The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-12-18

strong with notable net gains in num-
Der of prominent stocks. The speculation
was almost entirely professional and was
repressed in it's nature with disposition
to caution about encroaching on the lirni-
ted money supplies. Amalgamated Cop
per maintained it's dominant influence or
the market and it's ncessant fluctuations
had some sympathetic effect always, but
the effect was more marked on the I'M
ward range of prices and the gains estab-
lished in the general market were yielded
stubbornly when Amalgamated Copper
reacted. That stock touched coz soon
after the opening, decline from yester-
days closing and record low level of 49,
The raw copper in London was reported
weak and shares of copper companies
everywhere We're depressed. Some vic
lent declines were reported from the Bos-
ton stock exchange. Ooinipn as to the
next dividend continued pessimistic. the
most favorable forecast of Thursdays
action naming / per cent dividend. The
recovery in the stock was apparently
based on the rally in the raw copper mar
ket in London. This rally extended furth-
e- in futures which were also more largely
dealt in than spot, thus increasing
the premium on future deliveries of COP
per, which developed yesterday for the
first time in almost three months Anal
gamated Copper touched GAS and after
numerous fluctuations below that poirt
closed at 531s, a net gain of 15s. The
money market was very quiet, rejecting
the cautious tone of the speculation. Gail
loans ruled at six per cent until
late in the day when the placing of a
residue carried the rate lower. Sterling
exchange was called strong but foreign
bankers express the opinion that there Is
no likelihood of further gold going out
before January /. The Trans Continen-
tai stocks we're prominent for strength
and apparently thrived on the passage of
the Isthmian Canal treaty. The argument
for a permanent injunction in suit to
restrain the retirement of Northern Pc
cific preferred had no effect on them md
they rose in the face OF somewhat alarm
ing reports of rate cutting among western
railroads included in the community of
interest which were apparently intended
for other than Wall Street consumption.
Cuts in the price of Petroleum, Sugar,
Lead and Linseed Oil had a depressing
effect on securities of companies in those
trades. The Pressed Steel Car stocks
were heayy on reports OF an OppOSltlCn
company to be organized. A very active
demand for the Southern Railway stocks
developed late in the day and helped to
make the closing strong. A recovery
of four points in rubber goods preferred
and further rise of 3 in Long Island
were features.
The bond market was moderately ac-
tive and irregular Total sales (par
value) 1850, GOO.
Z. S. coupons, IS advanced % and the
refunding rs Is per cent, the SIS, cou
pens, declined Il per cent on the last
call.
Total sales of stocks for the day were
591 300 shares, including Atchison 1920;
Erie $500; l.. and N. II 900; Manhattan
22,S00; Missouri Pacific $500; N " Cen
trail $3.50; Pennsylvania 500; Readng
1S.6OO st. Louis and San Francisco 5,i00;
st. Paul $4,000; Southern Pacific $500;
Southern Railway 81 400: Southern Rail-
way preferred $500 Union Pacific $4,000;
Copper 13230O; Wabash 1900; Anaconda
Mining 5000; B. r. T., 100; ugar $500;
Steel 26,COO Steel preferred a1S6.