The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-07-18
RALrIMoRE PROVISIONS
STOCKS AND BONDS.

New York, July 1.-THE recovery III
the price of securities, which was inter
rupted Yesterday by the late slump III
Amalgamated Copper, was resumed today.
Ii showed some hesitation at various times
owing to the unsettling effect of sudden
breaks in special stocks. But it gathered
force as the day progressed and IN the maj
hour the level of the whole market was
lifted between and points over last
night. New York Central and St. Paul
led the advance but gains OF points or
over we're scored by Pennsylvania, Read
ing. Erie first preferred, Illinois Central.
Kansas and Texas preferred, Union Pa
cific. Atchison, Amalgamated and Smelt-
ing. The opening advance IN the market
was first checked by a renewed attack on
Amalgamated Copper, which Carried It
back to yesterdays low record level. But
the stock showed determined resistance
and became strong. Notwithstanding re
port of an additional cut in the price OF
the metal. Another backset was caused
by the drop in sugar to IA below last
night which followed the announcement OF
rise in the price Of refined sugar and
was without other explanation. Colorado
Fuel then made violent slump OF Is
points to the low price for the year, and
this was followed by d break IN Toledo,
ST Louis and Western securities, which
cost the comon stock 81 points, the pre-
ferred III and the 4 per cent bonds PIE
Rock Island was the last stock to show
notable weakness and its decline of / 3-S
ended the resistance to the advance III the
general market The market was not not
ably affected by any Of these breaks The
general feeling over the money outlook
was brighter, and rumors were circulated
without a signed authority that many
proposed loans by railroad corporations
had been postponed. Estimates Of the
week currency movement pointed to a
net gain by the banks of over $4,000 000.
The rise in interest rates here seems to
have induced a large inflow Of currency
from interior points, and the sub-Treasury
made heavy disbursements yesterday and
today for special accounts. thus largely re-
ducing the weeks early loss by the banks
to that institution The offerings of for
cign funds in this market have also reliev-
ed the situation.
The principal interest in tomorrow 5
bank statement will turn on the item OF
leans It is supposed that the Pennsyl-
yania Company has commenced the re-
payment OF its maturing notes. 1T is q
question on the other hand how far the
large borrowings by railroad corporations
will be reflected in the statement as a con
siderable portion of these loans has gone
abroad. Todays movement in stocks, how
ever, reflected the feeling of confidence
that the banking situation is materially
/ improved The market closed active and
steady at about the top level
! United States bonds were all unchanged
on the last call Total sales of stocks were
692,970 shares, including Atchison, 81 ,05O;
Baltimore and Ohio, ALSO; Erie 81 $50:
Erie first preferred, 9605: Illinois Central
6497; Louisville and Nashville, 5000: Mis-
souri, Pacific, 26,1S0: New York Central
"a 045; Norfolk and Western. 1900: Penn
sylvania, 39,77S; Reading, $4,000: Rock Is
land 23,SoO; st Paul, Al 900; Southern Pa
cific. 1890; Southern Railway. 1890
| Southern Railway preferred, 1900 Toledo
| st. Louis and Western preferred. 6,34O
Union Pacific 1920; Copper, So, $50
American Smelling and Refining, S,975