The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-01-17
Government bonds steady. State bonds mac
tive Railroad bonds firm.
STOCKS AND BONDS.

j
which developed in yesterdays stock
market failed to persist today With the
urgent demand from the shorts salts
fed the buying became apathetic, The
selling was very light but was not we'll
absorbed and the market moved in a
sluggish and irregular way all day. The
rather acute weakness which was mani
fest earlier in the week was not renewed
and there was some appearance of sup
port on the declines. This and the posi-
tive strength of a few stocks in the list
;steaded the tone after declines had
reached considerable figures and resulted
in recoveries. The general level of prices
did not get far from last nights level
on the recovery and the market became
irregular again at the closing. There
is an element among stock operators
which holds the theory that large re-
serves Of capital are in the hands of in
vestcrs ready to go into securities the
moment the downward course of prices
is seen to have gone far enough. This
class hoped that the support afforded
the market yesterday would dissolve the
doubts OF the owners of this waiting cap
ital and that it would go into the stock
market, but the commission houses this
morning failed to reflect any notable in
crease in their orders for execution. the
opening advance quickly came to stand
still. Sharp weakness in Manhattan
he lped the reactionary tone, The STOCK
dropping during the morning to l34M
Spectators in the stock have been fed
with the hope that an arrangement 1or
an interchange of the traffic with the
New York Central was impending as
consequence of the disaster in the Park
Avenue tunnel. AS yesterdays state
ment by the New York Central direc-
tors of their plans fer terminal improve
ment. gave no confederation TO the re-
Iorted plan for interchange with Man
haitian, that stock was sold freely by the
srecuators. There was much discussion
in general way of the recent new bonds
and stock issues by various railroad COM
lanies, and the effect Of this discussion
was unfavorable to speculation. Recent
heavy OUTLAWS by railroad companies from
the large current profits were supposed
70 be forestalln ent of necessary
changes foi betterments and to promise
future curtailment of expenses and the
consequent maintenance of net profit in
current tendency to increase capital is
sues has disturbed this feeling Of securi-
ty over the future. The process of pill
ing UP reserves in the New York banks
which seems to have gained much head
way during the week failed entirely to
stimulate speculation. The money mar
ket continued easy and sterling exchange
showed no advance. The maintenance
by the Bank of England of its four per
cent discount rate may be regarded as
fair notice of its intention to attempt
to lift the open market rate. The banks
reserve is very strong and the market
is practically free of indebtedness to the
il stitution. which would prompt it's gov
errors, in their capacity as private
tankers TO lower the rate and secure
br siness but in their semi-public ca
Eacity and looking to the coming issue
of a government loan, it may be incum-
bent upon them to take measures to at
tract foreign gold to the English money
market. There was some special strength
in today's market by Southwestern Rail
read stocks, notably in the st. Louis
Sout hwesterns, the st. Louis and San
Francisco and the Texas and Pacific
stocks. Sugar also showed strength.
Bonds were moderately active and
firm. Today sales (par value) S3,4OO0o'
United States bends were all unchanged
Oh the last call.
Total sales of stocks for the day were
3e5. 600 shares, including the following
Atchison 21,700; Erie 1900; Manhattan
% 800; Missouri Pacific 10000; New York
Central 1880; Pennsylvania $500;
Reading 21,700; Reading second preferred
8 200; ST. Louis and San Francisco 29,950;
st. Louis and San Francisco second pre-
ferred $500; St. Paul 1900: Southern Pa
cinc $500; Union Pacific 33,40o; Copper
300; Peoples Gas 1,00O Sugar 10000;
Steel 20, 300; Steel preferred 27,500.