The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-23
the shiftinr of loans developed more ac-

the shifting of loans developed more ac-
curately the true level of the money mar
ket. The rates for call money continued
to run as high as per cent, but as
fast as rates wer marked up to this
figure there was abundant supply offered
at as low as per cent. This was not
regarded as indicating a stringent con-
dition of the market. The higher rate
was not felt to be justified by the con-
dition of the market and the failure of
the exchange market to respond with
any marked weakness to the per cent.
asking rate went to confirm the same
view. There was a marked reaction ut
one time during the day, due to the
sharp profit taking in Rock Island on the
announcement of the declaration of
/ per cent. quarterly dividend. The re-
cent sharp rise in Rock Island was ac-
companied by some irresponsible rumors
that the dividend rate would be increas-
ed to ) per cent. Some of the sellers OF
the stock professed disappointment that
the rate was made only 4 per cent, and
the bears used this as material for a
drive against the market. But the strong
recovery in Consolidated Gas and Brook
Ign Union, the former rising IL points
and the latter 6M, tended to steady the
market The reports of an engagement
of gold for import were vague and not
definitely confirmed until the close of the
market, but the rumors served to rally
the whole market strongly, and bring
prices to the best of the day at the close,
the net gains in all of the active stocks
ranging from / to points. Foreign bank
ers are generally agreed that there is no
profit in the importation of gold at the
ruling rates of exchange here and Of
gold abroad and the banking house which
has engaged the gold for import init
mates that it has been able to do so
owing to some special advantage secured,
though it was affirmed that it was made
in the regular course of exchange bust
ness. The engagement is not considered
as indicating that a further movement
of gold will Immediately follow, without
further decline in the exchange mar
ket.
The total sales of stocks today were
624, 900 shares, including Atchison $500;
do preferred 1880; G. and O., 1908; c.,
B. and O., 46,020; L. and N, 1880;
Mania titan L., S,460: Missouri Pacific.
1880: Mo-, X. and T. preferred, $3.50;
New York Central, 9,703; Northern Pa
cific, 5000; do preferred, 22,350; o. and
W., 6,465; Reading13,350 Rock Island
$500; st. Paul 54,550; st. P. and O.
5,912: Union Pacific 1850; u. p. d.
and G. 9.100; Wabash preferred $3.50;
American Tobacco 1920; Bay State Gas
II, 500; Chicago Gas 20,920: CONSOLIDATE
ed Gas $500; La Clede Gas 6,SS6: Pa
cific Mail 6930; Sugar 60.S30; Western
Union 10,320; Chicago Great Western
17.720.
The bond market showed some falling
off in activity. but prices were strong
except in the Standard Rope issues. OF
these, the skies lost six points and the
incomes IL. The total sales were 50
100000.
LONDON MARKET.
New York, Sept 22-The Evening
POSTS financial cablegram says:
The stock markets were generally dull
today in anticipation of a rise in the
bank rate tomorrow.
Americans, however, rallied sharply at
the close on the news of the withdrawal
of gold from the Bank Of England for
shipment to New York, and prices closed
strong and at the best. There were more
signs of English and continental buying
than since the upward movement com
menced. Foreign stocks were dull, nota-
bly, Spanish.
The Paris Bourse was dull early on
the Spanish affairs, but closed better.
The Berlin market was steady.