The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-01-29
STOCKS AND BONDS.

New York, Jan. 2S.--A successful turn
was made against the shorts in today's
stock market. How far the days demand
for stocks represented new buying from
outside sources can only be conjectured,
Conditions which were made the
ground for selling yesterday remained
unaltered today. without affecting the
strong tendency toward recovery The
weakness in the grain accounts, which
yesterday was made the basis of rumors
of financial troubles, was turned to a
bull argument today as showing good
conditions for the winter wheat crop
The reports of December net earnings of
the Erie and the Reading system were
ignored. The decrease in net earnings
for the Erie for the month was $11S, 1913
and the decrease in the surplus of the
Reading for the same period was $21S,-
24S The Southern Railway also report
ed decrease in net earnings in Deem
Der of SIS, 700 All of these stocks were
quite conspicuous for activity and
strength. 1t is thought that part of the
recent selling of the coalers has been in
anticipation of this showing and that to-
days buying was short covering. The
vagares of sentiment indicate the pro-
most important influence in the advance
was the stimulating effect of the strong
recovery of three more points in Anal
gamated Copper. The dealings in this
stock were almost twice as great as
those in any other one stock. The adj
vance in Amalgamated was taken by
spectators to indicate a sentiment in
favor of an advance by the Standard Oil
A.
favor quietude in speculation. Coupled
with published utterance of J. P. Nor
gan, expressing confidence in the main
tenance of the country's prosperity, the
effect was to impress spectators with
the idea that the great financial powers
were again in accord in favoring higher
prices for stocks. The upward move
ment broadened and gained force UP to-
the close, which was at about the best
and strong. The reported agreement to
maintain rates among Western railroads
and meat packers was a strengthening
influence The speculation in sugar was
based on the expectation of an advance
in the production and had an important
sympathetic effect. AS an incident OF
the advance there was renewal of many
old rumors of consultations and ahsorp
tons involving the local fractions, the
Vanderbilts, Chicago and Eastern Illi-
nos and Louisville and Nashville, Chi
cago. Indianapolis and Louisville and
Evansville and Terre Haute, and many
others that have previously been in cir
culation.
The bond market was strong and in
Cividual bonds We're not so overwhelm-
ing conspicuous as Of late. Total sales
(par value) $4,S5,000.
United States bonds were all unchanged
on the last call.
Total sales of stocks for the day were
$50, 700 shares, including Atchison 1880;
b. and o. 5000 c. c. and st. Louis TO-
200 Erie 1890; Manhattan 200: Metro
politan $4,000: Mexican Central 1900;
Missouri Pacific 1900 N, Y. Central
$500; Pennsylvania 10000; Reading A.
200: do second preferred 800; st. Paul
80 400: Southern Pacific 21700; Southern
Railway 13, 100; do preferred II, 400: I'm
ion Pacific 10000: Copper $4,000: Smelt-
ing 500 Anaconda II 100; B. r. T. $500;
Sugar $500; United States Steel 15,100;
do preferred 10000.