The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-22

have reflected the certainty that such n
rise in the price of money was approach
ing. The marking up of call loan rates
late Yesterday and their continuance at
high level today, crystalEZed into GER
tainty the impression in many minds that
prices of stocks were excessively high,
and as consequence the demand to buy
fell below the offerings to sell. There
WAS a spasmodic and Intellectual effort
shortly after the opening ON the part of
the bull contingent to check the decline,
but it was apparently abandoned and the
market was left to itself until the heavy
liquidat:ons should exhaust itself. This
seemed to have come to pass at about .
o'clock, when the market became dull
at decline ranging from two points up
ward. The cessa ton of heavy realizing
offers, encoura ged some renewed buying
and rally extending to over point in
many shares ensued, but the market sold
off again before the close TO the lowest
point of the day. There is reason to be-
lieve that the rise Of the call money rate
was not entirely free from manipulation.
There were evidences of concerted action
in the marking up of the rates. 1t was
noticea BILE that the sharp stiffening of the
money rate did not result in as great a
fall in the rate of exchange as might be
expected, and the discount rate in Lon
don was rather easier, which was not
to be expected.
There was a disposition to make much
of reports Of an ultimatum from our gov
eminent to that Of Spain ON the Cuban
question. Many commission houses have
been advising their customers to sell and
their offerings came upon the market.
Some effect was produced on stocks of
trans-continental lines by Attorney Cen
eral McKenna's opinion against the val
idity of the discriminating duties against
foreign goods imported through contigu-
GUS countries. That there was heavy
selling for short account, also was quite
evident, and standing orders to sell stop
loss on a decline were uncovered in large
numbers. Some covering of shorts at
the decline helped the rally. Such were
the factors in the day market for stocks,
the total sales of stocks today amounted
to $4,000 shares, including Atchison
G,T00; do preferred 31,905; Chesapeake
and Ohio 1850; Chicago, Burlington
and Quincy 57.420: G. G. G. and st. L.
$500; d. and r. G. preferred 2,100; L.
and N. 23,S40; Manhattan L., $4,000;
Missouri Pacific 26370; Mo-, X. and T.,
preferred, $4,000; New Jersey Central
$500; New York Central 1920: Northern
Pacific 12.250; do preferred S9.725; Chi
cago North Western 1O,920; Ontario and
Western $500; Reading 30.4S0; Rock
| Island 40,320; st. Paul $3.50; st. p.
and o. 1850; Southern Railway pre-
ferred 1880; Union Pacific 32050; Z.
p ID. and G. 5000; Wabash preferred
$500; American Tobacco 36,420; Bay
State Gas 6,120: Chica go 25.S00: Con-
solidated Gas $500; General Electric
1890; Lead $500; Pacific Mail 1900:
Sugar 1890: T. G. and Iron 300; do
preferred $500; Western Union S,720:
Chicago and Great Western 25.S00.
Dealings in railroad bonds were very
heavy, the par value Of the sales reaching
3,225,000, prices declining in sympathy
with the weakness of the stock market.
United States old As, regulars were
1sc lower bid.
LONDON MARKET.
New York, Sept. 21.-The Evening
Posts London financial cablegram says:
There was a weaker tone in the stock
markets today, Americans leading in the
decline. They opened under tine parity.
The Cuban situation is not liked here.
and it is believed that New York has over
done the rise for the moment. Cable dis
matches were also printed from New York
limiting at a curtailment in banking ac-
commodations. etc. Prices Of Americans
rallied when the New York quotations
were first cabled. but the close was fl It
at the lowest. Still there is a disposition,
on the whole. to buy on anv material re-
action. Mines were duh. The Paris and
Berlin markets wpra dull