The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-02-04

case, for within half ar hour after the
time for the sitting of ..c- court the
mornings gains in these stocks had been
wiped out The dealings in Southern
Pacific We're especially large and gave
evidence of operations by speculative
pool. The buying of the stock is osten-
sibly based upon the expectation of an
early refunding of large issues of bonds
bearing a high rate of interest and which
mature in the next few days. The finan-
cial district was flooded with very opti-
mistic estimates of the current earnings
Of the road. The price was carried at
enc time 8 over Saturday, but it Jared
little better wAlan The other Panifics
in the reactionary movement and closed
with a net gain of q. There We're very
heavy dealings. also, in st. Paul and
Union Pacific but their gains We're en-
tirelv wiped out Efforts were made to
revive the market by inaugurating
movement in the Coalers Lackawanna
spurted IA very little stock coming out.
Rumors were revived that the company s
stock is to be doubled with valuable
reports to present holders. The dealings
in Amalgamated Copper were on an
enormous scale, the number of shares
sold being about the largest for sin
gle day in the history of the stock. 1t
was under pressure throughout, with oc-
casional rallies and late in the day fell
more than three points under Saturday
closing with a net loss of 25s.
Profit taking was an important element
in the weakness Of the stock hut there
was disposition to discredit recent ru-
mors Of combination with other cop
per producers. The favorable statement
of net earnings for December was re-
spopsible for strength in Minneapolis, st.
Paul and Sault Ste Marie stocks, the
common rising Is and the preferred
3A with final reactions of about i point.
Weakness in Metropolitan was attributed
to reports OF an early retirement from
business of one Of the company's large
capitalists. The large increase in loans
by the banks last week. was the sub
ject of much discussion. without throw
ing much light upon the uses for which
the borrowed money was designed. The
fac, that nearly $l0.0OO000 of the in
crease. or half of the total was made
by two of the leading banks in the clear
ing house. which are affiliated with the
financial power which originated most
of the great combinations last year. en-
couraging the superstition of large syndi-
date operations and possibly new pro-
iects are in hand The sudden and I'M
expected declaration and disbursement 81
q i per cent dividend on Northern Securi-
ties stock might account for part of the
loans although the public is ignorant OF
what volume of this stock has been eX-
changed for that of the constituent com
panics.
The money market continued easy.
Railroad bonds were moderatively ac-
tive and irregular.
Total sales (par value) st,245,0oe
United States bonds were all unchanged
on the last call.
Total sales for the day were 725'0'
shares. including; Atchison 1880; Colo
rado Southern $500; Colorado Southern
first preferred 1900; Colorado Southern
second preferred REQ; Erie 1900; Man
haitian 300; Metropolitan Street Rail
way IL. 500: Mexican National 1900; Mis-
souri, Pacific 223r0; Pennsylvania 5000
Reading 54.76O Reading second preterref
| IA 500: 81. Paul $500; Southern Paciht
! 90. 800: Southern Railway 1890.