The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-08-16
STOCKS AND BONDS.

New York, Aug. 15.-The solicitude felt
over the possible stringency of money
was exemplified by the effect upon the
stock market Of furry in the call
money rate to six per cent. The fact
that stock exchange loans made on Fri
day carry over until the following Mon
day makes the customary demand on
Friday somewhat more urgent than on
other days. The special cause offered to
explain today's sharp advance was the
maturity of subscriptions for the new
Oregon short line collateral bonds Sc
cured by deposit of Northern Securities
stock. The payment called for about fif-
teen million dollars and necessitatcd
considerable shifting of loans to meet
the requirement The rate dropped back
TO near four per cent near the close, af-
ter the demand had been satisfied. There
have been a number of other syndicate
operations during the week which may
upset calculations as to the bank state
ment tomorrow. Amongst these were the
payment of subscriptions to the United
States Ship-building Company, the pay
ment of dividends by the United States
Steel underwriting syndicate and the divi-
dend on United States Steel preferred,
payable today. So far as the indicated
cash changes promise, tomorrow's bank
statement will not be unfavorable. Rates
for time money advanced today to uni
form per cent for all periods. In re-
Spouse to the higher money market there
were additional large offerings in the eX-
change market of loan bills as well as of
grain bills for September, October and
November delivery. The exchange mar
ket was in consequence weak. An incl
dental influence upon the weakness of
stocks, was the report of rains in the
spring wheat harvesting region, which
affected the grain markets as we'll. AS
was to be expected, the selling pressure
was most acute upon those stocks which
had advanced most conspicuously of late.
Missouri Pacific fell full two points be-
low last night and the Gould stocks and
the Changers and Pacifics generally were
affected in sympathy. Southern Pacific
resisted the decline but yielded its open
ing gain, recovering again to about the
best in the closing rally upon enormous
dealings st. Louis Southwestern pre-
ferred also moved up points over last
night Just at the close Pennsylvania,
Louisville, and Rock Island having Pc
RODS of strength. The new and the ia
vorites in the rumors of deals were the
Toledo, ST. Louis and Western stocks
which were bought in a demonstrative
way by the Western speculative party,
closing at the top. The market generally
closed firm.
The bond market was generally easier.
Total sales (par value) $2,3S5000.
U. S. refunding rs advanced Is, the old
As. registered, and SIS, registered, IA
and SIS, coupons, IL per cent on the last
call.
Total sales of stocks today were 627,-
900 shares. including the following;
Atchison 1900: Baltimore and Ohio ex-
dividends 1900; Canadian Pacific $500;
Chicago and Great Western $3.50; Chi
cago Terminal 6,100; Erie 7,400; Hooking
Valley 1000; Louisville and Nashville
sc. 900; Missouri Pacific 36,S00; Missouri,
Kansas and Texas preferred 200; New
York Central 100; Norfolk and Western
Ia. 900; Pennsylvania $500; Reading g.
100; ST Louis Southwestern preferred 49,
900: ST Paul 10000; Southern Pacific Ill.,
$50: Southern Railway 1870; Texas and
Pacific 36.500 Toledo, st. Louis and Wes
tern IA 700; Toledo, st. Louis and Wes-
tern preferred 1890; Union Pacific 21,-
600; Wabash $500; Amalgamated Copper
$500; u S. Steel 10000; U. S. Steel g.
200: western Union 1880.