The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-02-19
STOCKS AND BONDS.

New York, Feb. 1S-The restrictive
| influence upon trading of yesterdays
storm was lifted today, yet the volume
of trading was only about half million
shares. There was some show OF strength
during the morning hours, but it dwindlec
, during the day and the market general,
turned downward. Some stocks which haC
the advantage of early advance did mo-
suffer materially on the day but The
general level of prices at the end was
lower than yesterday. The Discrimination
TO trade in the stocks of the great rail.
road systems especially those Of the
trans continental group, was very
marked. 1t might have been due TO the
efforts making for a revision of trans
continental freight rates or 1t might be
explained by the growing inclination to
await next Mondays session of the Su-
preme court and possible decision in
the Northern Securities case before ven
turing upon speculative commitments In
this group of stocks which have so much
at stake in the decision of that case
Speculative opinion is in a perplexed state
as TO the merits Of the Metropolitan
Street Railway plan. The machinery OF
the plan is SO complicated and the manner
of its operation so obscure that little can
be made of it and the general public Is
inclined TO look askance at the securities
involved The interest of insiders in sup
porting the price OF stock pending the
completion of the plan is obvious, but
the price ran off more than a point in
the late dealings today. This had q de-
terrent influence on speculation else
where. The same was true of the weak
ness of Amalgamated Copper, which lost
23S on the days dealings. The futility
of the efforts to advance Southern Pacific
and Sugar were additional Influences in
the same direction. The development Of
new points of activity among the stocks
seldom active or of little general impor-
lance continued to be feature but other
stocks OF the same class recently ad-
vanced suffered from profit taking. There
was buying to some effect among the
Coalers which was especially conspicuous
In Reading second preferred and New
York, Ontario and Western. Lackawanna
made a squirt Of six points but reacted
four. Profitable demands upon the coal
companies are said to be more than they
can supply aud there are surmises also
ownership OF these roads. Another group
which was active and strong was the
SouthwesterTfs in spite of decreases of
gross earnings for the second week In
February reported by one or two mem
bers of the group. Conjectures are rife
OF plans looking TO financial eonsolida-
ton in this group also. The strength in the
group gave way with the decline in the
rest of the market. Wide gains were
made by a number Of extremely inactive
stocks, the last previous sales OF which
were many months old in some cases.
The money market remained easy but
confidence over its future Is not fully
assured.
Wabash debenture BIS constituted the
bulk of the bond market but they lost
practically all of their gains. Total sales
(par value) s5,306,000.
United States bonds were all unchanged
on the last call.
Total sales for the day We're $4,000
shares. including: B. and o., $500; Chi
eago, Indianapolis and st. Louis 5000;
Colorado Southern 400; Erie 1880:
Metropolitan 1890; NJ. X. and T. pre-
ferred $780, Ontario and Western 10000;
Pennsylvania 22.700; Reading 35.S0o;
Reading first preferred $500; Reading
second preferred 20, 1907 Southern Pacific
80, 700; T. and p, $4,000; Union Pacific
10 800; Wabash preferred IA, 400; Amalga-
amted Copper 34,400; Sugar 33,100; Ten
ressee Coal and Iron 800: U. 5. Steel
II 400 L. S. Steel preferred $1,000.