The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-11-21

4
stocks hampers the price movement.
Todav's sales of Northern Pacific foot
nm. according to the customary APP
| nroximate calculations POI, 500 shares
| for the common stocks and 1o,oO0
shares for the preferred stock, total
of or 400 shares. The common stock
rose nm extreme six and quarter and
the preferred six and an eighth points.
Various causes doubtless served 10
eongest the speculation in these
stocks. For one reason there was but
lanouid interest in the general marker
and the eager army of operators ana
specnlators who are watching Tor
available openings failed to find any
until the movement in Northern Pa
cific developed The volume and char
acter of the dealings in the stocks.
however. rrecluded the idea of a pure
lv speculative operation. No authentic
news was disclosed to explain the
movement. such rumors as were heard
being prompted rather by the effort to
explain by guess work. 1t was alleg-
ed that it had been determined to re-
tire the preferred stock at par, as the
company has the right to do under the
terms of its issue. The favorite
theory, however. was that the buying
of Northern Pacific represents n pro-
cess of TRANSMISSION of interests be-
tween the different trans-continental
railroad lines, or more Immediately,
the Northern and Northwestern
routes. That some important develop
ment will be forthcoming is indubit-
able by the testimony of the tape.
The movement in Northern Pacific had
d dominant influence on the whole
market and pulled it up effectually
from the reactionary tendency which
had overborne it during the early part
of the day. This was due to the con
tinued heavy profit taking and to very
large selling for London account, after
a light buying movement for that ac-
count in the early dealings. The
profit-taking continued to a degree
even after the general tendency had
become strongly upward and some Of
the prominent stocks practically fail
ed to respond at all. The movement
in the Iron and Steel stocks was ir-
regular and number Of other special
ties which have had recent notable adj
vances, hung back today As a conse-
quence, the days net changes were
uneven and not few declines were
mixed in with the large gains. The
conspicuously strong stocks besides
the Northern Pacifics. were the Union
Pacific. the Atchison. Missouri Pacific.
Denver and Rio Grande, and the Bal
timore and Ohios. Among the Indus
trials and Specialties and Wire stocks.
the Tobaccos, Peoples Gas Light and
Coke Company, American Sugar.
North American and International
49,
reaction on profit-taking the Northern
Pacific stocks rallied, carrying the
whole market with them and the clos
ing was very. animated and buoyant
at about the top level.
Profit-talling was in evidence in the
bond market and prices are generally
lower. Total sales (par yalue) $3,025,-
900.
United States 3's coupon declined IA
and the new As 49, The old As adj
vanced IA per cent on the last call.
The total sales of stocks today were
1926, 100 shares, including the follow
ing: Atchison $4,000; Atchison pre-
ferred 100000; Baltimore and Ohio 81
500; Chesapeake and Ohio 5000; Chi
cago, Burlington and Quincy 10000;
Denver and Rio Grande preferred 15,-
800; Louisville and Nashville 5000;
Manhattan Elevated 33,1O0; Metropoli-
tan Street Railway 1900; Missouri Pa
cific $4,000; New York Central 12,100;
Norfolk and Western 22,500; Northern
Pacific 201 500; Northern Pacific pre-
ferred $4,000; Pennsylvania Railroad
1900; Philadelphia and Reading first
preferred 26,600: ST. Louis and South
western preferred 1880; Chicago. Mil
waukee and st. Paul 14,100: Southern
Pacific 2S.500; Southern Railway pre-
ferred 10,100; Union Pacific 6S.700; I'm
ion Pacific preferred 1900; American
Smelling and Refining 12,7OO; Ameri-
can Steel and Wire 49,400; American
Steel and Wire preferred $500; Ameri-
can Tobacco $4,000; Brooklyn Rapid
Transit $4,000; Continental Tobacco
5000; Colorado Fuel and Iron 5000;
Federal Steel 51,S00; Peoples Gas
Light and Coke Company $4,000; North
American 24,SO0; American Sugar 49,
500; Tennessee Coal and Iron 1900;
United States Leather 1855.