The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-04-10
STOCKS AND BONDS.

Bile speculative movement in the stoLl
market today, which is universally at
tributed to the operations of an import
ant combination of wealthy Western
men who were important factors in the
constituent companies going to make ur
the United States Steel Corporation be-
fore it was organized. In the ordinary
acceptance of the term. there was nc
news to explain the movement of stocks
or the enormous buying which caused it
but the fact was patent that the buyers
were possessed of practically unlimited
resources to transact business on such
scale, and also that the faith in them
was strong that they were getting their
moneys worth. While there was no
actual news accompanying the move
ment there was abundance of rumor
which centered mostly about Louisville
and Nashville, which was again the
leader of the market in point of ac-
tivity and sustained strength. The ru-
mors reached the stage of an alleged
formation of a community of interest
project for the whole Southern field,
which would supposedly take in the
Southern Railway, Illinois Central and
possibly minor competing systems.
In6fo were ulUUT eApldldliOH SIOWlHS
out of the announced policy on the part
of Louisville to extend into new terri
tory. which involved the absorption OF
connecting lines into Chicago. None of
these rumors could obtain any official
countenance. There was some credencc
for a suggestion that the marketing Of
the new stock just announced, had in
volved the creation of large short in
terest in the market for the relief of
which the new stock will not be avail
able as a delivery until the formalities
of listing on the stock exchange have
been complied with. This explanation
would not apply to the notable broaden
ing of the speculative movement today
into other quarters of the market.
Louisville itself, while occasionally re-
acting forged up to the top level to five
points over last night in the final deal
ings and closed within a shade Of that.
The Southern Railway stocks were also
lifted forcibly to the top level at the
last. The rest of the market showed the
effect of realizing at the last, and some
important stocks closed with net losses,
notably New York Central, Manhattan,
Chicago and Northwestern stocks and
Rock Island. Some of the minor raj,
road stocks which have recently ad
vanced were also sufferers. While a
large number of important stocks were
included in the advance, the movement
was by no means universal and many
prominent stocks were neglected and
sluggish, United States Steel stocks still
conspicuously So The electrical stocks
and New York Air. Brake made wild add
vances and almost equally sensational
relapses. The rise of 61H in New Yori;
and New Haven was unexplained
American Snuff's point gain was prac-
tically all of it made on one sale. The
late furry in the call money market
was a reminder of the narrow resources
of the present money market for sup
plying any extensive speculative move
ment, but it did not affect the deter
mined buying of the central element il
the speculation.
Some of the active speculative bonds
were affected by realizing and the
market generally was quiet. Total sales
par value $685., 900.
United States SIS advanced y and the
3s coupon declined rs per cent on The
last call.
Total sales of stocks were $4,000
shares, including Atchison 1920; c. & o.
$500; Chicago and Great Western II 500;
Erie 7,400; Louisville and Nashville
1873, 700; Manhattan 1900; Missouri Pa
c:fc 26,2OO; Norfolk and Western 1920;
o. & w. 800; Pennsylvania 10000;
Reading $4,000; Reading, second prefer
red, $4,000; ST. Louis Southwestern, pre-
ferred, $4,000; st. Paul 12.5Ge, Southern
Pacific 45,200 Southern Railway 139,700;
Southern Railway, preferred, 1890;
Union Pacific 1850; Wabash, preferred
43, 700; Amalgamated Copper $4,000;
Consolidated Gas 5000; North American
$500; Sugar 1890; American Locomo-
tive II, 400.