The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-12-12
STOCKS AN DBONDS.


wall Street, New York, Dec. 1.-THE
usual year end activity of tile money
markets Of the world was the feature in
today's stock market, to the exclusion
of almost every other. consideration. The
darkening prospect of the money ont
look was more perceptible in New York
than in other markets, and this was
partly due to the fact that New York
was called upon for relief of other
money markets. Engagements were
made of gold for shipments 20 Berlin OF
100000 announced, and as much more
rumored, the reported shipper declining
to confirm the report. and of over $780,
600 in French coin to Paris. Deposits at
the Sub Treasury were made for trans
fer to Chicago of $G50000, and to New
Orleans of 100000. This depletion of
nearly 100000 in cash was offset by
a payment from the Sub-Treasury of
81 ,549, 141 in redemption of United States
bonds. But this was not sufficient 10
prevent a late furry in The call money
market again, when belated borrowers
sought to cover their needs, which ran
the rate up to ten per cent. The Sub
Treasury had already taken from the
market over $4,000,000 before today's
operations, including deposits for trans
fer to the interior. The hope that the
higher money rates here would attract
prompt remittances from the interior
is not sufficient to overcome anxiety in
the face of these officially reported
transfers to the interior. 1t was re-
ported today that Chicago banks had
loaned some money on call on the stock
bnt h
involves the drawing upon a New York
correspondent and is therefore an I'M
settling influence in the local money
market. The course of the loan account
Of New York banks is beyond provision
in advance of the weekly bank state
ment, but last weeks unexpected in
crease in loans keeps sentiment uneasy,
as various syndicate operations remain
to be provided for. Belief IN the pur.
chase Of the Pocahontas Coal Company
by Norfolk and Western continues prev
alent in Wall Street, in spite of lack of
official confirmation, which would involve
large loan operations. The sharp de-
cline, in Norfolk and Western was con-
nected with this belief. What loan oper-
ations may be involved in providing for
the payment of the 100000 Standard
Oil dividend on next Monday is not
known, but the fact is patent that the
credits available in the New York money
market are undergoing construction, and
furries in the money market of frequent
recurrence are looked for until the end
of the year There was some appear
ance of nursing the market on the part
of insiders here and there, so as to
suffer as little damage as possible from
the inevitable liquidation. The COM
parative frmness and resiliency of
Amalgamated Copper was an effective
aid in this purpose. The dealings in that
stock again overshadowed the whole
market, the price rising to 72A and fall
ing again to 691s, closing with a net
gain of 5s There was a midday rally
when the redemption of large block of
Government bonds was announced, which
carried many stocks above yesterday
level, Lackawanna rising Az and Della
ware and Hudson, New York Central and
Sugar about point. Prices generally
fell back to the lowest in the late sell
ing movement and closed much better.
Bonds were active and irregular. To-
tai sales par value $3,470,000.
United States old and new AS and the
SIS advanced Is per cent on the last CALL
Total sales of stocks today were &c.,
200 shares, including Baltimore and Ohio
800; Erie, 22,900; Louisville and Nash
vile, $500; Manhattan, 24,400; Metro
politan, 1900; New York Central, 1920;
Norfolk and Western, 1900; Pennsyl-
vania, 37,4OO; Reading, 10000; Reading,
first preferred, $500; Reading, second
preferred, 6,1OO; ST. Paul. 63.1O0; South
ern Pacific, 1880; Southern Railway,
10000; Southern Railway, preferred,
5,100;. Union Pacific, 56,S0O; Copper, Ill.,
900; Brooklyn Rapid Transit, $500; Peo-
pies Gas, $500; Sugar, 100; United
States Steel, 33,775; United States Steel,
preferred, 10000; Western Union, 2,1O0;
Locomotive, 10,100.