The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-07-15
STOCKS AND BONDS.

STOCKS AND BONDS.
New York. July 1.-THE speculative
operators in favor of higher prices for
newed igor today, centering their cam
pafpn in St. Paul. That stock has al
ways been peculiarly effective as a
leader, owing to it's representative char
acter amongst the western trunk lines,
and to the large floating supply in the
market. Its notable rise today therefore
had some sympathetic effect on stocks CT
it's own class. The mass of securities
however, remained singu!arly uErespon-
sive to the aggressive strength of ST.
Paul ana even sagged in spots from tor
pid demand In the early market the eff
feet of the st. Paul movement was inter
ferred with by the obvious profit taking
going on in Missouri Pacific and the
suspicion thus aroused that the st. Paul
manipulation was expressly designed to
facilitate this profit taking. There were
also weak spots amongst the industrials.
The declines from Saturdays level
reached point in Missouri Pacific, Su-
gar and Amalgamated Copper. Atchi-
son responded early to the st. Paul rise
and followed it closely throughout the
day but it was not until late that Tn
ion Pacific, and still later when South :
ern Pacific came into the movement
The st. Louis Southwestern stocks and
! Illinois Central were also conspicuous.
A reference to the days sales list will
show that the stocks above specified
made up the principal portion of the
days market. AS each stock was sue
cessively brought forward into the move
ment the buying took on large proper
| lions. Blocks of from thousand to six
| thousand shares were dealt in freely in
all the active issues. The weak stocks
generally recovered and closed I'M
| changed or at slight losses An. effort
was made to advance the Readings, l.ut
| it was not pursued. Much was made in
connection with the advance of hopeful
talk about crop prospects and no ac-
| count was taken of the signs of strength
in the grain market based on reports of
more unwelcome rains in the Southwest.
| The grain markets are not considered a
reliable barometer of actual crop condi-
| tions, owing to the disturbance of ID
normal conditions by speculation. 1t
must be considered also that the specula-
! tive mind is much confused in following
| the statistical rectification in the gov
| ernment's crop acreage figures in the at
| tempt to conform the Agricultural De-
partment's figures to the census returns.
The favorable bank statement on Sat-
urday was urged as an evidence of cas-
ing conditions of the money market but
money rates were not appreciably easier
here today and foreign exchange ad-
Vanced a fraction again. There was a
! deposit of 100000 at the sub Treasury
for telegraphic transfer to New Orleans
and New York Exchange at Chicago re-
manned at twenty-five cents discount
The market closed rather irregular but
with the grangers at the top level.
| The bond market was more irregular
even than stocks and was without con-
spicuous feature. Total sales par value
| $4,247, 900.
United States refunding 2's declined
Is and the 3's and old and new As Ia
per cent. on call today.
Total sales of stocks today were G6L SOC
shares, including Atchson, $4,000; dc
preferred, $500; Canadian Pacific, 5,400;
Colorado Southern. $500: Denver and
Rio Grande preferred, $500; Illinois
Central $4,000; Louisville, 500; Man
haitian. 1900; Missouri Pacific, $4,000;
New York Central, $500; Pennsylvania
24,200; Reading, $4,000; ST. Louis South
western, 10000; ST. Louis Southwest
preferred. $780, st. Paul, SO, 100; South
ern Pacific, 35,400; Southern Railway
$500; Union Pacific $4,000; Amalgamat-
ed Copper, 80 400; Brooklyn Rapid Tran
sit, 5,100; Sugar, 54o0; United States
Steel, 500; do preferred, 5000.