The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-02-27
STOCKS AND BONDS.

New York. Feb. 26.-The proceedings in
today's stock market were practically a
repetition of those of the last few days.
That is to say the important railroad
and industrial stocks of the largest CAPT
talization, which usually take the lead in
market movements were allowed to
slumber while various obscure and rarely
active stocks were taken up one after
another and pushed upward in more or
less sensational movements. This order
of things was varied in the last hour by
sharp raid on the part of the profess
sional bears. The ostensible reason for
their selling and offering down prices
was the announcement of engagements
of gold for export by tomorrow steam
err to the amount of $2,450,000. The per-
sstent dullness of the whole market and
it's refusal to advance under the efforts
to stimulate it by marking up individual
stocks impressed the professionals with
it's vulnerable position and the announce
ment of the gold exports was rather a
signal than motive for the attack. Re-
ports of damage to the winter wheat
crop and the resulting stiffening in the
winter wheat market were used to adj
vantage by the bears in their raid. Mis-
souri, Pacific was for this reason espe-
cially vulnerable and its report of de-
crease of 1000 in gross earnings for
the third week in February. also added
to it's weakness. 1t was noticeable, how
ever, that roads which reported increase
for the same period and especially Atchi-
son, with it's January increase of 1920. 1875
net. were not able to resist the decline.
No other stock was so acutely affected,
however. as Missouri Pacific. The an
nouncement of gold exports was hardly
a surprise, as sterling exchange has
lowered about the export point all the
week. Foreigners have been selling
stocks heavily since the news of the
Governments procedure against the
Northern Securities Company, and the
supply of commercial exchange bills in
the market is very scanty. The money
market in New York has not shown the
slightest reflection of any coming strin-
gency, yet the Sub-Treasury operations
have already taken up nearly million
dollars since the last bank statement, and
with New York Exchange at Chicago
down to Is cents discount, the interior
movement of currency is probably away
from New York. An early response in
the local money market is highly proba-
Dfe. lie advances III LOudy mdIhcL
were almost universally without expla-
nation. In the case of the minor rail-
roads they were based On a general as
sumption that absorption of these by the
larger systems is manifest destiny. OF
the more prominent stocks there was
strength in Pennsylvania, the Fries,
Wabash, preferred. and Illinois Central.
Amalgamated Copper was active and ir-
regular.
There, was very large buying of Wa
bash debenture BIS and the general bond
market was firm. Total sales (par valued
$4,S00,00
United States bonds were all unchanged
on the last call.
Total sales of stock today were GA 800
shares, including Atchison 1900; Chica go
and Great Western 1860; Colorado
Southern 6S.S00; Colorado Southern, sec
ond preferred, 14,400; Manhattan 900:
Metropolitan $500; Mexican National
II, 700 Missouri Pacific $4,000; Pennsyl-
vania 27,5O0; Southern Pacific 26.S00:
Reading, second preferred, 11.600; Union
Pacific 10000; Amalgamated Copper So
900; Brooklyn 1880; Sugar 11,40O; Ten
nessee Coal and Iron 10, 400; United States
Steel 14,700; United States Steel, prefer
red, 30,100.