The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-12-06
crnrKc Am BONDS


tion of yesterday. The early part OF the
day showed a continuance Of the reac-
tionary tendency. London took its cue
from the depression here yesterday ana
sold the Americans. offerings from that
source amounting to some 10000 shares.
The professional traders also continued
bearish and sold stocks short, but it be-
came obvious during the course of the
day that there was no urgent pressure
10 licudate. The decline in prices
drought no large offerings, and the bears
were disincined on this account to pur-
sue their campaign. Consequently they
bought to cover their contracts and
turned the market upwards The recov-
cry was helped by strength in few
stocks, but whether the upward course
of prices late in the day was due gener-
ally to any other cause than the taking
of bear profits on the short sales which
were invited by yesterdays weakness re
mains to be seen. The developments in
the money market, which is the true
index of speculation at present, continue
against the presumption for active spec
ulation. Call money rates went TO per
cent. again today and the movement OF
currency to the interior continues una
bated. Today 100000 was transferred
through the Sub Treasury to Chicago and
1915, 900 to New Orleans. This rate Of
depletion is far too large to permit of
any extensive credit expansion by New
York financial institutions, and would not
require a long continuance to force
sharp contraction of loans. 1t will be
remembered that in the period of repres-
sion preceding the election bankers were
practically unanimous in the opinion that
resources must be conserved for the en-
larged requirements of business after
election. The outpouring of credits after
election, however. was on such large
scale as to overwhelm all demands and
force an easy money rate, in spite OF the
furious speculation which ragged for sew
eral weeks. Now after enormous inroads
have been made by such speculative COM
mitments as we'll as by investment in Sc
curties upon available credits the ex-
pected demand for money is manifesting
itself. The large movement of currency
to the interior, and the very large vol
ume of interior bank clearing are a plain
indication of the active need for money
through the country An active money
market is generally expected between
now and the first of the year, after which
the January disbursements are expected
to make for easier money. A loan con-
traction by New York banks seems,
therefore, highly probable, and the effect
on the stock market will be measured by
the financial resources of those holding
stocks. period of quietude in specula-
ton and a gradual liquidation of weak
accounts is an apparent safeguard
against such a situation. The strong
points in todays market were amongst
the low-priced minor stocks, the Fries,
Peoria and Eastern. and such stocks the
ST. Joseph and Grand Island and others
of that class being conspicuous. Atchi-
son, preferred, and Missouri Pacific were
also strong and Brooklyn Rapid Transit
and the Steel stocks were in demand.
American Sugar was feverish and after
rallying from early weakness to about
point over last night it lost the gain in
a few minutes trading. The Amaiga-
mated Copper had an extreme decline OF
~ before showing any resistance, but
they strongly recovered over half the
loss
Business was better sustained in bonds
than in stocks. and some important gains
were shown. but there were also reac-
tons in other points. Total sales (par
vaIue) $4,025,000
United States refunding rs declined Is
and the 3s and AS and SIS II per cent.
on the last call
The total sales of stocks today were
715, 800 shares, including the following:
Atchison SO, 300; Atchison, preferred, b.
1907 Baltimore and Ohio. 7,000 Chesa-
oeake and Ohio 20, 100; Chicago, Burling-
ton and Quincy. 1000; Denver and Rio
Grande, 5000; Erie, -, 900 Erie, first pre-
ferred, Il 500; Louisville and Nashville,
5000; Manhattan, $780, Metropolitan
Street Railway, 1000; Missouri Pacific,
is, 800; Northern Pacific, 1880; Pennsyl-
vania Railroad, $500; Philadelphia and
Reading first preferred, 1900; Chicago,
Milwaukee and st. Paul, $4,000; Southern
Pacific, 29, 100; Southern Railway, p, 100;
Southern Railway, preferred, 1880;
Texas and Pacific, 14,7OO; Union Pacific,
26 700; Union Pacific. preferred, $500;
Wabash, 5000; Wabash, preferred, 1900;
AmaIgamated Copper Company, $1,000;
american Steel and Wire. q, 100; Ameri-
IAN Tobacco, 10, 800; Brooklyn Rapid
Transit 2S 400; Colorado Fuel and Iron,
1900 Federal Steel, 29,400; Peoples Gas,
$780, American Sugar, 100000; Tennessee
Coal and Iron Il, 800; United States Rub
Der, 1920.
STOCKS