The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-04-23

aggressive strength developed in some Of
the Eastern railroad stocks had the eff
| fe ct of checking the selling i'll the Wes-
| tern field, so that the losses were at one
time pretty generally recovered But the
action of Reading strongly indicated d
elimination of the upward movement in
that stock and the taking of speculativ
profits and an afternoon rally i'll the
wheat market reawakened the anxiety
felt for the winter wheat crop The
Western railway stocks fell away to the
lowest of the day, and the gains which
had been established elsewhere among
important railroad stocks melted away.
The market closed active and weak and
generally at the lowest. A violent break
in sugar to 1929 after selling up to 127A
was a contributing cause to the late
weakness and was attributed to the
growing apprehension that the differen-
tial duty on sugar will be removed or the
Cuban Reciprocity Bill will fail There
were the usual violent and erratic move
nents III number of specialties which
nave come to be regular feature of the
daily stock market. The upward flight
CT Nashville, Chattanooga and st. Louis
was due to the reports subsequently de-
MED, that the stock would be changed
Tor Louisville and Nashville. Rumors
were received of consolidation of Amer
lean Cotton Oil and Virginia Carolina
Chemical Company. The movements in
International Power, American Grass
Irvine, Wells Fargo, New York, New Ha-
ven and Hartford. Long Island, the Keo-
kuk and DesMcines stocks and others
were unexplained. The early recovery
il the market was stimulated by reports
OF showers IN the winter wheat belt, but
the grain carrying roads showed a ner-
vcus tone throughout and the real sus-
tanning influence in the market was the
buying of the coalers, both hard and soft,
and the Morgan railroads. The evidence
of realizing in Reading left the market
vulnerable again to the influence Of
rally in the wheat market, although
that was said to be partly due to the
heavy decrease during the week in the
visible supply of wheat. Speculative opin-
ion is resigned to the hone of only an
average winter wheat crop under promis-
ing conditions and is prepared to expect
crop disaster in the event of Tffavor
able conditions A reasoning effect was
produced by the Indifference expressed
by the principals in the Northern Secur-
tiles Company to the filing of the suit
in the Supreme Court against the com
pany on the ground that the consolidated
ownership Of the properties is safe in
any event, since only the method of
holding them is aimed ct by the suit.
But any decision which woIil defeat the
purchase of the constituent companies
by the exchange of their stock for the
stock of the new company would have
far reaching consequence on many pro-
iectS under way and to which Wall
Street looks for great results. London
turned seller of stocks in this market
today after having been buyer for sew
eral days and thus helped to strengthen
the foreign exchange marhc:.
Speculative bonds werc weak and The
market generally was irregular. Total
sales (par value) s9,3i5.0Go
United States rs advanced Is per cent
on the last call
Total sales of stock today were 1921
200 shares, including: Atchison 50,100
Atchson preferred $500; 3. and O., H.
800; Canadian Pacific 22100; C. and O., o.
500; c. !. and L., 11,7O0; Chicago Termi-
nal and Transit preferred $500; Erie
72, 800; Erie first preferred 14,100; Erie
second preferred 300; Illinois Central
$500; l.. and N, 5,10G; Manhattan H.
500; Missouri Pacific 14,S00; n. and W.,
200; o. and w. $4,000; Pennsylvania |
AZ, 900: Reading 26i.6GO; Reading first pre-
ferred 1880; Reading second preferred
$1,000; st. Paul 1890; Southern Pacific
$500; Southern Railway 10000; T. and
p, $500; Toledo, st. Louis and Western
preferred $500; Union Pacific 1900; Wa
bash $500; Wabash preferred 5000 Anal
Copper 81 900: American Smelt- !
ing and Refining 500; Brooklyn Tran |
sit 24,600; Colorado Fuel and Iron 22,-
AGO; international Power $500; Republic |
Steel 5000; Sugar 4S.900; U. s. Steel 49,,
COO; Z. S. Steel preferred 1900; Ameri- |
can Locomotive 14,100; American Loco |
motive preferred 5000; Kansas City
Southern $500.