The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-04-24
STOCKS AND BONDS.


New York, April 23-Todays trans
fers of stock again reached an aggregate
of over one million shares. but the ami
| nation of the speculation is decidedly
deteriorated from the nearly two mill
lion share business of Monday. There
was great variety in the dealings today,
but the Undertone of the market was
decidedly heavy all day and the ad
vances in some portions of the list were
insufficient to clear up the tone. The
weather news from the western grain
regions was the central topic of dis
cussion. Prices were successfully turn
ed upwards in the opening dealings, the
grain carriers sharing fully in the adj
vance. In the case of Atchison the open
ing rice was l Ia, but ha1feiin hour later
when trading began in the grain markets
with prices strongly advancing these
stocks gave way. The government
weather map was sufficient evidence
that yesterdays hopeful estimates of
sufficient rain to undo any damage al
ready done were not well founded The
strong rise in the corn market also
helped to depress stocks, notwithstand-
ing the unlizlihocd OF any accurate
knowledge at this time of the chances of
the corn crop. But the evidence at
hand from day to day of the far reach
ing effect of last years corn shortage is
so impressive that the speculative mind
will evidently he very sensitive to the
prospect of the coming crop of that
staple. There was renewal of the re-
cent active demand for the coalers, the
Readings again taking the lead on the
supposition that the settlement of the
wharf disputes is imminent. When, how
ever, it was perceived that the strength
in this section of the market had little
effect in checking the dribbling liqui-
dation of western railroad stocks the
movement of the coalers ceased and
prices reacted there. Efforts were made
on behalf of the large speculative lead
ers to convey the impression that the
sharp reaction in prices has been con-
nived at and furthered by manipula-
ton with the purpose of shaking off
weak speculative followers in prepare
ticn for renewed and stronger upward
movement. The market in fact showed
the stronger technical position resulting
from the liquidation of the weaker class
of lightly margined accounts. The pres
sure to sell was much less urgent and
the fall in prices not so violent, but the
selling was no less persistent and the
downward tendency no less constant
The strength of the sterling exchange
market called renewed attention to the
possibility of gold exports and revived
discussion of the present heavily ex-
banded condition Of credits.
The provision to be made for the great
steamship merger, the coming stock
conversion by the United States Steel
Corporation; the provision for the pur-
chase of the Louisville and Nashville
and the subscription to the Pennsyl
vania bond issue for 100000 indicate
some of the heavy requirements upon
the present narrowed resources of the
money market. An incident of the day
was the sharp rally in sugar of IA on
the expressions of confidence from
Washington that an agreement would
be reached on the Cuban reciprocity bill.
The stock closed with a net gain of IA.
Amalgamated Copper, Tennessee Coal,
the cotton oil and Virginia Carolina
Chemical stocks, International Silver
preferred and number of minor special
teS we're strong. i mere was strength
also in number of rail
road stocks on the ground of their strong
strategetic position. The Wisconsin
Central stocks, the Toledo, ST Louis and
Western stocks and the Detroit South
err stocks, Were in this class. The mar
ket closed heavy.
Consolidated Tobacco As were strong
and active Otherwise the bond market
was irregular. Total sales (par value)
S4,79O,0O0
United States bonds were all unchang-
ed on the last call.
Total sales of stocks today were 1,200,-
500 shares, including Atchison, 80 500:
do preferred, $500: b. & o., 400: Ca
madam Pacific, 23,500; Chicago and Great
Western, $500; Erie, 41,300; first pre-
ferred, $500; Illinois Central, 5000; J..
& N, $500; Manhattan, IA 900; Missouri
Pacific, 81 COO; Pennsylvania, 15,@0D:
Reading, 203, 500; do first preferred, 49,
300 do second preferred, 50 700: st. Paul,
32,100; Southern Pacific, i7100; Southern
Railway, LOO; Union Pacific, So 100;
Wisconsin Central, 1900; Amalgamated
Copper, $4,000; Brooklyn Transit $4,000;
Colorado Fuel and Iron, 1880: Consoli-
dated Gas, II 400: International Power
6,2G0; Republic Steel. 25,5o0; Sugar, 49,
100; Tennessee Coal ana Iron. $3.50,