The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-12-04

ment in the Steel stocks. Alarmist ru-
mors had been current as to it's stand on
the "trust" question. Stocks proved vul-
nerable to the bear attack and the decline
brought out considerable offerings of long
stock effecting a decline at one time IN
Tennessee Coal and Iron of four and
three quarters and in American Steel and
Wire of three and quarter points. THESE
were the weakest stocks and they raj
led on short covering one and three-quar-
ters and one and one-quarter respectively
On the other hand American Sugar was
fairly buoyant, rising at one time three
and three eighths and closing with net
gain of two and three eighths In the
outside market also Standard Oil sold
at SO leaving all previous records far
behind it. The upward rush Of over six
points in Pacific Mail was made at the
opening and was prompted by the general.
concurrence in the view reported from the
party leaders in Washington as to the
prominent place given by the Ship Sub
sidy Bill in the party program for the
session. There was quite q large short
interest caused in the stock which en-
phasized the rise. The same was true
of American Sugar, which recovered its
Saturday loss with the approach of the
dividend meeting. The dividend meeting,
however, was postponed from today and
the stock became quiet. The railroad list
was extremely irregular. Baltimore and
Ohio suffered sharply on account of the
legal proceedings to enjoin the payment
of the dividend on the common stock
pending the decision of the rights of the
preferred stock to share equally with the
common stock in dividends of four per
-c.+N
in the railroad list which gained sharply,
including Pennsylvania Railroad as the
leader. The fact that neither the gains
nor the losses persisted showed the pro-
fessional character of the dealings. Not
withstanding the reduced activity, there
was a sharp hardening in the call money
rate to six per cent late in the day, at
which figure 1t required million dollars
to meet the needs of belated borrowers
who had held out for better terms.
Today $3.50, 900 went into the Sub Treas
ury to transfer to New Orleans and $780,
600 for transfer to Chicago Such rate
of depletion of cash reserves of the banks
is certain to have marked influence on
the money market.
The absorption of bonds continued large
and important and prices were generally
higher. Special features were Chicago
and Alton 31a's, Kings County Elevated
is and the per cent issues of Norfolk
and Western, Union Pacific and Reading.
Total sales (par value) $4.505,O00.
United States new As declined Il per
cent on the last call.
The total sales of stocks today were
614,5 500 shares, including the following:
Atchison preferred, 1890; Baltimore and
Ohio $500; Chesapeake and Ohio, 1880;
Chicago, Burlington and Quincy, 5000;
Dener and Rio Grande, $500; Louisville
and Nashville, $780, Manhattan Elevated,
IL, 800; Minneapolis and ST. Louis, $500;
Missouri Pacific, 21,700; New York Cen
trail 12700; Northern Pacific, u, 100;
Pennsylvania Railroad 10, 500; Philadel-
phia and Reading first preferred, 31,600;
st. Louis and Southwestern, 1000; st.
Louis and Southwestern preferred, 1900;
Chicago, Milwaukee and St. Paul, 13, 600;
Southern Pacific, 4,700; Southern Railway,
49, 100: Southern Railway preferred, 21,-
452; Texas and Pacific, 300; Union Pa
cific, q 200; Amalgamated Copper Com
pany $780, American Steel and Wire,
rs, 100; American Tobacco. II, 100; Brook
Ign Rapid Transit, II 500; Continental
Tobacco, $500; Federal Steel, 2O,SO0; Pa
cific Mail, 5000; Peoples Gas Light and
Coke Company, 5000; American Sugar,
% 100; Tennessee Coal and Iron, 16,600
United States Leather 5000.