The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-07-28
STOCKS AND BONDS.

New York, July 27-The failure Of
another Stock Exchange firm, announced
shortly after the opening this morning,
renewed the feeling of nervousness and
prices were again forced to a lower level.
There were violent declines in some Of
the stocks, in which the failed firm was
Immediately interested. A number OF the
standard railroad stocks at the same time
sold down from l to points under Sat
urday's level But even during this period
of initial weakness there was manifest
a good absorption of stocks and points OF
strength persisted against the depression.
Later in the day when it was seen that
no further failures were to be announced,
the tone of the market became very strong
and the early losses were wiped out even
in the weak stocks, while the general
level of the market rose to a substantial
level over last night. The demand was
especially conspicuous for New York Cen
trail, st. Paul, Southern Pacific, Reading,
Pennsylvania. Illinois Central and stocks
Of like substantial grade. Some large
orders were executed in all of the stocks
and at other points throughout the mark
ct, so that prices ended the day from l to
over 3 points above Saturdays level for
prominent stocks, and at much wider adj
vances for some Of the less active issues.
Only a few of the inactive stocks showed
such violent falls as have characterized
the recent market, which pointed to a
conclusion that there was less pressure to
close out unmarketable securities figuring
rs collateral in loans and an improvement
in facilities for securing accommodation
The recent contraction of credit in the
stock market has been largely due to dis
siuat of such operations as those IN
which the recently failed firms have been
largely engaged, involving as they did In
Cation and manipulation of the values OF
securities. The letting out of this IN
uaiion has really brought q sense of rehcf
rom the oppression of artificial condI-
tions hanging over the market and sus-
tanned with difficulty These heid-projects
are cutie apart from the earlier ones III
which the syndicates were successful N
holding up prices until their holdings were
taken off their hands and which have lcfJ
behind them also their train OF financial
distress and disappointments. But with
the passing of the syndicates interests IN
these and the abandonment of the artll
cial support the stocks have been allowed
| to sink to the level natural to the changes
| in their status The recent failures repre-
sent the abandonment OF efforts TO sustain
| by main strength the prices of securities
| tie market for which has passed, and
the closing w of affairs. which result co
| is the cause Of sensible relief in the stock
market. There were fears that further
failures would occur today, and the strong
rally in the market was helred by the
averting of these.
The market closed quiet and steady ant
only slightly below the top level
The bond market continued irregular
although there was good demand for some
issues Total sales (par value) So, 225,000.
United States bonds all unchanged
Total sales of stocks today were 6S9, 90t
shares, including Atchison $4,000; Bait
more and Ohio 10000; Canadian Pacific
Is COO; Chesapeake and Ohio 1000; Chica.
go and Great Western $4,000; Erie 26,20O
Erie. first preferred. $500: Louisville aat
Nashville 5,40o; Missouri Pacific 2O.10O
New York Central 1890: Pennsyvani;
46 500; Reading 52,SOO; Rock Island Com
pany 1890: St. Paul $4,000; Southern
Pacific $4,000; Southern Railway 800
Union Pacific $4,000; Amalgamated Cop
per "a. 500 American Smelling 800
Anaconda Mining 1000; Brooklyn Transi