The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-03-15
sToCKsAND BONDS.

New York, March 14.-There We're
some remarkable movements today
among the obscure specalties, but the
important representative stocks were
neglected and practically fmmovable.
Some important developments in the
money market situation helped the stock
market to face with equanimity the
forecast of a movement of currency OF
the week, which on it's face, promised
to wipe out entirely the slender surplus
reservoir the banks. The rise in tho
call loan rate above per cent; the
highest of the year, indicated the pres
sure upon the money supplies. An an
nouncement during the morning of an ad-
ditional deposit of half a million dollars
at the sub Treasury for transfer to
San Francisco emphasized the influence
of the earlier declines reported. Alto
gether the banks were shown to be
losers to the extent of upwards of
Sc, 600, 900 since the last bank statement.
including todays transfer to San Fran
cisco. Last weeks bank statement, it
will be remembered showed surplus re-
serves of only $3,95S,425. During the
day there came very heavy offerings
of Government bonds at the Sub Treas
rect result of the withdrawal of the
Governments offer to redeem bonds
after tomorrow. The total redemption
today ran up to $2,479,554, and as the
payments are in cash they will show for
one days, average in tomorrow's bank
statement. Consideration was also given
to the fact that a standard oil dividend
of $50 per share in payable tomorrow,
involving the disbursement of 100000, 900,
which can hardly he without effect in
the money market. The increased pres
sure for money today also led to re-
newed borrowing in foreign markets,
under which the exchange rate yielded
a fraction. OF other developments, the
settlement of the Boston strike was ia
vorably interpreted, although some un-
easiness still prevails concerning the
settlement of the yearly terms with the
anthracite miners. The increase in the
Southern Railway preferred dividend
had been expected with great confidence,
but the stocks of that company advanced
on the announcement which also served
to check a selling movement in the gen.
eral list. There were some very sharp
relapses among minor stocks which have
been recently advanced on rumors of
consultations and absorptions, but there
were other strong point on similar ru-
mors. The violent advance in the West
inghouse Electric stocks on light trans
actions had nothing in the way of news
to account for it, The Gould group of
stocks led by Manhattan We're in notable
demand at striking gains.
The Wabash debenture BIS were active
and strong. Otherwise the bond market
was irregular. Total sales par value,
Sc, 995 600
United States new AS declined 1k, the
old As a and the SIS u per cent on
the last CALL
Total sales for the day were 472, 700
shares including Canadian Pacific $500;
Colorado Southern $4,000; Erie $500:
Manhattan ex-div. $500; Pennsylvania
1850; Missouri Pacific II 400; Reading
second preferred, $500; st. Louis South
western, preferred $500; Southern Pa
cific 14,100; Southern Railway 81 100;
Southern Railway, preferred %, 100;
Union Pacific $500; Wabash 6,OO0 Anal
gamated Copper 22,7O0; American Car
and Foundry 5000; American Linseed
Oil 5000; American Linseed Oil, prefer
red 5000; Brooklyn Transit II 800; Ma
tional Lead $500; Sugar Is. 100; United
States Steel II 800; United States Steel,
preferred 0,100.