The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-07-17
STOCKS AND BONDS.

New York, July 16.-There was an ac
i've and variegated speculation in stocks
,oday, the market reecting the play of
recent advancing tendency. No specific
lew developments We're evident to ac-
count for the movement, which was APP
'arently due to the substantial basis of
evidence in the generally prosperous
ondition of the country and the firm
oundation of credits. The uneasincss
over the resources of the money markets
meet the expanded requirements upon
lem was also less in evidence. The re-
.ortcd dissolution of the speculative cor
or in the July corn option at Chicago
lad not little to do with engendering
confidence, as there has been a fear for
evcral da"s rast that the struggle to
maintain tho artificial conditions in that
market would result in pressure upon
New York for money and in forced liqui-
iation Of stocks that might prove dis
tstrous to tho market. The published
abstracts of the affidavits of officials of
he United States Steel Corporation in
connection with the suit against the cor
1oration, were expected to have slim
ilating effect upon prices. The fact that
he advance in the United States Steel
tocks came to standstill under the
lOod OF long stock which came out when
hey were bid UP and the further TACT
hat Chicago renewed it's demand upon
New York for currency, causing Il ship
ncnt of 100000 through the Sub Treas
Try, were without effect in checking the
1ullish tendency of the market Traders
aid much more stress uDOn their ba1iof
hat they detected the operations of Nor
5an and Standard Oil interests in the
arge buying orders executed by various
brokers'. The bringing forward of new
tocks into the upward movement was
aiken advantage of on very large scale
take profits in stocks, which were gem
rally speaking, the high priced estab-
.ished dividend-payers especially amongst
he Changers, but no serious inroads
we're made on the prices of these stocks.
Stocks of the second grade, lower in
)rice and with no established dividend
aging record, led the market. The
heavy absorption of Chicago and Alton
strengthened other low priced railroad
,tocks in the West and Southwest. while
he aggressive rise in Chesapeake and
Ohio affected the low priced coal carriers,
10Th in the anthracite and bituminous
group. The belief that tomorrows min
rs convention at indianapolis will de-
ide against a general strike and thus
lead UP to an early settlement of the
anthracite strike was the prcdominating
influence in this group. Much was made
llso of q current rumor that the control
# Reading had passed to the Pennsyl-
vania, thus further centraliZing that
orpora TONS control of the coal traffic.
There were other points of strength
from individual causes. Amalgamated
copper was bought in the belief that the
present dividend rate is to be maintained.
Tennessee Coal reflected favorable re-
port of earnings. The settlement of the
'reight-handlers strike in Chicago was
favorable influence, especially upon the
Chicago Terminal Transfer stocks. The
market closed somewhat irregular, with
profit taking continuing, but there was
aotable renewal of the buying power in
he strong stocks.
There was large business in bonds,
md offerings were absorbed without
hurting prices. Total sales (par value)
81 611 900.
United States bonds were unchanged
on the last call.
Total sales today were 500, 200 shares,
including Atchison 35,5OO; Atchison pre-
ferred 9,400; Baltimore and Ohio 300;
Chicago and Great Western 24,700; Chi
cago Terminal and Trans, 6,400; Chi
cago Terminal and Trans preferred, A.
000 c. c. c.. and ST. Louis, 800; Colo
RADIO Southern $500; Erie $780, Manhat-
tan 1890; Metropolitan Street Railway
G 100; Missouri Pacific 1,400; Missouri
Kansas and Texas $500; Missouri, Kan
.as and Texas preferred 5,600 New York
Central $1,000; Norfolk and Western r.
300; Pennsylvania 5000; Reading 1890;
Reading second preferred 1890; st. Louis
Southwestern $4,000; st. Louis South
western preferred 800; st. Paul 26,2O0;
Southern Pacific $4,000; Southern Rail-
way $780, Texas Pacific 10000; Union
Pacific 20 400; Amalgamated Copper 49,,
100; Brooklyn Rapid Transit 20,9OO; SUI
ear 500; Tennessee Coal and Iron 800;
U. S. Steel 42,20O; U. S. Steel preferred
S7,175.