The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-08-09
STOCKS AND BONDS.

New York Aug S.-Efforts were made
today to shift speculative interest into
new quarters of the market. The open
ing dealings showed that the glamor OF
the supposed plan for merger of Southern
trunk line railroads had taken hold upon
the Imagination of the speculative world
and most of the stocks which were vio-
lently affected yesterday started off on
a fresh upward movement today. But
it also became quickly evident that the
movement was over-running itself
Either the desire to take profits or the
belief that prices had been lifted to
above the intrinsic value of stocks led
to prompt reactions in Louisville and
Nashville. Illinois Central and conspicu-
ously in Hooking Valley. The last named
stock not only lost it's opening rise of
this morning, but all of yesterdays sem
sational gain as well. The reaction was
not so violent in other stocks, although
Rock Island developed heavy tone and
Colorado Fuel became weak with con-
siderable sentimental effect upon the gen.
eral list. 1t cannot be said that the re-
action in the Southern group materially
altered the general conviction in the
street that important developments are
difficulty encountered by Louisville in
it's advance above $50 was attributed to
the fact that that is the figure at which
the option is supposed to be held by j. p
Morgan & Company to buy the control of
the road. Some of the largest selling
of the Southern trunk lines was by
brokers usually employed by the specu-
lative leader whose publicly proclaimed
"bullishness," was a forerunner of yes
terdays violent advances. Probably
some disappointment was felt because
official announcement of the acquisition
of the Chicago and Eastern Illinois by
the ST. Louis and San Francisco, con-
tanned no reference to the further ex-
tensive projects which are supposed to
lie back of that operation. In fact, no
official countenance could be secured
from any source of yesterdays many
rumors. The belief was held that this
and other important projects may have
to await the return of ]. P. Morgan, now
on his way here from Europe. Amongst
the new points Of strength the most con-
spicuous and most influential was that
in the Erie stocks. No reason was
forthcoming for their advance beyond
revival of old rumors of large holdings
III Tic pIOpSILy VI u. Aiiiis ohN PiohS
for it's improvement by that capitalist.
The rise in Amalgamated Copper SEEM
ed to be purely speculative in it's origin
other points of strength were the oolo-
RADIO and Southern stocks. Texas and
Pacific and a number of minor stocks.
The banks have not gained enough from
the interior to offset the drain to the
subTreasury, and a poor bank return is
| indicated. This and the holiday prompt
| ed to realizing late in the day and the
closing was dull and irregular.
The bond market was dull and irregu-
| lar. Total sales (par value) $1,175,000
Total sales of stocks today were 595, 100
shares, including Atchison 81 400; Atchi-
son, preferred, 1O,100; Baltimore and
| Ohio, $500; Canadian Pacific 5000; Chi
cago Greatwestern $500; Colorado
| Southern 1900; Colorado Southern, sec
ond preferred, 5000; Erie 94.400; Erie,
| first preferred 1890; Hooking Valley
| 20, 400; Illinois Central $4,000; Louisville
and Nashville $4,000; Missouri Pacific
| 16, 200; Norfolk and Western 1920; On
tario and Western $500; Pennsylvania
Ia, 900; Reading 10000; st. Paul IL, 500;
Southern Pacific 5000; Southern Railway
| AZ 300; Texas and Pacific 1900; Union
| Pacific 10,400; Amalgamated Copper 49,
700; National Lead $500; Peoples Gas
| $500.