The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-12-13
STOCKS AND BONDS.

STOCKS AND BONDS.
New York, Dec. 12.-Speculative liqui-
dation continued in the stock market
today, induced by the stringency in
money, which ran the call loan rate up
to IL per cent at one time and forced
a good shade of liquidation. Other SELL
ing was precautionary, in fear or still
more stringent conditions in the money
market A very material element in the
DAVIS weakness was the short selling by
the bears, who became emboldened Dy
the lack of support in the market ana
put out very large short lines. When
the market turned, the bears found they
helped on the rally by bidding against
each other to get back stocks. The rally
came when the banks came into the eX-
change for the first time late in the day,
and offered large sums at the prevailing
rate, which was at the high level. with
the satisfaction of the demand by these
offerings the rate fell away and the
pressure upon the stock market was
quickly relaxed. The covering by the
bears was the principal element In the
rally This was not fully held and the
market closed irregular. The few frac-
tional advances, which had lnon estab-
lished on the rally were wiped out be-
fore the close and losses are shown prac-
tically throughout. There is nothing
oh ;cure about TIE situation of he money
market. With surplus reserves shown
to be below $4,000 in last Saturda. S
bank statement, and with large seasonal
BILE requirements for credits known to
be impending, it was obvious that the
h. tn6 Th.n
outgo of gold is continuing in spite of
the need for money, today showing a
withdrawal of 100000 from the Sub
Treasury for shipment on Saturday, said
to be for Brazil. The renewed demand
for the interior is also an unexpected de-
velopment and was continued today with
the transfer of 100000 to New Orleans.
The redemptions of Government bonds
are not sufficient to offset the require
ments of the Sub Treasury, as is shown
by yesterdays net gain by that institu-
ton of $43S,000 in spite of payment in
redemption of bonds of upward of ST.
500, 900. Today's payment for the same
account OF over half a million, therefore,
affords little relief from the drain upon
the money market on account of the
routine Sub-Treasury operations. The
available supply of Government bonds
for redemption has grown exceedingly
scarce and not much further relief is
expected on that account. The anticipa-
tory payment of Government interest will
not be available to the money market
until next week. Besides the general in
fluence of the money situation there was
some special weakness shown by New
York Central at a decline of 3% on ac-
count of the restriction of action by the
directors of the Vanderbilt roads at to-
days meetings to an advance In the
dividend rate on Canada Southern.
Northwestern dropped and Omaha 6.
Pennsylvania and Norfolk and Western
fell over two points on account of the
heavy OUTLAWS announced for the Hudson
River Tunnel and the belief in the pur-
chase of the Pocahontas Coal Company
by the Norfolk and Western. A decline
the local fractions.
Bonds were active and weak. Total
sales par value $3,545,000.
United States bonds were all I'M
changed on the last call.
Total sales of stocks forthe day were
100 shares, including Atchison, IS, 800
Atchison preferred, $4,000; Baltimore and
Ohio, 800; Canada Southern, 100;
Chesapeake and Ohio, $500; Erie, 80, 700;
Erie, first preferred, 1900; Louisville
and Nashville, 26,100; Manhattan, Sc 200;
Metropolitan, 12,600; Missouri Pacific,
% 200; New York Central, SO 300; Norfolk
and Western, 1920; o. & W., 100;
Pennsylvania, 416OO; Reading, 300;
Reading, first preferred, $500; Reading,
second preferred, 1900; st. Paul "A, 400;
Southern Pacific, $4,000; Southern Rail
way, 42,700; Southern Railway, preferred
300; Union Pacific, 81 500; Copper, 10,
800; Wabash, $500; Anaconda, 1900;
Brooklyn Rapid Transit, 1880; People S
Gas, $500; Sugar, 1890; Tennessee Coal
and Iron, 800; Steel, $1,000; Steel pre-
ferred, 32,400