The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-01-03


ly distributed and the strength was very
fairly disseminated through the general
list. The industrial stocks were incoh-
spicuous, except for a few OF the most
important issues, such as United States
Steel, Sugar and Amalgamated copper
and Peoples Gas. Amalgamated copper
had a period of weakness during the
early part of the day and sugar showed
occasional relapses. There was very
heavy realizing in the course OF the
day, but the offerings were well taken,
and at a cost of only fractions in the
prices The way in which one stock or
group of stocks and then another was
brought forward into the advance was
characteristic of the methods of profess
sional operators of large calibre, and as
each new point of strength developed the
preceding stocks were sold to realize.
In this way the equipoise was main
tanned and speculative holdings were
transferred from one quarter to another,
permeating the whole market The de-
mand was apparently based on general
considerations of a good prospect of con-
tinued prosperity of the country for the
new year, and the hope of an early re-
Taxation in the money market Call
loan rates were not so stringent as on
Monday and Tuesday, but the money
market continued stiff, and the bulk of
the operations was apparently by those
not dependent for resources on the call
loan market. The inspired intimations
Of the completion of the retirement OF
Northern Pacific preferred and of the
rapid progress of exchange into the
Northern Securities Company's stock had
notable effect in relieving the depres-
sion, which has been caused by the fears
that that project would be INSTRUCTED be-
fore its successful consummation. The
payment for redemption of Northern Pa
cific preferred was believed to be fac
tor in relieving the money market. The
prospect of a further effect from the large
January disbursements was an addition
al motive in the speculation. With the
Northern Pacific project out of the way
it is believed that other projects for
combinations will be pushed forward. 1t
is confidently believed that the anthra
cite coalers are destined for such a com
bination. The speculation in this group
and the Pacfics today may be attributed
to these causes. The buying of Balti-
more and Ohio was by the same brokers
conspicuous in the operations in the An
thracite group. 1t was asserted that the
Pocahontas Coal Company had arranged
for royalties on much of it's coal lands
from companies controlled by the United
States Steel Corporation, which helped the
strength in Norfolk and Western and
also in United States Steel The pre-
diction by the recognized authority in
the trade that the coming year will be
of ha no In, hn efo IL,
dustry and rumors of unimpaired earn
ings for December also helped the
United States Steel stocks. Reports were
current of a coming consolidation of cleo
trical manufacturing companies. The
closing hour was active and easy on
realizing.
The railroad bond market was active
and broad, and there was a good alb
sorption of high grade bonds. Total
sales par value $4,640,000.
United States Reminding rs and the
old As declined rs and the SIS advanced
b per cent on the last call
Total sales today were j 052, 400 shares,
including Atchison &c, 500; Atchison, pre-
ferred 10000: Baltimore and Ohio 1880;
Canadian Pacific 1900; c.. & O. 9,400.
Chicago, Indianapolis and ST. Louis
1900; Rock Island 1920; Colorado
Southern $500; Erie 1O3,600; Erie, first
preferred 21,3O0; Erie, second preferred
$500; Louisville and Nashville 800;
Manhattan $500; Mexican Central 1900;
Mexican National 14,700; Missouri Pa
ciic $1,000; New York Central $500:
Norfolk and Western 300; o. & w
$4,000; Pennsylvania Az 200; Reaing SO, 400;
Reading, first preferred 20, 100 Re aiding
second preferred 1880; St. Paul Al, 800;
Southern Pacific 10000; 10000; Southern
Railway 1890; Southern Railway, pre-
ferre $500; Union Pacific SO, 600 Union
Pacific, preferre 6,400; Copper 24,9o0;
Consolidated Gas $500; Sugar $4,000;
United States Steel SO, 200 United States
Steel, preferred $4,000.