The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-01-05


| vember 18th, 1900. There have been wide.
price movements than any of those tlade
today In individual stocks, or in groups
| of stocks, but Il is doubtful whether there
| has ever before been so violent Auctua-
ton in the average price for all stocks
| traded in as from the lowest price 81
| the highest price today. The confusion
| during the early hours of the mPrkCt
while the ultimate course of prices was
still in controversy, was beyond all de-
scription and the excitement during the
| late period of the day when the demand
| was at its height, and prices were NOV
| ing most rapidly upward, warrants the use
| OF the term frenzy. Blocks of many
| thousand shares of stock were banded
| about from hand TO hand among the brok
ers with no more apparent consideration
| beyond the excitement of the game, than
| boys show in playing marbles. Consider
| ing the extreme variations in prices and
| the highly concentrated character of some
| of the dealings, il IS no exaggeration to
say that vast fortunes were made and
lost on the floor of the exchange during
| the day. The occasions are very rare
when sentiment on the exchange has been
so abruptly changed from mood OF le
preston to one of excessive exhilaratiou
as was shown today. although events havN
occurred to precipitate sudden panics in
the midst of speculative excess. 1t would
be useless to attempt to analyze closely
the cause underlying such a market.
There was a recrudescence in full force
of oil the bullish sentiment which has
stirred up The stock market for two
months nast. The effect was the more
acute by reason of the rebound from yes
terday's depression. There was, of course.
the actual buying requirement from the
bear element. which over-extended itself
yesterday OH the confident assumption
that, the reaction once established, and
liquidation started, it was bound to run
a heightened course. but the actual buy
ing from this element could have formed
but a comparatively small proportion of
the total transactions conducted today.
The sentimen tal effect of the rebound on
current opinion was far more worthy of
account. The day opened with the bears
in confident mood, end they attacked the
market with enthusiasm. The decidedly
gloomy state of mind on the London stock
market was OF material aid to them and
they were able to force declines running
from ore TO two points at the very OUT
set. The weakness of the market was
not Immediately overcome and there we're
notable losses al through the first hour.
Yesterdays sharp reaction brought in
profit-taking and stop loss orders from
many outside sources. But the evidences
of support were sufficient even in the
opening dealings to serve as a warning
to the bears and they began
to cover very early The rebound in
American Sugar on the story of state
ment of trade war was in itself back :
set for the bears. But the powerful lever
which moved the whole market was ST.
Paul. The story cu.Tent for some time
that the road 3 to be leased 10 the West :
ern Pacific aud for the Northern on the
guarantee of a dividend, with prelimin-
airy distribution of the companys great
surplus received renewed credence, al
though there was no additional confirma-
ton. The variations wrought in this cur
rent rumor were almost infinite and will
probably never be Strengthened out until
an official authorized statement is given
out. 1t is sufficient for the PURPOSE Of
this review TO state that the price moved
upward as a result 10 "a points from the
low level on sales~of over 243 900 shar s.
Notwithstanding feverish vibrations, the
rrice closed within a quarter of the top.
Parallel with this rise was an upwa ri
movement in Northern Pacific Of eight
points, and in Great Northern, preferred
If seven points. Without attempting TO
specify other individual movements. it is
sufficient to say that the gains in all the
stocks most actively traded is ranged
from two to over six points and in New
Jersey Central the rise reaches nearly
nine points. The market closed amid in
tense excitement and furious activity with
many stocks at the top prices and rising
buoyantly.
Recoveries in the bond market were not
so general as in stocks and tho weakness
of many railroad bonds persisted. Total
sales (par value) $4,000, 900.
United States new As coupon declined
one per cent; United States registered As
three quarters and refunding 2's a quart.
err, old tours coupon advanced quarter
The total sales of stocks today were
$4,000 shares, including the following:
Atchison, 26,50O; Atchison, preferred, A., :
500; Baltimore and Ohio, IA, 500; Chesa-
peake and Ohio. 500; Chicago Great
Western, 5000; Chicago, Burlington and
Quincy, 28,5OO; Chicago and Northwestern,
s, 200; Chicago, Rock Island and Pacific,
AZ, OO0 Denver and Rio Grande, 6,400;
Erie, 81. 200; Erie, first preferred, As, 400;
Louisville and Nashville, 11,400; Manhat-
tan Elevated 81 300; Metropolitan Street
Railway, $500; Missouri Pacific, 74,S00;
Missouri, Kansas and Texas, preferred
1I.100; New jersey Central, 5000; New
York Central, II, 900; Norfolk and West
ern, 1900: Northern Pacific. 10000;
Northern Pacific, preferred, 13,4O0; New
York, Ontario and Western, $4,000; Penn
sylvania Railroad, los, 400; Philadelphia
and Reading, 64,100; Philadelphia and
Reading, first preferred. Al 900; Philadel-
phia and Reading. second preferred, AZ,
200: Chicago, Milwaukee and st. Paul
| 240, 300; st. Louis and Southwestern, pre-
| ferred, IL 100; Southern Pacific, 34,100;
Southern Railway, 22,900 Southern Rail-
way, preferred 5000; Texas AMI Pacific
| IL 700; Union Pacific, 141 800; Union Pa
ciflc, preferred, 800; Wabash, preferred
5000; American Smelling and Refining
900; American Steel Hoop, $500;