhat-
tan 28,S00. Mexican Central 5,400, Mexi-
can National $500, Missouri Pacific TO-
500, o. and W. $500, Pennsylvania 3d. 100,
Reading 1913, 6O0 Reading first preferred
5000 Reading second preferred $4,000,
ST. Louis and San Francisco $500, st.
Louis and San Francisco second preferred
$500, st. Paul 25,600, Southern Pacific
II 200, Southern Railway $500, Southern
Railway preferred $500, Union Pacific
as.S00, Amalgamated Copper 91,5OO, B. r.
IT, 14,300, Peoples Gas 6.100, Sugar H..
100, T. G.. ]. 5000. Steel 104 500, Steel pre-
ferred l20.65O, Locomotive 26,50O, Loco
motive preferred 15,400.