The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-12-11

The we'll defined movements OF the day
embracing the general market were limi-
ted to the upward rush of prices at the
opening and the sudden relapse at the
close. During the greater par. of the
day the market was sluggish and irregu-
lar, and traversed its narrow range OF
prices a number of times in a totally in
consequent and dubious manner The
opening burst of strength was the nat
ural result of yesterdays late strong
recovery, belated bears rushing to buy,
but it soon became manifest that the
short interest had been much reduced by
yesterdays hurried covering and there
was no strong disposition manifested to
extend commitments on the long side
The eccentric course of Amalgamated
Copper threw the market into renewed
confusion. After rising to 72A there was
open selling by the brokers whose buying
had been strong influence in yesterday s
rally in the stock, as they are credited
with usually acting for inside interests
in Amalgamated Copper. The conse
Quence was that that stock commenced to
sag again in an irregular way until i Ia
dropped down to 50. The price then
worked it's way upward with occasional
reactions to a high level of 74%, repre-
senting a recovery of over ten points from
Saturdays low level for the stock. The
general level of prices was affected by
all of these fluctuations, but only to q
moderate extent, the effect being more
to discourage operations whether for the
long or short account There were some
individual points of strength, notably in
the Vanderbilts with large demand for
New York Central and a number of less
prominent railroads and industrials The
tone Of the money market was much
quieter during the day, and there seemed
a sufficient supply at 512 to per cent,
but late in the day belated borrowers
caused furry to s per cent by their
urgent efforts to cover their wants, and
the stock market made an immediate
response, the whole list dropping sudden
ly TO the lowest of the day on greatly in
creased dealings. Amalgamated Copper
fell back to 691a and closed with q net
loss of about point. ST. Paul and Man
haitian fell away rapidly under the SELL
ing the former declining 29s. There was
no effectual rally in the market and the
closing was heavy at about the lowest
The heavy Withdrawals from the money
surplus gives cause for uneasiness and
there was general expectation during the
day that the Secretary of the Treasury
would announce the immediate payment
of the governments January interest as
mea sure of relief. The announcement
of action in this matter care too late
to help the market today.
The railroad bond market was quite
diversified but the price movement was
irregular. Total sales (par value) $4,-
900.
United States bonds were all unchanged
on the last call.
Total sales of stocks today were 721, 300
shares including Atchison 29,60O Cana
dian Southern 5000; Erie 14,400; l.. and
N. 7,40O: Manhattan 1890; Metropolitan
II ,300 Missouri Pacific 24,700; New York
Central 18,4O0; Pennsylvania 21,00O;
Reading 10000; st. Paul $4,000; Southern
Pacific 10, 100; Southern Railway 10,4O0;
Union Pacific Al 900; Copper 10000; Car
Foundry 5,4OO; Smelling $500; Anaconda
800; B. r. T., $500; Sugar 1900; U. S.
Steel 13,90O U. S. Steel preferred 1850;
Locomotive 5000.