The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-01-11
Then Why not Work for Us.
EQUITABLE POLICIES

binations have been totally diseFgarded
heretofore by the speculative element
but something like conviction was
borne in upon them today and while the
belief was unaffected that something
very important had been going on in st.
Paul and in other railroad quarters, the
spectators awoke to the realization
that the elaborate details published
from time To time we're based on very
f1imsy evidence and that they did not
know much about the actual transac-
tion The extreme decline in st. Paul
was 5% and ii reached from one to
three points in practically every impor-
tant stock On the list. The Fries, the
Readings, the Changers. Pennsylvania
and the Pacifcs were the most affect
ed. United States Rubber preferred
broke four and a half points, Pressed
Steel Car four and a half, and the pre-
ferred six. The bears were timid, how
ever, about pressing their advantage.
This element is so eager to discount
the exp .cted reaction that they keep
the market we'll filled With short ac-
counts and upon any considerable re-
action they begin to buy eagerly to
cover The existence of the persiS-
tent short interest is a material factor
in the resisting power of the market. 1t
played its part in effecting the rally
from the extreme low point. After the
first drop in prices and the dislodging
of the weaker speculative accounts
there was decided falling off in the
pressure of liquidation, which added
much to the tinidity of the bears. The
rally extended to two and quarter in
St. Paul, two and a half in Erie first
preferred, two and three quarters in
Delaware and Hudson and between one
and two points in quite a number of
stocks. The marked feature of the
trading after the heavy selling ceased
was the dullness and the sluggish move
ment Of prices.
Prices of bonds moved irregularly in
sympathy with stocks. Total sales
(par value) $3,400,000.
United States refunding rs advanced
4 per cent on the last call.
The total safes of stocks today were
1,274,500 shares, including the follow
ing: Atchison, 23,S0O: Atchison prefer
red ex-dividend), $4,000; Baltimore and
Ohio, 1900; Chesapeake and Ohio s.
100; Chicago, Burlington and Quincy
33,500; Chicago, Rock Island and Pacific,
q 500; Colorado Southern, 5000; Della
ware and Hudson, 800; Erie, 81 900;
Erie first preferred, 81 800; Louisville
and Nashville. $4,000; Manhattan Ele-
waited 35,800; Metropolitan Street Rail
way, $500; Missouri Pacific, 60, $50; Mis-
souri,. Kansas and Texas preferred. 3d.
AGO. New York Central, 300: Northern
Pacific, $500; Northern Pacific pre-
ferred, 800: New York, Ontario and
Western, $4,000; Pennsylvania Railroad.
1890; Philadelphia and Reading, 3D.
400: Philadelphia and Reading first pre-
ferred 1880; Philadelphia and Reading
second preferred, 1900; St. Louis anG
San Francisco, 5000: st. Louis and
Southwestern, 5000; st. Louis and
Milwaukee and ST. Paul, 8O,2OO South
ern Pacific $500; Southern Railway,
1900; Southern Railway preferred, s.
700; Texas and Pacific, 35,100 Union
Pacific, 97,60e; Union Pacific preferred,
$500; National Tube, 11,400; National
Tube preferred, 1000; American Steel
and Wire, $500; American Tin Plate
6 400; American Tobacco, 1880; Brook
lyn Rapid Transit, $780, Colorado Fuel
and Iron, $500: Continental Tobacco
52,700; Federal Steel, 10000: National
Steel, 5000; Peoples Gas Light and |
Coke Company, 22,700; American Sugar
Refining, $4,000; Tennessee Coal and
Iron, $500; United States Rubber, T.
700; Western Union Telegraph Compa-
n.y., $500.