The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-12-05
OTHER COTTON MARKETS.
STOCKS AND BONDS.

New York. Dec. 4-The net changes in
stocks from last nights prices shown by
todays last prices give no sort of indica-
tion of the excitement and hurly-burly of
the days market. The animated advance
OF the early part of the day was freely
fed by enormous realizing which ulti-
mately wiped out practically all the early
gain. The fact that there was practically
no news to account for the movement was
confrmatory of its professional character,
but buying to cover shorts was the most
important element in the movement. The
bear fright extended into foreign markets
and Londons large buying of United
States Steel, preferred, was supposed to
be largely due to the uncovered short in
terest in that stock existing abroad The
retreat of the bear interest which began
yesterday became o rout today. Many
of the stocks which have already enjoyed
some measure of recovery from the depth
of depression were notably outside of TO-
days movement. The Western and Pa
cifc stocks were not conspicuous sharers
IN the activity and strength and the
, Southwestern and Southern stocks con-
cerncd in the cotton movement showed
positive depression. The total dealings
rose above a million shares and this enor-
nous business was largely congested in
United States steel, preferred, and in
Brooklyn Rapid Transit and Pennsylvania
No specific news developed to account for
| the movement in United States Steel. pre-
ferred, which reached an extreme of 81
| The stocks net gain was 2. The volume
CT dealings in Pennsylvania was also
enormous throughout the day, but the
| price movement was narrow. The extreme
rise was q and the stock closed II higher
than last night. The taking of profits here
was, therefore, very obvious. Brooklyn
Rapid Trsnsit's late up-rush Of 81 points
was manifestly designed to help hold the
rest of the market. but the continued
outpour of stocks made this unavailing.
Brooklyn Rapid Transit itself closed with
only three points saved Of net gain. The
only explanation of the strength of the
stock was the circulation of vague rumors
of large transfers of the stock looking to
consolidation of the New York Tractin
interests. The buying of stocks for London
account helped to weaken the exchange
market and both discount and the price OF
gold were lower in London, but the
money rate ran off in this market So
that no gold was taken in London for
New York. The action Of today's money
|
Only q few speculative bond issues
shared in the strength and animation Of
the stock market, notably United States
steel, second 5's. Total sales OF bonds
| lpar value) were s6.571 900.
| United States bc2ds were unchanged or
the last call
Total sales 1,1S1 400 shares, including
| Atchison $3.50; Baltimore and ohio
| I q Don. Canadian Pacific 500. CheSa Oh Ike
and Ohio, 1850; Erie 1880; Erie. first
preferred 4,877; Erie, second preferred
| 5000; Louisville and Nashville ZOO; Man
haitian 1890; Metropolitan 1880; Mis-
souri, Pacific 43.060: New York Central
$3.50; Norfolk and Western $500; Norfolk
and Western, preferred, 100; Ontario ant
Western SITS; Pennsylvania 112,301
Reading 43,454 Rock Island 1875; st
Paul 3S,250; Southern Pacific 23,210
Southern Railway 4,O25; Southern Rail