The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-02-22

The cash item was practically unchang-
ed instead Of the expected decrease of
over a million dollars and the restriction
OF the loan expansion to less than SIX
million dollars treasured the sentiment
that credit resources were being taken
up too hastily. The call money rate
eased off to 2 per cent. under the show
ing of the bank statement, and the re-
duced requirements for speculative pur-
poses.
The cessation of forced liquidation and
the development of strength in number
Of stocks drove the shorts to cover. A
report that J. p. Morgan had gone to
Washington to confer with President
Roosevelt gave room traders comfort.
The Colorado and Southern stocks be-
came very strcng at the last, on vol
u1ne Of dealings unprecedented for the
market, Their gains reached three points
or better. Good dividend prospects were
alleged as the reason for the advance.
Chicago, indianapolis and Louisville
also rose 31s and the preferred ~ on
reported dividend prospects.
Amalgamated Copper was erratic, rls-
uig at one time over point, but closing
practically UNCHANGED.
Manhattan also failed to hold it's gain
Of / u. Northwestern recovered IA of
yesterdays loss.
United States Rubber was strong.
Renewed strength in the exchange
market corroborated the expectation that
more gold will be exported next week.
Bonds were dull and irregular. Total
sales (par value) 1885, 900.
The announced intention of the au-
thorities at Washington TO take steps
against the Northern Securities Com
pany. on the ground that it was formed
in violation of the Sherman Anti Trust
Law of 1890. upset the stock market on
Thursday and superseded every other
consideration, previous to that time
there had been dull and spotty market
with individual stocks advancing sharp
~ and the general undertone firm. This
was Cue to the Discrimination of holders
to sell much as to any marked demand
for stocks.
How far the new turn of affairs in
Northern Securities may ultimately at
feet the market is difficult to foresee.
The rule, however, that substantial in
terests come to the support Of values Of
properties in which they are interested
in time Of crisis without any purpose Of
obtaining stocks for permanent holding
was apparent This thing was
in evidence at the time of President
McKinley's assassination and in
last Mays panic. The assumption among
spectators in Wall Street that the es-
Establishment of the status of the Northern
Securities Company would remove all the
renressive influences upon speculation
and restore conditions interrupted by the
Northern Pacific quarrel, takes no ac-
count Of the fact that values We're inflated
by over speculation last May, and that
the event that then speculation was in
tended to discount have since come to
pass or have been demonstrated to be
idle rumors or canards. Not much
thought has been given as to how far
actual property values would be affected
by the overthrow OF the Northern Securi-
ties Company. 1t is not clear that the
dividends and control which were affected
by the Northern Securities Company
would be altered by the dissolying Of the
Northern Securities Company.
The fuctuation of the Northern securi-
ties Company might supposedly be de-
feated without threatening the renewal
of the ns-continental railroad con-
fiict. The cause for depression, which
some discern in the proceedings against
the Northern Securities lies in the sup
position that 1T is intended to test the
efficiency of the existing law in the case
and then lend the power of the admins
tration to amend it, If necessary to make
it effective against the formation of
great financial combinations.
The bond market has been relatively
more active than for weeks and values
were only slightly affected by the weak
ness in stocks.
United States refundng rs. advanced
u. the 3's coupon *. 3's coupon, regis
tered Il, the SIS ", and the old AS Il
over the closing call Of last week.