The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-01-23
STOCKS AND BONDS.

New YORK, Jan. 22.-Ihe PROFESSIONAL
operators in the market made an upward
turn of prices again today. The dizziness
of the market and the congestion of the
scanty dealings into few stocks clear
ly reflected the continued indifference of
the outside public to the securities
market and the abstention of the great
banking interests which made the great
bull markets of last year from any hand
in the trading. Such narrow price move
ment as there was, was pretty much wiped
out in the closing dealings, and many
stocks closed below last nights figures
Metropolitan Street Railway was the
central feature and moved up late in the
day an extreme 37s on a volume ofNdeal-
ngs very unusual for that stock. The
gain on the day was pa Many rumors
circulated to explain the movement,
which were in general agreement as to
coming issue of stock with subscription
rights to stockholders. but which varied
greatly as TO the use to be made of
the proceeds of the stock sale. There
was talk of a consolidation of all New
York public utilities and of a centrali
cation of the production of electric power
for the benefit of all of them. The stock
of other New York public utilities did
not fully sympathiZe, and reacted sharply
at the last. Advances of five points in
the Chicago and Northwestern stocks and
3A in Lackawanna were accompanied by
rumors OF a coming distribution of scrip,
Sugar and Peoples Gas gained nearly
point at one time. This about exhausts
the list of advances worthy of mention.
The rain and snow in the winter wheat
belt and the promised benefit to the crop
were used by the traders as arguments
for advancing railroad stocks. Money
was easier and the large subscription re-
ported in New York for the German i'm
perial loan argued an abundance of local
resources. although the disposition to
turn to foreign securities while the local
stock market was SO neglected was taken
to indicate "a tendency not altogether
favorable There was recently some
speculation in Erie shares based on the
assumption that the dividend on the
first preferred was to be advanced to
four per cent But the conviction has
been general for some weeks that the 3
per cent rate would not be changed, as
proved TO be the case today, with little
effect on the stocks. The market closed
dull and irregular
The railroad bond market broadened
out today, bringing forward many DOR
mant mortgages into activity. The deal
ings in some of these, notably in the
Rock Island As and the Central of Geor-
gia income bonds and consol IS were
very heavy There were advances rang
ing from i to "a in Rock Island 6's and
As, the Oregon short line 6's, st. Louis
and San Francisco 6's, New Jersey Cen
trail IS, Peoria and Eastern incomes.
Central of Georgia, first, second and third
incomes, the Chicago and Pacific division
6's of the St. Paul and Texas and Pa
cific firsts. Total sales par value 81
$40, 900.
United States bonds were all unchanged
on the last call.
Total sales stocks for the day were
$4,000 shares. including Atchison $4,000:
Atchison. preferred. $500; Erie $1,000;
Erie, first preferred, $780, Manhattan
1000; Metropolitan $3.50; New York
Central 1900; Pennsylvania $500; Read
ing 21600; st. Paul 800; Southern Pa
cific 10,S00; Union Pacific 1880; Copper
10000; Brooklyn Rapid Transit $500;
Sugar 100; United States Steel. prefer
red, 5000