The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-23

declines in sympathy with London at
which point speculation was very dull
owing to the hardening tendency of the
money market and fears of impending
stpingency there. The old apprehension
of Spanish complications was also used
with good effect by the bear traders.
The declines of the morning reached
point or over in large number of stocks
including the leading industrials, the
grangers, Union Pacific and the South
westerns. Union Pacific was affected
by the reports of the formation of an
opposition syndicate to bid for the prop
'erty at the foreclosure sale. The turn
in the market came with sharp recOv-
cry in Chicago Gas on a definite report
from Chicago that the control of the
threatened opposition had passed to
friends of the company. This stock was
quite strong during the remainder of the
day, selling at one time pa points above
last nights close on the estimated bene-
fits to accrue from countervailing duties
ION refined sugars from foreign countries
which pay a bounty. Union Pacific was
relieved from the early pressure by state
ments from interests alleged to be iden-
titled with the opposition syndicate de-
lnying their connection with it. Recover
les at one time during the afternoon
were complete in almost all cases, but
prices fell slightly below the best and
below last nights close in the final trans
actions. Dealings in Bay State Gas
were on a notably large scale, very
heavy blocks changing hands. The
fluctuation of the price was limited TO
! Is. There were times during the day
when the market was almost stagnant
and there were no evidences of any out
side interests in business. The money
market tended toward an easier tone, no
call loans being recorded above per
cent, though the asking rate is still re-
tanned at 212 per cent, by some banks.
! Tomorrow bank statement is expected
| to show a marked increase in the surplus
reserve. Over S5,000,00O of gold, which
was received from abroad last week
was not included in last weeks state
ment. The weeks sub-treasury )pera
tions and the interior movement have
also resulted in a net gain to the banks.
7 Outside banks have continued to bid IN
this market for commerce al paper which
may have led to a further decreased
loans of the bank. As a result of these
operations the statement is expected to
show a handsome increase in cash.
Business in bonds was quiet and
prices moved in sympathy with Stocks
but over narrow L.nge. Iron Noun
tain's fves and Oregon Improvement is
sues were notably weak. Total sales
81, 300 900.
The total sales of stocks for the day
were 267 400 shares, including Atchison
preferred, 5,115; Burlington, 1868,
Louisville and Nashville, $3.50; Man
h ttan, ZIG; Missouri Pacific, 1896;
Northern Pacific preferred, 1922; Rock
Island, 1905; st. Pau, $3.50; Union
Pacific 1886; American Tobacco, g.
$780, Bag State Gas, 1865; Chicago
Gas, Al al; Chicago Great Western, o.
$40.
LONDON MARKET.
New York, Oct. 22.-Evening Posts
London financial cablegram:
The stock markets were quiet and dull
to-day on tightening of the money mar
ket. Borrowers to-day were driven to
the Bank of England where 3 per cent
is charged. Americans were lifeless and
dull.
As affecting future gold movements
between New York and London, / learn
that New York is liquidating considera-
BILE sterling engagements here. 1t APP
pears also that, early this year, certain
of the American railways concerned in
refunding schemes borrowed large sums
here for about six months at per cent,
money then being very cheap. Now
that money is tight and certain refund
ing schemes have been carried through
considerable repayments are expected
in November, thus, to that extent de-
creasing the chance of gold export to
New York.
The Berlin and Paris markets were
quiet. lIfixi