The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-12-07
STOCKS AND BONDS.


New York, Dec. 6.-The tone Of the
market for Industrial securities showed
a decided contrast today to that for
railroad securities. The break il prices
of the mdustrials approached demorali.
cation by the middle period of the after
noon. Meantime the railroad stocks al-
most without exception held tenaciously
to their prices. Late in the day the
hears began 10 cover aud wrought some
list At the same time the railroads
which had been almost stagnant dis
played some signs OF animation and rose
generally above yesterdays level. Mel
gains in a few railroads reach Il point.
The late recovery in stocks was coinci-
dent with an easing in the call money
rate to per cent. after ruling at Z
to s per cent. earlier in the day. The
banks were calling loans and the move
nent of the Industrals suggested that
they were in disfavor, not only with
the speculative public, but with the
money lenders, industrial collateral APP
paremly being displaced to Il greater
extent than other classes The bears
were very active and made bold on
slaughts on the Industrial list uncover
ING stop loss orders on a large scale.
The easing Of the money rate aroused
the supposition that the banks had
strengthened their position to a satisfac-
tory extent. promising some relief from
the calling Of loans. AS it was evident
that the short interest had been largely
extended the room traders turned to the
bull side Of the general Theory that the
days decline in prices had reached far
enough They had some success in fore
ing the shorts to cover and the demand
from that source became rather urgent
Quite number of the Industrials show
ed declines Of 81 to Z points and the
rally brought them up from
IL to ) points.
American Sugar was decidedly erratic
owing to the sitting of the directors 10
act on the dividend. After an early adj
vance there was decided weakness and
only Il momentarv check to the fall when
the regular dividends were announced
1t fell off afterwards TO 1885. and after
rallying over points eased off again,
closing with a net gain Of 4 small frac-
llOll. HE iiltItdSe III llt ulNtuelu ldtt
on Atchison, preferred, though not en-
tirely unexpected, had a strengthening
influence on the railroad list. Some
was impaired TO the lnterna-
tional stocks by the support accorded in
the American department of the London
market Continued large shipments Of
to the South and loss Of over
a million dollars by the banks Of the
Sub Treasury on Yesterdays Sub-Tra-
Sury operations, are reported.
Sterling exchange continued firm today.
There was little doing in railroad
bonds and prices held about steady.
Total sales lpar valuel $1,130,000.
United States new As and old As adj
vanced in the bid price.
The total sales Of stocks were 664.500
shares. including Atchison. preferred 90,
SIS: Chesapeake and Ohio, lilo;
Burlington and Quincy. 14,127;
Louisville and Nashville COLO; Manhat-
tan Elevated, 25.345: Northern Pacific,
$500: Chicago. Milwaukee and ST. Paul,
800: Southern Pacific 33SI5; Southern
Railway, 800: Southern Railway pre-
ferred. $500; Union Pacific. 30,SJ0;
American Steel Hoop. 6,210; American
Steel and Wire II 100; American Tin
Plates 5.7S5: American Tobacco. 24,650;
Brooklyn Rapid Transit. 1862; Fed
aral Steel, $4,000; National Steel. 8 100;
Sugar 81 LOO; United States
Leather. -. TO.