The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-10-08
BALTIMORE PROVISIONS.
STOCKS AND BONDS.

New York, Oct. There were many
market today, but they all gave way to
acute depression in the late dealings, and
the day shows substantial losses
throughout the list Very large pool
liquida ton was accomplished during the
day, under cover of the earlier strength
and in the heavy selling on the break.
The character of the manipulation and the
special stocks which were most affected
by that and by the liquidation pointed to
the individuality of the best known oper-
ator in the street who has espoused the
long side since a return from Europe,
and who has been supposed to be in
trusted with the market interests OF some
of the largest financial firms, including
the United States Steel Corporation.
Southern Pacific was very prominent in
the dealings. A recent decision publicly
announced to issue $25,000000 of bonds
with a view to provide funds for better
ments and allow the inauguration OF
dividends out of earnings was the occa-
sion of large speculative commitments in
the stock The directors have caused
the announcement to be quietly made this
week that the time is not now considered
propitious for the Southern Pacific bond
issue This is believed to be not in ac-
cord with the view of the large specula-
tive holder of the stock who liqudated
his holdings today. Pennsylvania also
was heavily hold. presumably by the
same large operator. The early advance
in prices offered excellent opportunity for
this liquidation. The upward rush OF
prices at the opening was supposed to
point to the completion of the liquidation
which the local money situation makes
necessary, and there was considerable
demand from shorts and from bargain
hunters who have been watching for bot
tom prices. Much was made of the orders
by the Governor of Pennsylvania to place
the entire militia of the State in the
field. A strong influence was cXerted by
the announcement from Washington that
the Secretary of the Treasury will buy
government bonds if any are offered at
satisfactory prices. This was not con-
sidered a very promising prospect on
further consideration. and it is believed
that preparations being made to offer
block of bonds to the Treasury are de-
signed to test the official idea of prices,
re- Their than with the hope of effectinS
an advantageous sale. When the market
opened. lenders of funds were demanding
u per cent for call loans, and the mar
ket promptly took downward course.
1t was not until after midday, however,
that the selling pressure gained great
force. The drop from the top to the bot
tom level covered a wide range. but the
DAYS net declines are much diminished
by reason of the early advances and the
final rally, which made the closing steady.
Money became easier during the day.
Bonds were weak in company with
stocks. Total sales, par value, $2,9lO,coo.
United States SIS, registered. advanced
Y, the new As q, and the old As and .
a per cent on the last call.
The total sales of stocks for the day
were: 912, 100 shares. including: Atchison'
20 800; Atchison, preferred, 1900: Baltl-
more and Ohio %. 500; Canadian Pacific,
81 400: Erie IS 500: Illinois Central. $500;
Louisville and Nashville, $4,000; Manhat-
| tan. 26, 700: New York Central $500;
Norfolk and Western, 1920; Ontario and
Western, 12700; Pennsylvania, $4,000
| Reading. Il, 100; st. Paul, tex-divo. 81,
200: Southern Pacific, 81 $50; Southern
Railway. $1,000; Texas Pacific, 1900;
Union Pacific, SIS, 300: Wabash. 800;
Wabash, preferred, 500, Amalgamated
Copper, 1860: Brooklyn Rapid Transit,
$1,000 Colorado Fuel 5000: Interna-
tional Paper $500; Sugar. 1860. TenDes-
| see Coal and Iron. 800: United States
Steel. 9.f00: United States Steel. pre-
| fcrred, 1880; American Locomotive, g.
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