The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-12-15
TIE NEWS AND OBsERVEK SATURDAY MORNNe DEC Is 1900

that the losses by the banks during the
week, which are conclusively shown by
the known movements of money, have
been Offset by a gain of over $4,000, 900
from some local source. This intimation
coming on top of a series of favorable
developments threw the market into a
state of boiling animation and buoyancy
The eager buying demand came from all
sources, bears who were short of
the market competing anxiously
with the rampant bulls, who distributed
their buying orders with lavish hand
all through the list. The contrast was
striking one, with the conditions at the
close last night, when not even the
phenomenal advance in the Erie stocks
was able to overcome the uneasiness of
spectators over the palpable showing of
the absorption by the Sub Treasury of
practically enough to completely wipe
out the surplus reserves of the banks.
The misplaced confidence of bear opera
tors in last nights selling movement was
an important factor in emphasizing to-
days advance The full strength of the
market was by no means manifest in the
early dealings, although the outburst in
the Wabash securities had a fortifying
vania Coal Company in behalf of the
anthracite group was a continuing int1u-
ence and was helped by this mornings
announcement Of the accession of very
important representatives to the Erie
Board of Directors. The effect was not
directly manifest in the Erie stocks.
which were reactionary on profit taking,
but the clear evidence afforded of the
h.
interests of important railroads towards
consolidation and extension of influence
and representation had stimulating eff
feet throughout the list. The Coalers
were first affected as being most imme-
diately concerned, and then the move
ment spread to the central traffic con-
nections of the trunk lines and TO all
minor or connecting railroads in which
any community of interest or ownership
could be traced. 1t would be useless to
try to specify or classify the final de-
velopment of the movement, as practically
the whole market responded. Even the
Industrials and Specialties which hung
back in the early dealings, recovered
buoyantly to above last nights close
Chicago, Milwaukee and st. Paul rose
nearly four points, and a long list of
railroad stocks advanced from one to
three points Just what is the source
Of the special movement of cash which
has offset the weeks outgo to the Sub
Treausy is not definitely disclosed, but
the belief is general that it is connected
with the payment OF the Standard Oil
dividend, which was due tomorrow, and
which amounts to $4,000, 900. The fact
that Amalgamated Copper was almost
alone in maintaining a weak tone did not
seem to alter this supposition. The con-
viction that some of the most powerful
financial interests in the country intended
to foster easy conditions in the money
market and the expectation of benefits
next week from the payment of antici-
pated Government interest were the final
effective influences in the buoyant out
burst which ended the day.
The bond market showed large volume
Of dealings and prices advanced, the Sc
curities most notably affected being of
the same companies as those in the
stock market. Total sales (par valued
SIS, $50 900.
United States bonds were all unchanged
on the last call.
The total sales of stocks today were
1,244, 500 shares. including the following:
Atchison, 47,323; Atchison, preferred,
40, 21S; Baltimore and Ohio, $3.50; Chesa-
peake and Ohio, $780, Chicago and Great
Western, 9.170; Chicago, Burlington and
Quincy, 90 $50; Chicago, Rock Island and
Pacific, 1850; Colorado Southern, $3.50;
Colorado Southern, first preferred, 1920;
Delaware and Hudson, $3.50; Erie, 1920;
Erie, first preferred, 29,260; Louisville
and Nashville, 1876 Manhattan Ele-
waited, 1855 Missouri Pacific, 1880;
Missouri. Kansas and Texas, preferred,
$3.50; Northern Pacific, 24,750 New York,
Ontario and Western. 51.735 Pennsyl-
vania Railroad 1915; Philadelphia and
Reading, 1895; Philadelphia and Read
ing, first preferred 49, $50; Philadelphia
and Reading, second preferred, $3.50; st.
Louis and San Francisco, 5000 Chicago,
Milwaukee and st. Paul, 102, 250 South
ern Pacific, S7,770 Southern Railway,
IL, 800: Southern Railway, preferred, $500;
Texas and Pacific, 1890 Union Pacific,
sc, $50; Union Pacific, preferred, 40;
Wabash, preferred, 69,250; Wheeling and
Lake Erie, S,265; Amalgamated Copper,
10 ,5S3; American Smelling and Refining,
1880; American Steel and Wire $4,000;
American Tobacco, 1888; Brooklyn
Rapid Transit, 16, 62O Federal Steel, H.
DO; Peoples Gas Light and Coke Com
pany 10. 700: American Sugar. 1910
Tennessee Coal and Iron, 21,205; United
States Rubber, $500; Western Union
Telegraph Company, 1875.
BONDS,
J. S. Refunding 2's104M NJ, K. q y 2ds.... 74h
]. s. Ref 2's cou..105 do 4s..... 94b
.. S. 2's, reg. .....-- N. Y. c., lists. 1093s