The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-12-05
fHK NEWS AND OBSERVER WEDN SDAY MURNINV. DEC 1900
STOCKS AND BONDS.

expected III american sugar, III lHS Pa
suit of their professional avocation STOCK
traders are always trying to discount
what they expect, and the consequence
is that in American Sugar they are in
variably surprised and disappointed. 10
day was no exception. Action on the
quarterly dividend has been looked for at
any time for several days past, and tne
news as to what the dividend Would
be has varied all the way from an III
crease in the regular rate from IA per
cent to per cent and up to the regular
IL per cent and an extra disbursement
of per cent. The speculation mas gone
kon right merrily on that basis. The price
was run up to 1854 this morning when
the intimation was disseminated that no
action would be taken on the dividend to-
day. Consequently the announcement
little later that the directors had met at
the private residence of the president OF
the company and declared a dividend OF
only 1M per cent came like a bombshell
upon the speculative contingent. In their
rush to save losses they forced the price
down by rapid stages, meeting no sup
port except from professional shorts on
the way down. The stock touched 1874
in the last hour, which was full points
below the highest and closed with a net
loss of 61s. The violent slump in this
stock had depressing influence on the
whole market. but the movement else
where at no time approached demoraliza-
ton In fact there were points of strength
perssting here and there in the railroad
list, notably the Erie stocks and in the
low priced Southwesterns, but these
yielded their gains in the late reaction.
In the early dealings the principal weak
ness was shown by the specialties and es-
pecially the Steel stocks. The latter
group showed recoveries and except for
Tennessee Coal held well in the late
weakness of the railroad list. The pres
sure to sell the railroads grew steadily
during the latter part of the day and
large number of them show net losses OF
about a point. Chicago, Burlington and
Quincy declined IA. The general weak
ness, while partly due to sympathy with
the violent decline in American Sugar,
was undoubtedly based for the most part
on anxiety as to the ability of the money
market to carry speculative accounts
safely over the new year. There was
no evidence that liquidation was forced
today. but a spirit of caution prevailed
and induced measures to avoid anything
like forced liquidation in view OF the
large advances in prices which the mar
ket has enjoyed. Owing to the renewed
movement of currency to the interior ana
the present low level of pension disburse-
ments, the ubTreasury has already Ia
ken up from the money market nearly
Sc, 600. 600 since Friday. Today's transfers
to the Interior which went to New Ut
leans, were 100000 compared with $685.
600 Yesterday. Another noticeable feature
Of the situation is the steadiness of
sterling exchange in spite of the hrm-
ness of the local money market and the
notably easier rates in London and Ber
lin The foreign selling of our securities
which was continued today to the extent
of about % 900 shares, is supposed to &C
count for this. The opinion is expressed
by some foreign authorities that this pro-
cess has been carried so far as to leave
New York without future power to draw
gold from European sources. In this con-
nection today's report of further ship
ment from Australia to San Francisco of
81, 500 900 in gold has some significance.
Incoming steamers are bringing large
shipments of American securities recently
sold by foreign holders and the increase
in the supply of stock available for lend
ing serves to facilitate bear operations
in the market.
The bond market shared in the reac-
tionary tendency of the stock market,
but was carried by new points of strength.
Total sales (par value) $3.505,000.
United States new As advanced 5s per
cent on the last call.
The total sales of stocks today were
GA 500 shares, including the following
Atchison, 1920; Atchison preferred, 49,
7o0; Chesapeake and Ohio, 1900; Chica-
go, Burlington and Quincy, $500; Erie
first preferred, 9,2Oo Louisville and Nash
Vile. 100; Manhattan Elevated, 1900;
Missouri Pacific, 1900; Northern Pacific,
IT. GOO; Pennsylvania Railroad 1920;
Philadelphia and Reading first preferred,
1880; st. Louis and Southwestern pre-
ferred. 10. 200 Chicago, Milwaukee and
St Paul, 1890 Southern Pacific, $1,000;
Southern Railway, 1880; Southern Rail-
way preferred $780, Texas and Pacific,
Is. 600; Union Pacific, 24,S00; Wabash, s.,
900: Wabash preferred 5000; American
steel and Wire, 81, 100; American Tobac
CO. 10000 Brooklyn Rapid Transit, 49,
700 Federal Steel, 1920; North Ameri-
can Company, 1890: Peoples Gas, 1880;
American Sugar, 100, 700; Tennessee Coal
and Iron, 1900; United States Leather,
1000.