The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-30
STOCKS AND BONDS.

i New York, June 29.--Today's stock mar
ket showed. more animation on strongl!
i rising scale than has been for many weeks
Business for the first two hours was con
siderably in excess of the average for tn.
| full daily trading of last week. The mar
ket closed very active and strong with
the top level of the day well maintained
Net gains of 1G2% were general among
the leading active stocks. Reading was
easily the leader of the days market with
its advance of 2al on the purchase of enor-
nous blocks on a constantly rising scale
The Pennsylvania group of coalers was
CONSPICUOUS throughout and Pennsylvania
itself broke through the opposition which
held I for a time at 125 and rose to the
best in the late dealings. The grain car
ners We're later to respond but they came
forward, vigorously in the final dealings
with the Paeifics leading. Union Pacific
and Southern Pacific rose more than 2
points over Saturday The buying of
Reading was concentrated and the per-
sonal dealings of the brokers employed
gave rise to renewed surmises as to pos
sible new adjustment of relations and con
troll in the field of the trunk lines and
NOuiNAS 10 III O0bSiOMM Oh the Ilildi tDQSe-
ment OF the newsPennsylvania stock. The
action of that stock was rea uring factor
upon sentiment The brilliant success of
the subscription was stimulating in
fiuence upon the whole market. The Of
fetal announcement that the total issue
was subscribed for by stockholders and
that ninety per cent OF subscriptions were
paid in full indicates a money requirement
OF upwards OF $S5, 00O, 900. That this re-
qdlrement could have been met with ST,fsc-
tically no disturbance in the mone@ MAJ,
ket had greatly strengthened confidence in
the money situation the more so as if i
now understood that the subscription paw
ments have not yet been disbufsed for
repayment of the Pennsylvania $4,000
900 loan negotiated last January, althcSeb |
1t rs stated on authority that this loan wa
be repaid at its maturity in the second
and third weeks of July
The Pennsylvania subscriptions seem to
have operated for the benefit of the New
York money market by the diversion OF
the payments to this center, both from
Philadelphia and from foreign stockhold-
ers. The ability of the money market to
carry through this great operation has de-
traeted from the fears of a great squeeze
In meeting the uly first requirements,
which, however, are unprecedented in
amount. 1t is estimated that the total in
terest and Dividend disbursements for July
will amount to 1885, 100000 Call money
ruled at higher rate today, however,
and the time money market was percept
IDLY firmer.
United States steel End SIS were kept
down near 50 by persistent sIling. The
bond market otherwise was firm. Total
sale (par value) $3,620.O0O
United States bonds were all unchanged
on the last call.
Total sales bf stocks today were 6S1, 800
shares, including Atchison, 51,S60 Balti-
more and Ohio, 10000; Canadian Pacific,
Il, 100; Cincinnati and Ohio, 1900; Erie,
"a, $40; End preferred $500; Louisville and
Nashville, 4,4tO; Missouri Pacific, %, $3.50;
Norfolk and Western, 400; Ontorio and
Western, 1880; Pennsylvania, 64,138;
Reading. "a BOO; Rock Island Company,
Il, 45o; St. Paul, $4,000; Southern Pacific,
1890; Southern Railway, $500; do pre-