The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-12-18
THE NEWS AND OBnEKVEh TUESDAY MORNING. DEC 49, 1900

bear side. They were successful in forcing
a sharp reaction, much reducing the gains
that had been largest and completely
wiping out large number of those that
| had only reached moderate proportions.
Manipulation developed at the close again
to rally the market by bidding up North
ern Pacific to 1872, a record price. The
shorts were buying to cover elsewhere, so
| that the closing was generally steady with
the further course of the market very
unsettled and doubtful. Even with the
net changes in prices today very small,
the profits on last weeks advances are
on an enormous scale. Today's animated
outburst of outside speculation was the
logical consequence of last weeks events.
The palpable fact that large banking and
financial interests were taking on enor-
nous lines of various stocks and the de-
velopments of the week pointing to far
reaching plans and the improvement or
values was Offset for a time by the APP
parently dangerous condition of the
money market, but the showing in the
Saturday bank statement led to the con-
clusion that extraordinary measures were
being taken by powerful financial inter-
ests to conserve the ease of the money
market against the natural strain on Its
resources. The normal course of Sub
Treasury operations also promised some
relief this week. The outburst of bullish
enthusiasm was a certain consequence
The fact seems to be that strong banking
interests provided themselves long since
with ample resources to take advantage
of the reactionary tendency of stocks in
cident to the December period to absorb
very heavy amounts of the various rail-
u.
largely in the stock market for many days
past So large and effective was this
buying as to overcome the natural re-
dictionary tendency in the market and to
prompt the speculative public to rush
to secure stocks, seeing that the expected
reaction was not likely to occur before
January. Higher prices for stocks in JAM
uary have been the universal expectation
on the Stock Exchange, and spectators
have only awaited an opportunity to buy
stocks and to hold them safely in anticI-
patton of the January rise. Last weeks
bank statement was accepted as the as
surance that money resources would be
ample to hold stocks over the January list
period Outside of the opening general
advance ranging up to between one and
two points, the most striking later adj
vances were in the New York public utili-
ties led by Brooklyn Rapid Transit and
Metropolitan Street Railway, the Erie
stocks and a number of the minor Van
derbilts. Amalgamated Copper also de-
veloped notable strength, rallying four
points. The excited bull market was a
striking contrast to the panic of year
ago, when the restricting of the money
was forcing stocks upon the market at
any sacrifice in order to meet the calling
of loans.
Bonds were not so active as stocks and
the movement of prices was irregular.
Total sales (par value) S5S60,000.
United States 3's, registered, declined
IA. The 2s advanced 1-8 and the SIS,
coupons, IA per cent on the last call.
The total sales of stocks today were l.
$1,000 shares, including the following:
Atchison, "a 900; Atchison preferred, Al
667; Baltimore and Ohio, $500; Canada
Southern, 1900; Chesapeake and Ohio &C.
219; Chicago, Great Western, $3.50; Chi
cago, Burlington and Quincy, 17,1OO; Chi
cago, Indianapolis and Louisville preferr-
ed, $3.50; C. c. c. and st. Louis, 14,7OO;
Colorado Southern, $500; Colorado South
ern first preferred, 7,345; Delaware and
Hudson, $685.; Erie, 43,300; Erie first pre-
ferred, 7O,690; Hooking Valley, 500;
Louisville and Nashville, 13. 525; Manhat-
tan Elevated, 43,16O; Missouri Pacific, b.
$50 Missouri Kansas and Texas pre-
ferred 0,000 New York Central, $500;
Norfolk and Western, 1920; Northern
Pacific, 10 $50; Northern Pacific preferred,
II 40; New York, Ontario and Western,
25, 1000; Pennsylvania Railroad. 21,510;
Philadelphia and Reading, 1888 Phila-
delpha and Reading first preferred, 49,
1859; Philadelphia and Reading second pre-
terred, Il, 100; ST. Louis and Southwestern,
5000; Chicago, Milwaukee and St. Paul,
so, 200; Southern Pacific, 141 $50; Southern
Railway 90, 465 Southern Railway pre-
ferred, 1880; Texas and Pacific, $4,000;
Union Pacific, 81 1853; Union Pacific pre-
ferred, $500; Wabash, $500; Wabash pre-
ferred, 1880; American Smelling and
Refining, $780, American Steel Hoop,
7,400 American Steel and Wire (ex-divi-
dend), 1850; American Tin Plate, 49,
no. American Tobacco, 22,100; Anaconda
Mining Company, S,40O; Brooklyn Rapid
Transit, 1881; Federal Steel 21,150;
National Steel, 100; Peoples Gas Light
and Coke Company, 22,7OO; American SUI
gar, 1920; Tennessee Coal and Iron, s.
430; United States Leather, 1915; Wes-
tern Union Telegraph Company 90 $50.