The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-07-25
STOCKS AND BONDS.


New York, July 24-The violent ad-
vance in a few stocks on the stock mar
ket today took on an appearance OF
frothy effervescence in the later stages
of the dealings which is rather character
istic of the elimination of a bull move
ment. Suspicious were aroused as to the
course of the wealthy spectators who
have been leading the r,nrket. The drib-
lie OF speculative liquidation which had
been a feature of the market all CAV
turned into general and somewhat pre-
eipitate selling movement, and prices
broke sharply throughout the list. With
the exception of a few stocks wh::n were
selected as sustaining points of ,he mar
ket prices generally closed lower, the net
losses for the day running from l to 2
points in some of the mora prominent
stocks. There was no news to explain
the extraordinary advance of one or two
stocks nor the selling of the general
list. The movement seemed to be purely
technical and due to the desire of recent
large buyers of stocks to eaIize her
profits. Such movements are incidents
of all rising markets and there is no
of prices is a manipu,atiye movement
due to a desire on the part of the lead
ers to shake off Il weak and unwieldlv
following or elimination of an upward
movement So far as could be perceived
from public information, conditions today
bearing upon values were entirely the
same as those Of yesterday. The news
from tAe Cro"s was favorable, rail, DAD
earnings reported showed increase over
last year; advices from the iron and
steel trade showed no Impairment of the
active demand and money continued easy.
There were numerous points of effective
strength in various stocks. Nevertheless
a feeling of distruSt overcame :ne mar
ket, with the result above described The
early strength in the marke. in the
Changers and paci!its became central
lied IN st. Paul and Rock Island The
latter was rushed w 10 points to a rec
ord figure at 200 accompanied by vague
rumors of closer relations with Mexican
Central, which would afford an entrance
to the city of Mexico. Thee were also
assertions of further large alb
sorptions in the interest of the COM
pany and incidental variable rights to
stockholders. None of these received
any formal sanction from official sources.
The movement in st. Paul was equally
mysterious. There were shadowy reports
of arrangements to benefit ST. Pail by
establishment of relations among Wes-
tern railroads. Nothing could be learned
from any authoritative source OF any
pending developments but the price was
swept upward on a flood of buying or
ders Something was heard also Of a
project of a Southern Securities Holding
Company which was held to explain the
strength of Louisville and Nashville. Only
slight recoveries were scored from the
late downward progress of prices and the |
closing was easy.
The convertible bond issues gave way
in sympathy with stocks and the market
became easy. Total sales (par value $4,-
345, 900.
U. s. new As, registered, and the old
as, coupons, declined Il and old AS, |
registered ~ per cent on the last CALL |
The total sales of stocks today were |
939, 400 shares including Atchison 49, 100: |
Atchison preferred II AGO; Baltimore and |
Ohio 1920; Canadian Pacific 80 100; |
Chesapeake and Ohio 26.400; Chicago and |
Alton $50; Chicago and Northwestern |
1900; Rock Island 2S,S30; Denver and Rio |
Grande preferred SO 100; Erie $500; Illi- |
nois Central 10000; Louisville and Nash |
Vile "a 400; Manhattan 17,100; Mexican |
Central $500; Missouri Pacific 43,200; |
Kansas and Texas preferred |
200; Missouri, Kansas and Texas second |
preferred 1900; New York Central 49,
Toe; Norfolk and Western 5,10C; Pennsyl-
vania 20,100; Reading "a, 100; st. Louis
and San Francisco $780, st. Louis and /
San Francisco second preferred 5000; st.
Louis Southwestern $4,000; st. Paul o.
go. Southern Pacific 33,400; Southern
25,900; Texas and Pacific $4,000;
Union Pacific $780, Union Pacific pre-
ferred 1890: Amalgamated Copper 90,
900. Brooklyn Transit 1890: Sugar u.s.,
zoo. Tennessee Coal 10,4O0; U. S. Steel
II 5O0