The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-07-29

Gus in the market. Unless it is conSid-
! cred that the resources of the money
market threaten to become CONSTRUCTED,
there was no obvious cause for the weak
ness. 1t is forcefully borne in upon the
minds of spectators apparently that the
unexected proportions of the gold en-
gagements for tomorrow's steamer give
fair grounds for some careful calculation
as to the sufficiency of money supplies
to go around. Today's engagements for
tomorrow's steamer amounted in round
numbers to $3,775, 900. Last weeks bank
statement showed that speculative bor-
rowing was fully keeping pace with the
increase in reserve resources and when
loan contraction begins it is inevitably
the speculative borrowers that were first
called upon to pay. 1t is a question 70f
only a short time now also when the
movement of currency to the interior
will be resumed. The movement early in
the month was obviously due to the re-
quirements of the corn speculation, but
the real demand for moving the crops is
yet to be met and all opinions agree that
the money movement will be a heavy
one this year in view of the large crops
expected and the unusual activity of
business in all departments I Froin
outside sources came belated sugges-
ton of financial deals, but they were
without affect on prices. The slump in
Rock Island to below 100 awakened some
questioning about the benefit to secure
from some of the projects proposed
which provide nearly always for practi-
cally converting stocks into foreclosure
liabilities, with new stock to come after
Int Will inn 10
chances for dividends, thus making their
holding for control cheap. The reports
of the illness of the President of the
United States Steel Corporation, although
denied, had a slightly depressing effect
and were supplemented by rumors that
the King of England was also not so well.
London bought stocks here, however, and
reported relief from the settlement was
proceeding without failures. Some points
of strength still remained in the market,
notably Norfolk and Western, the Min
neapolis, st. Paul and Sault Ste Marie
stocks, Amalgamated Copper and Colo
RADIO Fuel. The market made considera
BILE recovery during the latter part of
the day, hut there was nothing like an
entire revival of last weeks animation.
The closing was irregular.
Dealings in bonds were of unimportant
proportions and the tone was irregular.
Total sales (par value) $3,395,0O0
United States bonds were unchanged
on the last call.
Total sales of stocks today were $4,000
shares, including Atchison 46, 100; Atchi-
son, preferred, 1900; Canadian Pacific
1900; c. & o. 24,1O0; Chicago and Great
Western $500; Rock Island $500; Erie
$500; Illinois Central 1900; Louisville
and Nashville 1880; Manhattan 1900;
Missouri Pacific $4,000; Missouri, Kansas
and Texas $500; New York Central a.
600; Norfolk and Western $500; Penn
sylvania 2S,900; Reading 1880; st.
Louis and San Francisco 1900; st. Paul
"a, 100; Southern Pacific so 700; Southern
Railway 25,100; Texas and Pacific $500;
Union Pacific 49,200; Amalgamated Cop
per 43, 500; Brooklyn Transit 5000; Colo
RADIO Fuel $4,000; Sugar 1900; Tennes-
see Coal 1900; United States Steel 9,1O0;
Western Union 12S00