The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-06-24

prices of railroad stocks to react to q
previous level. The only trace of large
speculative operations was in the Gould
group led by the Wabashes, and in Read
ing The industrial department was weak
with the exception of one or two unim-
portant stocks and was under pressure
of what looked like genuine liquidation.
The buying of the Wabashes was unex-
planned by any new developments. 1t
came from the same sources as have
been active fer some time past in this
group OF stocks and represents the eff
|fort to realize the improvement in the
properties through recent extension and
new acquisitions. The news of the day
irnlrdoi !. rel cgt of an appeal to high
er court q the city of Pittsburg's case
against the entrance into Pittsburg by
Wabash lid a. authorized statement of
the protest for q new railroad from
Denver 70 salt Lake City to connect
with T1ll 10. r~.Iroad TO Los Angeles.
This project IS ab Gedly intended as
com DCti:lve to the western extensions OF
the Gould system. But the large buy
ing CT the various Gould stocks was
not checked in any degree by this news.
ST. Louis Southwestern preferred, which
has usually moved ii company with the
Gould stocks, was decidedly reactionary.
This was the more conspicuous in view
of the further rise of seven points in
Chicago and Eastern Illinois, supposed to
be set aside for absorption in the in
terest of st. Louis Southwestern. Manhat-
ton shared in the strength of the Gould
stocks in the early dealings and i'm
parted soEe sympathetic strength to the
other local fractions. The IA point rise
IL Reading was apparently designed as an
answer to the address to the public by
the president of the United Mine Work
ers. Most of this gain was lost on the
reaction. Among the industrials Colo
RADIO Fuel was a conspicuous sufferer on
account of the supposed dispute amongst
insiders as to the continuance of divi-
dends upon the stocks.
The recent heavy tone of Amalgama-
ted Copper also gave way to positive
weakness in view of the continuing de-
cline in the price of copper and the un-
precedented production. Supporting or
ders seemed to be withdrawn in United
States Steel and that stock suffered
net loss of nearly a point. 1t is the
general conviction in Wall Street that
The proposed plan for conversion OF pre-
ferred stocks into per cent bonds Will
be blocked by the courts, thus leaving
no offset to the increase of fixed charges
or the $50 900, 600 new bond issue. There
seems 20 be a fear that the payment OF
dividends on the common stock is thus
threatened The closing was easy at
the considerable reaction in railroad
stocks number of the less active
railroads show large losses.
The bond market was moderately ac-
tive and irregular. Total sales (par
value) $2,5S0,0O0 L. S. new AS Dc
a per cent on the last call.
Total sales of stocks today were 4S2, 200
shares, including: Atchison 5000 Man
haitian Is, 800; Mexican Central 9.40O:
Missouri Pacific 45400; Missouri, Kan
sas and Texas 13, 400; Reading $4,000;
st. Paul 1000; Texas and Pacific 1900;
Union Pacific 1900; Amalgamated Cop
per 90, 200; Wabash 1890; Wabash pre-
ferred 6S, 200; Colorado Fuel and Iron 25-
400; Sugar $500 U. S. Steel 12625; U.
S. Steel preferred $500.