The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-12-19


statement was due primarily to the
movement of the deposit account. The
banking interests and financial institu-
tions, which have had so large part in
the recent buying of certain stocks have
evidently been drawing down the deposit
accounts of the banks to do so. This ne
cessitates a contraction of outside loans.
While the bankers buying, is a strong
sustaining force in the stock market, it is
equally strong as a depicting force in the
money market upon which spectators
are dependent for their resources. An
other unsettling influence was London's
change of front. After buying actively
here yesterday, that centre sold freely to-
day. This was of course the outcome OF
the monetary situation in London. With
further military reverses in South Africa
and the foreign exchanges running against
her. it is the common expectation that
the Bank of England discount rate will
be advanced tomorrow. Such a condition
is always sufficient to cause liquidation
of foreign securities from London in the
interest of the money market. But it is
not clear that the more conservative class
of investors in England are not attracted
by American securities. The decline OF
trade activity there and the continued
high earnings here make the American
securities relatively more attractive for
investment No uneasness is apparent
over the money market outlook so far as
the immediate future is concerned. The
ub-Treasury is contributing to the mar
ket by reason of large pension payments.
increased premiums on Government bonds
which are being rushed in for conversion
into the twos before the refunding period
expires and some payments on Assay
Office checks for gold deposited at Pacific
coast points. While these conditions
make for the safety of the money market,
the possibility is, recognized of pinch in
the last week of the year, especially if
undue speculative commitments are al
lowed to eat uD the resources OF the
market. These various conditions are
the explanation of the exceedingly varied
market for stocks. Heavy selling to take
profits continued side by side with extra
ordinary advances in special stocks. Or
the days special movements by far the
most impressive was the sustained adj
vance in the Erie stocks, the common
rising to 241h. the first preferred to 575s
and the second preferred to 1915. There
were some wide movements among the
minor Vanderbilts and connecting lines
in Central traffic territory. Lake Erie
and Western rose 5A. New York, Chica-
go and st. Louis, second preferred, rose
IA and the common and first preferred
rose about three points each. There was
an active upward movement in the Steel
group, in American Sugar, Amalgamated
Copper, Missouri Pacific, and the South
ern Railway stocks, but none of these
cttcf mo closed
furiously active and surprisingly steady
considering the large volume of dealings.
The bond market was as varied and
irregular as that in stocks and large real
izng at some points contrasted with an
advance in price at others. Total sales
(par value) $4,125,000.
The total sales of stocks today were
.254, 400 shares, including the following
Atchison, 49, 200; Atchison, preferred 81
500; Chesapeake and Ohio, $500; Chicago,
Burlington and Quincy, 19,900 Chicago,
Rock Island and Pacific, $500; c., c., c.
and ST Louis, $780, Colorado Southern,
10, 500; Erie, 50, 500 Erie, first preferred,
$500 Louisville and Nashville, $500;
Manhattan Elevated, 81 800; Metropolitan
Street Railway, 1900; Missouri Pacific,
}3. 900; Missouri Kansas and Texas, H.
)UU, missouri, hdnSdS anu ISAdo plSlCiACN
q 900; New York Central II, 900 Norfolk
and Western, ZOO; Northern Pacific, 49,
100; Northern Pacific, preferred, 31,5OO;
New York, Ontario and Western, 1900;
Pennsylvania, II 100; Philadelphia and
Reading, 800 Philadelphia and Read
ing, first preferred. $4,000; Philadelphia
and Reading, second preferred, 10000; st.
Louis and San Francisco, $500; st. Louis
and Southwestern, 5000; ST. Louis and
Southwestern, preferred, 9,400; Chicago,
Milwaukee and st. Paul, $4,000; Southern
Pacific, 1880; Southern Railway. $500;
Southern Railway, preferred, 1900; Union
Pacific, 1880; Union Pacific, preferred,
$500; Wabash $500; Wheeling and Lake
Erie, 12,SO0; American Smelling and Re-
ining, $500; American Steel Hoop, 22,5Oo;
American Steel and Wire, 1880; Amerl-
can Tin Plate, 500; American Tobacco,
y. 200; Anaconda Mining Company, $500;
Brooklyn Rapid Transit, 1900; Continen-
tai Tobacco, 81, 700; Federal Steel, 1880;
North American, 7,40O; National Steel,
81 400; Peoples Gas Light and Coke Com
pany, %, 400; American Sugar, 43,4OO; Ten
nessee Coal and Iron, 1880; United
States Leather. $500