The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-15
tba dow was in the last hour and IL look

the day was in the last hour and it look
ed as though prices would be allowed
to recover to within a fraction of last
nights close, but a renewed drive in the
last ten minutes of trading knocked the
toisome climber again. Net losses rang
ed from / to 2 per cent in the most ac-
tive stocks in the list. The Southern
railroads and the Southwesterns and
some of the coalers showed the greatest
weakness in the railroad list. Manhat-
tan was also quite severely handled.
There was no reflection of any devel-
opment in affairs of the day in the
course of prices, the market being who'll
ly professional. The fact was demon
strated with sufficient clearness that the
recovery was not a resumption of sus-
tanned upward course of prices, but was
simply due to professional manipulation
to force a covering of the short con-
tracts which had been freely put out for
day or two previously. The gold which
was shipped from Europe last week be-
gan to arrive to-day, 100000 being de-
posted in the assay office and $55O,O0O
in the clearing house vaults. The money
market continues easy, though with no
appreciate change in rates. Sterling ex-
change was steady in spite of the ad-
vance to 3 per cent in the Bank of
Englands rate of discount. No further
engagements of gold for import are an
nounced, but they are considered likely
before the week closes and the sharp
fall in the rate of exchange on Paris
leads to the supposition that the next
shipments will be from there. The trade
statement for September issued by the
government makes it clear that the ex-
cess of the exports over imports for that
month will be found to foot up $55, 000,-
600 against nearly $41, 100000 for Au-
gust and over SIT 100000 for July. The
delayed cotton movement which has not
yet attained its full force insures an ad-
ditional heavy trade balance in favor of
this country for the current month.
Dealings in bonds are on a reduced
scale, and the tone was weak, though
the fluctuations were unimportant. To
tai sales $1,35O,0OO. United States
bonds, old as, were advanced H.
The total sales of stocks to-day were
391 $50 shares, including Atchison, pre-
ferred, 1881; Chesapeake and Ohio,
5000; Louisville and Nashville, 1880;
Missouri Pacific, S,737; Northern Pacific,
preferred, 1864; Reading, $3.50; Rock
Island, 14,907; st, Paul, $3.50; Union
Pacific 12,010; Bay State Gas, 5,445;
Chicago Gas, 1880; Sugar, 37,O42;
Western Union. 5,075; Chicago Great
Western, 11,545.
LONDON MARKET.
New York, Oct. 14.-The Evening
Posts London financial cablegram says:
The stock markets were quiet and ir-
regular today. The rise in the Bank of
England's minimum discount rate from
212 to 3 per cent had no effect. There
was a sharp decline in Grand Trunk be-
cause at the meeting today no PROPOSE
ton was made by the directors for fund
ing the accumulated deficits. The best
informed people, however, neither ex-
pected nor desired such a scheme The
speculation in West Australian mines
increases.
Americans were dull on the New
York lead, but they rallied tonight on
New York prices. The disposition here
is to stand aside on Americans, await
ing a clearer definition of the New York
position.
Details of the gold movement for the
week show the sale of $4,000 pounds
sterling in eagles, the export of $4,000
pounds sterling to Egypt, of 100000
pounds sterling to the continent and of
10000 pounds sterling to South America
and the receipt of $4,000 pounds sterling
from Australia. I understand, but can
not confidently assert, that the bank
has today borrowed money on consols.
If this policy has been adopted, it is an
important point, because it means rather
tight money here.
The Paris and Berlin markets were
quiet.
NEW YORK CLOSING sTOCKs-wEsT. +