The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-12-08

course OF amalgamated copper during
the week has given rise to the apprehcn-
sion that interests identified with it need
not be expected to have taken measures
to conserve the general money market
situation. The loan item also is the sub
ject of much perplexed surmise. While
there has been some speculative liquida-
ton in the stock market, there has been
some large borrowing for outside hnan-
cial operations, including subscriptions
to a $40, 100000 issue of Third Avenue
Railroad bonds, which also closed today
with the announcement that it had been
largely ver-subscribed. If there has
heen any considerable loan expansion dou-
BILE effect on the surplus reserves may
prove somewhat sensational, especially
with the most trying period of the year
on the money market to be Immediately
faced Liquidation was not urgent in the
stock market but was quite general
Even the Erie securities declined tempo
rarily on the denial of story attempting
to explai ntheir movement by saying that
the company had purchased the Pennsyl-
vania Coal Company. Both the stocks
and bonds however. rallied subsequent
ly to top prices Besides this strength
was shown by the ST. Louis and San
Francisco stocks led by the second pre-
ferred with an advance of "a and the
New York Chicago and st. Louis led by
the second preferred with an advance OF
4h. On the other hand there was con-
tinued weakness in Tennessee Coal and
Iron on persistent rumors that the divi-
dend would be passed. The stock fell
at one time 219 and after fiuctuating fe-
verishly closed within an eighth of the
lowest. Coincident with the meeting OF
the directors of the United States Rub
Der Company, the common stock broke
four and the preferred stock 5%A with
out meeting any effective support. IT
was reported after the meeting without
equal authority that the company had re-
duced the price of it's goods % per cent,
and doubts were expressed of the main
tenance of the dividends on the preferred
Pacific Mail broke nearly per cent on
the large decrease in net earnings re-
ported for October Unsatisfactory results
Of the meeting of Western railroad pres
idents to enforce the observance of freight
rates helped TO depress the railroad list
There was weakness in Peoples Gas, To-
bacco and the local fractions. The clos
ing was moderately active and easy and
many stocks were at the low point.
Business in bonds continued large
There was profit-taking in some of the
speculative issues, but there was nota-
bic increase in the demand for high grade
bonds which made the market very
broad. Total sales (par valued IS, 1885,
900.
United States IS and 5s declined u per
cent on the last call.
Today's total stocks sales were col, 700
shares, including the following: Atchison
81, 100; Atchison preferred $4,000; Balti-
more and Ohio, $500; chesapeake and
Ohio, $780, Burlington $500; Denver
and Reading. $780, Erie, $4,000; Federal
Steel preferred 40 100; Manhattan, H.
300; Missouri Pacific, 1890; Missouri
Kansas preferred, 5,400; New York Cen
trail $500; Northern Pacific, 10000; New
York. Ontario and Western, $500; Read
more and Ohio, $500; Chesapeake and
San Francisco, 800; St. Louis and San
Francisco preferred, $3.50; ST. Paul, a.
200; Southern Pacifs, 1880; Southern
Railway, 7.4O0; Southern Railway pre-
ferred, 6, 100; Union Pacific, Is 700; Anal
gamated Copper, $4,000; American Smelt
ing and Refining, 100; American Steel
and Wire, $780, American Tin Plate, s.
400; American Tobacco, 29,100; Brooklyn
Rapid Transit 18,400; Continental To-
bacco, 7,10O; Federal Steel, $4,000; Peo
Dle's Gas, $4,000; American Sugar, 80, 700;
Tennessee Coal and Iron, $500; United
States Rubber. 20. 200