The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-04-14
THE GREAT MERGER
STOCKS SREtLL0WER
And Drag Other Securities to
a Neither Plane.
THE CLOSE IS FEVERISH
July Cotton Led the Market, Rising in The Last
Hour to 1920, While May Cotton
Touched 1868, the High
est Yet.
(By the Associated Press.)

tBy the Associated GreSS.)
New York, April 13--Shares of the
Northern Securities Company We're ex-
tremely weak on the curb today, selling
off to 9S 1-2 decline of Is points from
last Thursdays closing quotations, dur
ing the early session. Much of the sell
ing came from Stock Exchange houses
and there seemed to be no support
There is little doubt that some of to-
days selling was of forced character.
The course of Northern Securities was
not without its effect on the general stock
market. Declines of to points were
common.
Call money was offered at Z per cent,
but the demand was light. During the
noon hour Northern Securities broke to
81 and then rallied point.
The break in Northern Securities was
followed by increased weakness all
through the active list. A number of
standard railway shares made new re-
cords for the present move, including
Pennsylvania and New York Central
The decline in these issues were less Sc
we're than in a number of others, for eX-
ample, Atchison and Baltimore and Ohio,
Northwest, ST. Paul, Delaware and Hud-
son, Union Pacific and Rock Island, all
of which broke three or more points.
ackawanna fell 10 points on very light
trading st. Louis and San Francisco
common 61a, Reading Is, and Erie sec
| ond Az. There was a ten point decline
on American Express on a sale of 100
g.. ..At,
in a fraction of its recent low record and
a number from interior railroad regis
tered mateial declines Common report
attributed the severe beak to heavy sell
ing by the western clique and a promi-
nent local quarter. So far as could be
learned in the early afternoon, the banks
weer not calling loans, but brokers were
demanding additional margin from custo-
mers
Lower prices were reached in the af-
ternoon in all the active issues. Trading
was large in volume all day and exceed
ed that of any for weeks. The few stocks
that reflected inside support included SUI
gar, Brooklyn Rapid Transit and the
United States issues. On the curb how
ever, the new five per cent. bonds of the
Steel Corporation sold off to SO IA the
lowest price yet reached. There were
intermittent rallies, but these We're in
variably succeeded by still lower prices
Stocks were offered with the greatest
| freedom. There were some buying or
ders, not few from out -of-town. Liqui-
dation was steady, however, and the
heavy tone was maintained throughout
Another drive against prices was made
on the "curb," just before the close
| Northern Securities sold down to "a on
| further offerings by Stock Exchange
brokers, and closed at 94% to 95 Steel
bonds sold off to SO, decline of 2 per
cent, and the preferred stock of the In
| ternational Mercantile Marine Company
changed hands in fairly large lots at 34b
decline of 37s points from last weeks
closing price. Later this same stock was
freely offered at "a with no sales.
| On the Stock Exchange the market
was feverish and heavy, but closing
prices were slightly above the lowest.
| New York, April 13.-New high prices
| for May and July cotton were recorded
on the local exchange to-day May went
| to 1915 and July, which was really the
leader of the market, sold as high as
| 10.11 other options advanced from | to
| 8 points. The early strength was due to
active bull support, no less than to short
covering.
In the second hour there came another
sharp rise in which May advanced to
| 1852 and July to 1912. No sacrifice
news accompanied the new movement,
and the advance seemed to result large
/ ly from further short covering.
| During the early part of the session
sentiment was really bearish, chiefly be-
cause of the weather and general crop
| conditions.
Te lockout of the spinners at Lowell
| exercised little or no interference on
quotations.
In the last half hour May cotton
touched 1868 and July 1920, the record
prices. 1t was understood on the ex-
change that Wall Street was a heavy
| buyer of July for short account. The
bull leader supported May during the en-
| tire session.
May and July cotton sold off in the
early afternoon. and there was consid-
cradle proft-taking. Just before the
close fresh orders came in and prices
| advanced to the highest level of the day
| May sold up to 1868 and July to 1920
| with much covering by shorts.
Trading in the options other than May
and July was light and had practically
no bearing upon the days operations
The closing was steady at declines front
the top. Sales aggregated about $4,000
holeS