The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-07-09
STOCKS AND BONDS.

New York, July S.-Something very
| much like scramble to take profits at
the end of the day served to throw some
discredit upon the character of the days
considerable proportions and with SEM
| blance of much more substantial charac-
ter than anything in the recent course
of the market. Spots of strength were
more numerous and the well established
dividend paying stocks were foremost in
the trading. The orders from single COM
mission houses and the individual blocks
taken of some of the high grade rail
road stocks fairly warranted an Inference
OF investment buying, supposed to be re-
investment of resources made available
by the July disbursements on the part
of the inside controlling interests in some
of the properties. Such buying was man
ifest in New York Central and Chicago
and Northwestern. This probably had
more than anything else to do with dis
sipating the feeling of suspicion which
has been persistently felt towards the
whole recent upward movement The re-
action at the close of the day renewed
these suspicious, and the large proper
ton of the days buying orders which
were for Western account kept alive the
supposition that the western contin-
gent" were actively manipulating the
market, in connection with the renewed
pressure upon the shorts in July corn
The special strength of st. Paul was ac-
companied by revival of old rumors of
e hot Nv Int Do
ciic. The soft coal carriers were taken
on the demonstrated benefit they are
receiving from the paralysis of the an
thracite coal traffic. This movement
embraced some of the common stocks of
Morgan reorganization, including South
ern Railway and Erie, but the Readings
and anthracite carriers generally We're
almost stagnant.
A marked influence was caused upon
sentiment by the sagging of the foreign
exchange rate away from the gold eX-
port point, after tentative arrangements
| had actually been made for a shipment
on Thursday. The sterling rate at Paris
also rallied The gold export was avert
ed by the renewed offerings of bankers
| bills against sterling loans, which were
| facilitated by the growing ease of the
1
companies also came into this market
as lenders of many millions of dollars
on call which served as stimulating in
fluence upon speculation. The Chicago
exchange rate continues at 80 cents dis
counts with continued pressure upon New
York for funds. United States Steel fell
nearly point in the late dealings on
the postponement of the decision of the
appeal of the suit against the stock con-
version plan and on the beginning of a
new suit. The market closed easy.
Business in bonds broadened out some
what, but the market was irregular.
Total sales (par value) $685., 600
United States new As declined u on
| the last call.
Total sales stocks today were 577,S00
shares, including: Atchison $4,000; At
Gibson preferred 6,100; Chesapeake and
! nhio $1,000: Chicago and Northwestern
| $500; Rock Island $500; Erie $500; I'LL
nois Central 800; Louisville and Nash
Vile 5000; Missouri Pacific 42100: New
York Central 2o6O0; Norfolk and Western
| %, 700; Pennsylvania 20,933; Reading 81,
900; st. Paul 1900; Southern Pacific 81
| 500; Southern Railway 13, 100; Union Pa
cifc SO, 500; Colorado Fuel S,400; U. S.
Steel 13,400; u. S. Steel preferred $500.