The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-01-15
sToCKs ANn RnNns

New York. Jan 1i.-Thero was consid
cradle disturbance Of speculative senti-
ment in the stock market today and the
movement to sell gained increasing
force. The weakness became rather ae-
tive in the final foGr when the heaviest
selling of the day was done, and the
L.arket closed active and weak and gener-
ally at the lowest, net losses running
all the way from l to s points for the
principal stocks. There We're some special
causes Of weakness of individual stocks
which affected the general market by
sympathy to some extent, but the move
rent as a whole was due to general
causes. which nave been gaining an IN
fuence for several days past All minor
differences of Interpretation over the
standing of the case against the NORTH
ern Securities Company are sunk in the
general consideration that the legality of
the combination is to be submitted TO de-
termination by the courts and that the
value of it's securities are to be in abey-
&nce during a probable prolonged litiga-
ton. The bearing of The decision in other
combinations, not only those made but
some others in contemplation, makes the
decision of this case of vast Importance
to the whole securities market. The diff
fculties developed in the several indus
trial combinations which have suffered
from impaired credit has given rise to
much more conservative spirit among
lenders of money and buyers of securi-
ties. Today's upset in grain market re-
Srlting from over-commtments in specu-
lation, brought some liquidation directly
upon the stock market. Besides these
general considerations Wall Street had
rumofs that new bond issue by the
Erie Railroad Company was imminent,
and on these. the stocks Of the company
declined IA to 2sz points. The remark
by President Thomas in the last annual
report that cit would seem as though the
day is now approaching when arrange
n eDts for new capital can be profitably
made" was regarded as substantial
basis for these rumors. The cut in the
prices of refined sugars cost that special
ty 5 points There was noticeable weak
hess in a group Of stocks in which there
has been speculation on hopes of dividend
increases or the beginning of dividends
There were fears that these hopes would
be disappointed The New York, Chicago
and St Louis stocks, the St. Louis and
San Francisco stocks, Lake Erie and
Western and United States express might
be included in this category. The Atehi-
sons were heavily sold on continuing dis
satisfaction over the debenture bond NJ
sue Aside from these instances, the
selling was pretty we'll distributed. There
was a period of some strength in the
morning, led by Manhattan with rise
CT 1ss, but that stock fell with the rest
of the market. Glucose rose 32s in face
of the general decline.
Active bonds weakened in sympathy
with stocks but soule less active issues
held early gains. Total sales (par valued
So, 675 GEO..
United States bonds We're all unchanged
on the last call
Total sales for the lay were 6S7 300
shares, including the following: Atchi-
sen II 400; Atchiaon preferred 12,10O; B.
and o. $500; Erie $4,000: Erie first pre-
ferred Il, 1o0; Erie second preferred 49,
900, Louisville ard Nashville 1000; Man
haitian 1880: Missouri Pacific 10000;
New York Central 1890; Pennsylvania
IL 900: Reading $4,000; Reading second
preferred 16. 100: st. Louis and San Fran
cisco $500; St Paul 1890; Southern Pa
cific 10, 100: Southern Railway 400; Union
Pacific IS, 100; Arialgamated Copper Al
200: Brooklyn Rapid Transit 1900; Gu
cose Sugar 800; Sugar $4,000: United
states Steel 35,20o: U. S. Steel preferred
81 900 American Locomotive 5,200