The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-12-14

ancy The bid for Pennsylvania Coal was
rapidly advanced without bringing out any
stock except an occasional odd lot at wide
intervals until a full lot of 100 shares was
sold at 735 and another at TAO. Last night
the stock was 610 bid and SIS asked. The
market for this stock has been purely
nominal and it sold at 4501s last month,
which was the highest price of the year
Notwithstanding the notable effect of this
operation on the Erie stocks and efforts
made by spectators to emphasize the
general benefit to result to the anthracite
industry as a whole, the effect was very
small, even on the other anthracite
stocks which were none of them more
than steady. Some frmness was manifest
in the Southwestern Railways on buying
seemingly in the interest of the bull pool.
The effect was most noticeable in the
Wabash securities. Otherwise selling was
general throughout the list and those
stocks which have persisted in upward
movement this week as a rule were the
weakest This was noticeably true of the
steel group in which the declines ran up
to points or over. American Sugar
and the New York public utilities fell
from about two points to three and
quarter in Consolidated Gas. number
of other prominent stocks both in the
railroad and industrial list fell from one
to one and half. The regular absorption
of special stocks earlier in the week by
powerful financial interests with indie
pendent resources has encouraged the
hope among speculative operators that
some relief was to be Forthcoming from
the threatened stringency in the money
supp - one time it conferred in an
u,
ment would buy several millions of bonds
for the sinking fund The inconsistency
was pointed out of bidding for govern
ment bonds by the Treasury at the same
time that they are inviting conversion
into the refunding rs, which is to con-
tinue until December 31st. Another hope
was that the rise in the money rate here
would bring gold from London, but the
firmer tendency of exchange late yester-
day and more emphatically this morning
has brought the speculative contingent
face to face with the certainty of
very weak bank statement on Saturday
AIreadv the Sub-Treasury has taken out
over $4,000, 900 from the money market,
compared with surplus reserve last
Saturday of only $5,701 ,125. On Monday
next the checks in payment of the Stand
ard Oil dividend will pass through the
clearing house, involving the disburse-
ment of 100000 00 The preparation for
this disbursement is likely to make adj
ditional inroads on available credits and
so increase reserve requirements.
The bonds of the Erie Company and
some of the Southwestern Railroads were
in demand today. Otherwise the bond
market was rather reactionary. Total
sales (par value) $4,7S5,0OO
United States refunding 2s advanced
Il and old AS n and SIS z per cent
on the last call.
The total sales of stocks today were
72O, 800 shares, including the following:
Atchison, %, $50; Atchison preferred, H.,
S35; Chesapeake and Ohio. GA 400; Chicago,
Great Western. II $50; Chicago. Burling
ton and Quincy 5000; Erie, $3.50; Erie
first preferred, 70,252; Manhattan Eleva-
ted, $3.50; Missouri Pacific, $3.50; Mis-
souri,, Kansas and Texas preferred. s.,
029 Northern Pacific II $50; New York
Ontario and Western, 1000; Pennsyl-
vania Railroad, 27 1913; Philadelphia and
Reading 7,655; Philadelphia and Reading
first preferred. 27,160; Chicago, Milwau-
kee and st. Paul, 10 400; Southern Pacific
200; Southern Railway, 10000; Texas
and Pacific, II 800; Union Pacific, 10,415;
Wabash, 13, 800; Wabash preferred, 24.115;
American Smelling aud Refining, 1900;
American Steel and Wire, !4.350; Ameri-
can Tin Plate, 1926: American Tobacco
$780, Brooklyn Rapid Transit, 2S,725;
Federal Steel 26,S75: Peoples Gas, $3.50;
American Sugar, 23575; Tennessee Coal
and Iron. II, 1870.
BON IlS