The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-05-01
STOCKS AND RONnS.

teveriSh tone developed in todays stool;
market principally as the result of the
extraordinary movement in Interna tiOnal
Power with several contributory causes
including Stiffening in the money rate,
the uncertainty incident to the opera
lions of May disbursements, the outcome
of the anthracite labor conference and
renewed reports of need of rain in the
Southwest. International Power opened
at 1877, decline of point from yester-
days close. 1t recovered and then
slumped by successive stages OF from
one to three points to 1853 1t then rallied
20 points, jumping as much as five points
between sales and fell back again to 162.
Apparently those bids could then be Sc
cured for the stock and it was neglected
for an hour until just before the close
when a sale was effected at 100. The
days net decline was 81 points. Ytster-
day the stock sold at 1899 which was the
record price. For many days previous
successive records had been established.
In February the stock sold at sc and in
March the present movement started be-
low so 1t has been accompanied of late
by many outgivings of large requirements
of new properties by the company and by
the payment of a 21a per cent dividend
which was called quarterly, after provid-
ing for the preferred stock requirements.
The character of the movement has been
viewed with scepticism for some time and
has attracted very little outside follow
ing. Within day or two profits Of many
points have been taken on a few light
holdings. The officers of the company
could give no intelllgible explanation of
tn5o W. hon nhyi
fact that supporting orders had been
withdrawn. The closing quotation for TIL,
stock was IS bid and $50 asked. This
movement necessarily had some senti-
mental influence on the rest of the mar
ket which naturally was most pronounced
in industrial specialtes, especially in
those regarding which little definite in
formation is known. The declines run
ming from to 5h points in the Ameri-
can Locomotive stocks, Railway Stce!
Spring American Grass Irvine and Col
o1ado Fuel may be cited as examples. The
higher grade industrials were not so
much affected, although the United States
Steel stocks continued heavy. Amalga-
mated and Sugar were higher, the latter
rising points at one time. Spirited buy
ing Of Chicago Great Western, rise of
over four points in Illinois Central and
over two points each in st. Paul and Rock
Island had sustaining influence in the
railroad list for a time but prices gave
way there in the unsettled state that de-
veloped The effect of attempts to mar
ket stocks which were previously manipu-
lated was seen in the six point drop in
Northwestern Is in Chicago, st. Paul,
Minneapolis and Omaha preferred and
is in Keokuk and DesMoines. There
can be no doubt that yesterdays action
by the clearing house authorities Chat
institutions hereafter admitted to it's
privileges must maintain cash reserves
commensurate with those required of the
members themseIves) was regarded as an
admonition against the rate Of credit
expansion and the character of some of
the promotions which have been furth-
cred by some of the trust companies.
There was some calling of loans follow
ing the furry in certain stocks.
The bond market was active and prices
were lower in sympathy with stocks.
Total sales (rar value) S3,S9o,OO0.
United States bonds were all unchanged
On tho last call.
Total sales of stocks today were l.
057 900 shares, including Atchison ex-div-
idend 81, 400 Canadian Pacific 1O,100 Chi
cago Ind and l.. 1900; c. and G.. W., IL
500; Delaware and Hudson $500; Erie
Q .200: Iowa Central $4,000; Manhattan
IS, 700; Missouri Pacific 10000 New York
Central II 600: O. and W., $500; Penn
sylvania 34,1OO; Reading 4S,3OO; st. Paul
A2, 700 Southern Pacific 10000; Southern
Railway 14,5O0; Union Pacific 80, 500; Wa
Uaho
Amalgamated Copper 1880 Brooklyn
II. 100: Colorado Fuel and Iron 41.50O;
Consolidated Gas 100; International
Power 1880; National Lead i1,OO0; SUI
gar 13 300 Tennessee Coal 1900; U. ;.
Leather Ii, 800; u. S. Steel $4,000; U. S.
Steel preferred 14100; American Locomo-
tive 65,500; American Locomotive pre-
ferred IL 400.