The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-07-23
STOCKS AND BONDS.

New York, July 22.-Today's stock
market was not up to the recent level
of activity. the total dealings falling
considerably below the million share
mark. This was practically the only eff
feet apparent from the doubts aroused
by the current outward movement of
gold. The speculative forces recently at
work continued operations on a large
scale. although shifting the field of their
operations to new quarters. The Eastern
railroad stocks led by New York Cen
trail were the feature of the market. the
Reading stocks being included in the
movement. The buying was by the bro
kers usually employed of late by the
western contingent in its large OPERA
lions. The ostensible basis of the buy
ing was the rumor of new and compre-
hensive agreement among the railroad
powers in the Eastern territory, includ-
ing the pennsylvania Railroad, the Van
derbilts and Mr.. Morgan. With the adj
dition of striking gains by a miscellan
eous group of stocks, the market made a
fair show of strength. The grain car
r1ers were inclined to heaviness early
owing to reports of showers in the Wes-
tern States but they stiffened I'D after
wards apparently under the influence of
the violent rise in Rock Island, which
advanced more than points and then
collapsed, with final recovery to about
1 points over last night. The strength
OF Arialgamated was attributed to the
securing CT an injunction against the
working Of a disputed mine by rival
A number of other industrials rose
strongly without explanation. 1t was
noticeable, however, that there were neg
lected and heavy stocks all through the
list. There is much puzzled conjecture
as to the limits likely to be reached by
the outward gold movement. Tentative
arrangements for the export of another
million dollars this week were made to-
day. The continued selling of stocks
here for London account facilitated the
arrangement. 1t has been supposed that
additional credits abroad sufficient to
prevent gold exports could be easily pro-
cured, pending the fall exports of grain
and cotton and Notwithstanding the heavy
foreign Indebtedness known to have been
extended as result of last years short
age in our grain exports. The disap-
pointment in these expectations seems
to be due to the forced liquidation in
London of speculative accounts in South
Africans, for which the public demand is
said to be small. Part of this liquida-
ton comes from Paris and is supplement
ed by realizing on American securities,
which are thrown upon the New York
market by arbitrage sales, owing to the
advancing tendency of prices here.
Some of the convertible bonds were ac-
tive today in sympathy with the move
ments Of their relative stocks, but the
general market was rather dull and ir-
regular. Total sales (par value) ST.
ego 900.
United States refunding rs declined
is. old As, registered, A. old As. cou-
pons, q and the new As u per cent on
the last call.
Total sales of stocks today were 1884,
500 shares, including the following:
Atchison $500; Atchison preferred TO-
500; Baltimore and Ohio 25,500; c. p,
$500; c. and A., 1900; Chicago and
Greatw estern $500; Rock Island 5000;
Delaware and Hudson 6,400; Erie 1880;
Manhattan 19,400 Metropolitan $500;
Missouri Pacific 31.6OO; New York Gen.
trail $4,000; Norfolk and Western $500;
Pennsylvania 57,4O0; Reading $4,000;
Reading first preferred 5,400: st. Louis
Southwestern $4,000; Southern Pacific
25, 400; Southern Railway $500; Texas
Pacific 800; Union Pacific 1890; Wis
consin Central 91O0; Wisconsin Central
preferred II, O00 Copper 10000; Brooklyn
Transit II 100; Colorado Fuel $500; Peo-
pies Gas $500; Sugar 41,600; U. S. Steel