The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-01-08

Out no movement was consistent beyond
short length Of time. Losses were re-
covered, gains were lost, and there were
strong rallies from reactions. All this
made the utmost excite ne3t and confu-
sion in the market all day loag. 1t was
natural to expect, after The excessive
and artificial advances of the closing trad
ing of last week, that SPECTATORS would
be in condition of anXiety 20 skim the
.ream of the profits this morning This
class was in fat IN nand in full force
and the eagerness with watch stocks were
lnloaded and the reckless disregard shown
FOR a half, or even a full point in price
indicated nervous dread that the pass
ing minutes might mean the loss of OPP
portunities for fortune. But even in that
early period of the market there were
not lacking signs of strength, and there
was a long list of gains of between one
and two points. The greater part OF these
was wiped out in the reaction of the
opening. New Jersey Central was thus
carried down an extreme five points,
Northwestern three and three eighths
Northern Pacific two and -eigths /;
Philadelphia and Reading and Delaware
and Hudson two and a half; Atchison,
preferred. st. Paul, and Erie, first pre-
ferred, two and a quarter and Chicago,
Rock Island and Pacific and Pennsylvania
Railroad two points.
1t is only once or twice in genera
ton that such nervous anxiety and I'M
certainty are reflected in the stock market
is were shown during this period of open
ing reaction today. Prices jumped about
n the most violent and erratic manner
~ wide intervals. Gradually the fact
began to emerge that there were brokers
IN the floor who had apparently orders
10 take all offerings at a certain level
of rIices below the market. The course
of prices thereupon gradually s.eadied,
and then moved upwards with an impress
sive surge, Baltimore and Ohio was the
first point of aggressive strength. 1t had
risen one and five eighths 1T he open
ing, but had lost all but a fraction.
It's upward sweep carried it five and
five eighths over Saturdays lavel. Dur
ing the rest of the day it vas simply
a question whether the new Joints Of
strength would develop. With the ap-
pearance of anything like bull leadership
in given stock or with the first sign
Of manipulation for an advance, a Ler-
feet horde of spectators were ready to
rush pell NELL to buy the same stock
None CT these advances were well held
and the process of profit taking cost them
all the way from two TO nearly five points.
But even at that reaction many handsome
net gains were conserved FOR the day
The Changers were foremost in the mid
day advance, the three leading members
Of the group, Chicago. Burlington and
Quincy, Chicago Rock Island and Pacific
and Chicago, Milwaukee and St. Paul adj
vancing SIX TO six and three eighths.
Later in the day the Anthracite Coalers,
which have not hitherto moved largely
in sympathy with the Readings, New Jer-
sey Central and Erie, made impressive
progress upward. Delaware and Hudson
rose no less than thirteen and three
quarters, Delaware, Lackawanna and
Western six. ard New York. Ontario and
Western three and three eighths. These
were the most striking movements of the
day. American Sugar was cry e~ra!'c.
working upwards an extreme five and
seven eighths, on the reported advance
in the price of refined sugar. and relaps-
ing four and five eighths in the late sell
ling movement. Tennessee Coal and Iron
ShOWSQ ACUTE NSdhuGSS Oh Tic uCClSiOU W
pass the dividend and fell an exc..eme
six and seven eighths, closing onlY
fraction above that The Steel stocks
were inclined 20 he&Nress in sympathy,
except American Tin Plate uhich was
advanced four and three oightbs The
United States pubbe. STOCKS were in
clined 10 weakness, but had good rally.
Northern Pacific moved up tour and FIVE
eighths after its sharp opening decline,
and Peoples Gas Light and Coke had a
midday rise of four ard a diiarter points.
The list of stocks which rose as much as
three points and D traction Is long one,
but stocks which did not fuctuate as
much as a point or over were very few.
1t was evident that the melting cause
of the furious speculation was the recent
developments in the railroad outlook,
looking towards vast consultations. The
acquisition of the Pennsylvania Coal
Comrany by the Erie and of the Central
Railroad CT New Jersey is regarded in
the speculative world as a prelude to
further important developments in the
anthracite carrying properties and ready
credence is given to almost any sugges-
ton of a plan for railroad consolidation.
Money also is working easier in spite Of
the enormous demands of speculation.
The rather gloomy condition of foreign
markets, instead of having any depress-
ing effect seems to stimulate speculative
activity here by the strong contract or
this country's prosperity. The day.
record of business was carried far be-
yond the previous high level. the aggre-
gate sales footing up 2,147,000 shares,
compared with 1,S37,90o shares on last
Friday, which made the record up to that
time. Sales of individual stocks today
included 1872. 500 shares of American
Sugar, $4,000 of Baltimore and Ohio, 1871,
400 of Chicago Burlington and Quincy
$4,000 of Erie, 1872, 900 of Northern Pa
cfc, 1875, 700 Of New York, Ontario and
Western, 144,200 OF Reading. 143.3O0 OF
Chicago. Rock Island and Pacific. anG
1929 shares of Chicago, Milwaukee and
ST. Paul This scale OF trading has never
before even been approached in the his
tory of the Stock Exchange.
There was nothing like the activity OF
strength in railroad bonds that there was
in stocks. Total sales (par yalue)
SO, 705, 600.
United States refunding rs declined !.