The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-12-16

entirely wiped out and the bears ap-
parently driven ito cover. In the last
hour of trading, however, a large num-
Der of loans were suddenly called, and
in replacing them the call loan rate
stiffened sharply to four per cent, at
which rate large amount of money
was placed. This induced liquidation,
especially in stocks which yielded pro
fit on the days advance. The bears
thus encouraged, renewed their attack
on the specialties which had engrossed
their attention all day and uncovered stop
loss orders on the way down. AS con-
sequence the tide of battle was turned
completely and victory lay with the
bears.
The scarcity of money is due to
opera tons looking to the payment to-
morrow of an instalment of about SS,-
100000 on the Union Pacific sale. The
previous payments on this account,
amounting to over 500 100000 have been
left on deposit in New York banks, but
to-morrow's payment will go direct into
the Treasury and be removed from the
money market. Two additional pay
ments of an equal amount remain to be
made, one ON December q and one
on January 5, and this will also go
directly into the Treasury. The pay
ment by the government on December
"a of the maturing Pacific bonds which
amount to over $29,000,000 will be made
by checks, presumably on the New
York deposits to the governments credit.
The movement of currency continues
from New York this week, indicating a
still further decline in New York cash
reserve. The tone of sterling exchange
was somewhat easier to-day, but did
not respond in marked degree to the
hardening of the money market. Time
money for the shorter periods also stiff
fened appreciaby. The early strength
in to-day's stock market was aided by
the rise in the price of coalers, due to
reports of an agreement to restrict the
output next year. The Northern Pacific
stocks were also centres of strength.
the preferred advancing at one time 19s
and the common nearly a point. Re
ports from London and the European
houses showed a good demand there for
these stocks. Atchison preferred was
also up over point at one time. The
rise above par of Burlington was fur
ther feature.
The resumption of the quarterly divi-
llend of IA on Cleveland, Cincinnati.
Chicago and st. Louis. preferred. after
is omission for two quarterly periods
was a feature of the day, as was the
one per cent dividend in Southern pre-
ferred. Sugar was traded in, ex-divi-
lend and at one time during the day
bowed a recovery of one-third of the
dividend. but in the later dealings ii
succumbed quite easily and lost over
rsints on the day Norfolk and West
ern preferred, wnfch was at one time
nearly three points higher, shows a net
gain of rs.
The bond market was somewhat less
active than of late and the active list
was only about steady. Some of the
high priced issues showed sharp adj
vances. Missouri Pacific collateral 5's
lost 8 per cent. Total sales S3.100,0O0.
United States new As dlecined n bid.
The total sales of stocks were 100000
shares, including Atchison, 1870; do.
preferred, 21,3O0: Chicago, Burlington
and Quincy, 30,9SS; Louisville and
Nashville, 6,610; ManhattanL., 61,SSO;
Metropolitan Street Railway, 9,11O;
Missouri Pacific, S,120; New Jersey
Central, 12,3OS; Northern Pacific, 81
375; do. preferred, 1920; Reading, g.
$50; Rock Island, 1920; st. Paul,
33,310; Southern; Southern Railway
preferred, 9,495; Chicago Great West
ern. $500; Peoples Gas, 2,165; Sugar
ex-dividend, 1880; Western Union,
6,422.