The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-12-07

gains in a few stocks. Strength persist
ed in a few stocks throughout the day,
but it was offset during the latter part
of the day by equally striking losses III
some of the leading Specialties. A large
part of the list fell back to about last
nights level and wayered in an uncer-
tain way until the closing, which was
generally easy. The rally in this market
late yesterday was taken as cue by the
London market this morning. Foreign
markets have shown a growing DISPOSE
ton of late 10 follow Wall Streets lead.
and the rally yesterday afternoon was
pronounced by some observers as due to
manipulation with the purpose of inviting
buying of Americans in London today.
If this was the purpose it was successful
for London bought stocks here at the
opening, helping on the rise. There was
a considerable short interest as result
of the weakness of the market earlier in
the week, which proved vulnerable to the
rather imposing show of strength this
morning and the covering movement
helped on the rise Even amongst those
stocks whcih were afterwards the weak
est there were some considerable gains
during the early strength, both American
Sugar and Tennessee Coal and Iron get
ting about a point. Quite number or
important stocks achieved gains of near
point, but the movement all day was
distinctly one of special stocks. The low
priced non dividend paying railroad stocks
were the favorites, especially the Fries
and the Wabash issues, both stocks and
bonds. Nothing authoritative could be
learned to explain this movement, which
rllmor attributed both to buying for
Vanderbilt control and to Join plans for
consolidation and through traffic arrange
ments of the two lines The rise extend
ed to over two points in Erie, first pre-
ferred and to two and a half in the Sec
end preferred. and both closed at about
the top, being practically the only stocks
in the list to do So Besides these stocks
there were upwards of thirty stocks SELL
ing under forty which were advanced
from = half to one and half per cent.
ST. Joseph and Grand Island, first pre-
ferred, jumped five points on prospects OF
a dividend increase. The Green Bay and
Western issues were strong, though the
principal activity was in the debenture
BIS. American Sugar was active ana
feverish all day. and apparently the trad
ers were seeking to retrieve their losses
on the bull side by a bear campaign.
They circulated a report of the serious
illness of the president of the company
which was denied. The stocks fell an eX-
IRENE three and ee-eighths and closed
only slightly better at a net loss OF two
and a quarter points. Tennessee Coal
and Iron was even more acutely affected
and fell altogether FIVE and three eighths
to sixty-four closing with a net loss OF
four and three-..IarterS on the day.
The report was confidently disseminated
that it had been determined to pass the
next dividend on the stock. The increase
in the dividend rate for the half year on
Denver and Rio Grande, preferred, from
two to two and half per cent, caused
a late advance in that stock of one and
three quarters and on the common STOCK
of one and a quarter. This caused sym
pathetic hardening in the market, but
prices did not hold in face of the renew
ed weakness, in the Specialties. There
was no appreciable change in money
conditions
The bond market was active and con-
sistently strong, many low grade junior
and contingent interests bonds advanc-
ing strongly.
Total sales of bonds (par yalue) $4,-
625. 900.
United States new As declined Is per
cent. on the last call.
The total sales of stocks today were
762, 200 shares, including the following:
Atchison, 1920; Atchison, preferred.
81, 100; Chesapeake and Ohio, $4,000; Chi
cago Burlington and Quincy, $780, Den
yer and Rio Grande, 1900; Denver and
Rio Grande, preferred, $1,000; Erie, &C.
200; Erie, first preferred, $4,000; Man
haitian Elevated, 17,400; Metropolitan
Street Railway, 1000; Missouri, Kansas
and Texas, preferred, 1000; New York
Central, $3.50; Northern Pacific, 1900
New York, Ontario and Western, II 400;
Pennsylvania Railroad, 5000; Philadel-
phia and Reading, 27,S00; Philadelphia
and Reading, preferred first, 1880
Philadelphia and Reading, preferred sec
ond, ZOO; Chicago, Milwaukee and st.
Paul, 15,400; Southern Railway, 26,SO0
Southern Railway, preferred, $500; Union
Pacific, IL, 900; Wabash, 1920; Wabash.
preferred, 14,700; American Steel and
Wire, 49, 100; Anaconda Mining Company,
$500; Brooklyn Rapid Transit, 1890;
Federal Steel, 19,9OO American Sugar,