The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-12-10
STOCKS AND BONDS.

New York, Dec. 9.-There was a lively
shaking out of speculative long accounts
in stocks today, accompanied by a
threatening break in prices, which
c.sused some alarm during the early
hours of the day. In the afternoon
there was a sudden about face liz specu-
lative sentiment, and disorderly scram-
BILE ensued among the bears to cover
their short contracts. Amalgamatcd
Copper continued to maintain its con-
spicuous position, even with the in
crease in animation in the market to-
day. The opening sales carried the
stock back 11a to 65. and this proved the
low level of the day, but the demand
dropped off as often as the stock ap-
preached Saturdays level, although de-
termined support was always offered as
il neared IS. The bears became alarm
ed at the action of the stock, and in
the last hour rushed the price up to II
in their frantic bidding against each
other. The final price was but shade
lower. The support offered to Copper at
the opening break, prompted supporting
orders elsewhere and the market stead
led momentarily, quite list Of import
ant stocks rising fraction over Satur-
day. With a rise in the call loan rate
of Z per cent, however, spectators took
fright and unloaded stocks. Prices gen
orally touched the low point OF the day
on this slump and, although Individual
stocks we're forced dowr under suisse
quent attack, carrying the whole market
with them back to about the low level
leyeral times ST. Paul was notably
fo1I Co r6o
haitian was also vigorously attacked and
driven "a under Saturday. There was
good deal of calling of loans, but in
seeking new accommodations borrowers
bid the rate up upon themselves to Il
higher rate than was necessary judging
from ub3equeIt developments. The
ruling rates were per cent or over 51a
per cent, and there seemed ample sup
ply at that figure. The perception of
this fact emerged about the same time
that Amalgamated Copper began it's
rally From a general level of a point
or more below Saturdays prices, the
market began to move upward and gain
ed momentum. There was a slight re-
action before the close, but the advance
was renewed making the closing ac-
tive and strong at about the best. The
Gould railroads, Manhattan, New York
Central, Sugar, Pacific Mail and General
Electric were all prominent in the rally,
and the day closed with net gains eX-
cept in a few instances. The activity
in the call loan market was reflected i'll
the sharp drop in foreign exchange, Doth
sterling and continental which nreclud-
ed all idea of gold exports for the pres
ent. There were no deposits of currency
at the Sub Treasury for transfer TO the
interior today, but the speculative ac-
tivity continued in the grain and cotton
markets.
Railroad bonds weakened in sympathy
with stocks, but became irregular later.
Wabash debentures gained nearly two
per cent. Total sales par value s5,1S5,O00.
United States bonds were all unchanged
on the last call.
Total sales for the day were 102S,3o0
shares, including Atchison $4,000; At
Gibson, preferred, $4,000; Canadian Ia
cifc, 5,400: Chicago, Rock Island and Pa
cific, 5000; Erie, 34,sOO Louisville and
Nashville 10000; Manhattan, 101,200;
Metropolitan, 9,f00; Missouri Pacific,
42,2O0 New York Central 20,900; Nor
folk and Western, S,400; Ontario and
Western. 1880; Pennsylvania, $4,000;
Reading, 39,400; Reading, first preferred,
500; Reading second preferred, 1880.
st. Paul, IA 900; Southern Pacific, $4,000:
Southern Railway $4,000; Southern Rail-
way, preferred, S400; Union Pacific,
72.S00; Union Pacific, preferred, $500;
Wabash, 7,0OO Wabash, preferred, $4,000;
Amalgamated Copper, 195,700; Anaconda
Mining 100. Rrooklyn RAND Transit
14,100: Peoples Gas, $500; Sugar, 19,S00;
United States Steel O,40C; United States
Steel preferred, 22,300.