The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-12-20

from top prices many times before in the
present movement of stocks, and the real
lack in today's market seemed to be that
the new stocks which are available to
be rushed upwards as sustaining forces
in the market are egrowing exceedingly
scarce. Pretty much the whole list has
been exploited in the course of the pres
ent speculation. The character of the
market otherwise than in these techni-
cal particulars, was not materially chang
ed. Professional operators are constant
ly on the lookout to take the bear side
of the market with the elimination of the
rise, and they sold freely on the short
side today, as they have done for several
days past, but they also covered largely
before the close. The general bullish en-
thusiasm up to this time proved too much
for any restraining influence. A sus
tanned bull movement always means pros
perity for the large stock market con-
tingent, whose trade it is to operate in
stocks, and coming in the tide of the
holiday period, the present movement is
specially popular. The demands Of the
speculation upon the money market have
made no impression yet upon money rates,
a. development which would prove an eff
fectual check upon excessive speculation.
London was quoted by a buyer of $4,000
shares of stock on balance here today,
but the true Origin of this buying is open
to doubt, in view of the advancing money
market IN London and the failure of the
dealings TO affect the sterling exchange
market. The initial dealings here in the
stocks which were most affected in the
early London trading were on an enor-
nous scale. In Southern Railway 10000
shares changed hands at once at the open
ing. In Southern Pacific 5000 shares, in
Kansas and Texas, preferred, 4,300 shares,
and in Erie, first preferred, 1000 shares.
The higher money rate in London today
was effective in turning the continental
exchanges in favor of London. but it is
the common expectation that the bank of
England discount rate will be advanced
tomorrow as the open market rate has
risen well above the bank rate and bor-
rowers are resorting very largely to the
institution.
The bond market was active and strong.
Total sales (par value) $5,260,000
United States refunding rs advanced 1S
and new As declined Is per cent. on the
last call.
Todays total stock sales were, 1,414700
shares, including the following Atchi-
son, 21,S00; Atchison, preferred, $500;
Baltimore and Ohio, 11,100 Chesapeake
and Ohio. $4,000; Chicago, Burlington and
Quincy, 19,2OO Chicago. Indianapolis and
Louisville, 1900; Chicago, Rock Island
and Pacific, 1850; Erie, 54 $780, Erie, first
preferred, $500; Illinois Central, $500;
Lake Erie and Western, 800; Louisville
I'D hot N Tod
10 800; Missouri Pacific, 2250O; Missouri,
Kansas and Texas, II. 100; Missouri Kan
sas and Texas, preferred, 1900; New
York Central, 8, 400; Norfolk and Western,
80 500; Northern Pacific, g. 100; Northern
Pacific, preferred, 1880; New York On
tario and Western, &c. 700; Pennsylvania
Railroad, 17,400; Philadelphia and Read
ing. 40 200; Philadelphia and Reading, first
preferred, 81 100; Philadelphia and Read
ing, second preferred, 24500; ST. Louis
and San Francisco, 800; Chicago, Mil
waukee and st. Paul, &c, 800; Southern Pa
cifc,- 52 enA. South nrn Y ailurau eR 500
Southern Railway, preferred, 1880; Texas
and Pacific, $500; Union Pacific, 1880;
Wabash, 5000; Wabash, preferred. 1880;
Wisconsin Central, 16,100; American
Smelling and Refining, 1880; American
Steel Hoop, 7,40O: American Steel and
Wire, 900; American Steel and, Wire.
preferred, 100: American Tin Plate, 49,
ESQ., American Tobacco, $4,000; Brooklyn
Rapid Transit, 76,7OO; Continental Tobac-
CO. 81, 700; Federal Steel, 10000; North
American Company, $500; National Steel,
10 200; Peoples Gas Light and Coke Com
pany, 5000; American Sugar, 1890;
Tennessee Coal and Iron, $500; United
States Leather, 6,400
BONDS.