The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-28

But there was beside a disposition on
the part of the many large interests
which have recently been active in the
market to stand aside for the time being
and allow prices to take their own
course. The professional element which
ads now very generally espoused the
bear side was not active to-day. Prices
rose after the opening in sympathy with
the quotations received from London,
and there was buying also for London
account here Later some traders pro-
fessed to be disappointed at the size of
the increase shown in the August gross
earnings of Omaha and that stock was
sold down sharply. The decline in
the freight tonnage shipped eastward
from Chicago last week was also used
as an argument for a depression of
prices. Rock Island was one of the
stocks under special pressure. The
market receded below Saturdays close
under the influences, the decline in Rock
Island extending to IA, but only to frac-
tional amounts in other stocks. There
was also a recession from the best at
the close so that the extreme advances
during the day considerably exceeded
the net gain. All the general news
continued to favor advancing prices, and
free from professional pressure, the mar
ket advanced in the afternoon to the
highest point of the day. The money
market continued to attract the greatest
share of interest as the future course
of speculation is felt to largely depend
on the supplies of money. The tone of
the market was somewhat easier to-
day, but owing to the lack of animation
in hn cfn vi. nf th.nr IL ln
mand. Shipments of currensy to the in
terror continue in large volume and it
is believed this demand will not be ex-
hausted for some time yet. Several Of
the leading banks in the city already
show their reserve reduced below the
twenty-five per cent limit and several
others have almost exhausted their
surplus. 1t is believed that a further
contraction of loans to a considerable
amount will be necessary to provide
against Withdrawals for use in the inte-
rior. In looking for relief from posi-
bic stringency to imports Of gold it is
felt that the comparative ease of the
London money market must be consid-
cred as in some sort fictitious, the rate
being kept down with the purpose of aid
ing the Indian government in floating
its loan. Russia and Austro-Hungary
continue in active competition for gold
and there is large balance in the Bank
of England which Japan has the power
to withdraw. London, III fact, fears dear
money, and it is believed Withdrawals
Of gold on a large scale for shipment to
the United States will precipitate a
sharp rise in the rates of money and
would thus induce the leaving of funds
there by American creditors unless the
increase in money rates here was suf-
fcient to counterfeit this condition.
The foreclosure sale of the Union Pa,
ciiic and the withdrawal Of $30000,00O
or $40,000,000 of cash which it will
necessitate is matter that looms up in
the perspective Of the money market sit
Dation. Under these conditions it is be-
lieved there will not be Immediately any
such resumption of activity in stock
speculation as has characterized the mar
ket for many months past.
The total sales of stocks to-day were
272,S5O shares, including Atchison. pre-
ferred, 11,273: chesapeake and Ohio.
6,728; Chicago, B. and O., 26928; Louis
vile and Nashville, 1885; Manhattan
H., 6,440; Missouri Pacific, 1915; Mo-,
X. and T., preferred, 1920; New York
Central, 6220; Northern Pacific, prefer
red, 1855; Northeastern, 6,616; Read
ing. 1920; Rock Island, 21,27S; st.
Paul. 24.150; St. Paul and O., 6,625:
Southern Railway, preferred, 7,446: Chi
cago Gas, $3.50; Chicago Great West
ern, $3.50; Western Union, $3.50.
hallway bonds declined early in SYM
patty with stocks, but recovered later.
Total sales, $2,500,000. United States
As coupon of 1907 advanced u bid.
LONDON MARKET.
New York. Sept. 27.-Tbe Evening
Posts London financial cablegram says:
The stock market was idle here to-
day pending the settlement which begins
tomorrow and the Hebrew holiday. The
tone, however, was steady. Americans
opened dull on the New York lead. and
then rallied to over the parity, on Ger
man buying. Then New York sold this
afternoon, notably Atchison adjustment,
and prices were merely steady at the
close. Big options fall due tomorrow
on Louisville, st. Paul and others. and
inasmuch as profits were secured some
time ago, these shares will not have to
be taken in; they will, therefore proba-
Oily De less scarce for delivery than at
the last account.
The mining settlement to-day was
featureless. Rates were fairly stiff. To-
morrow money rates may possibly go
"a per cent higher than month ago.
Gold was in less demand to-day at
IT'S. 1112d. There was falling off
in the supply of American bills.
The Paris and Berlin markets were
quiet.
An article in the Journal Des Debats.
mining that the French mint might be
wiling to open to silver at the ratio of
1919 to l, excites discussion here.
NEW YORK LOSING srpcKS-wEsT
a'cnlsob.. $500 d5k 81 q S r pref. Tx
- 90 pref..'..'. ~ st Paul ........... t9x
b62 0..'''..'.'... I6x st Paul fd.....I44A
Car Sac.''.'...." Tx StP& O........ 83N
Gan Can So.''''''''''' % st g. q pfd..... las
cen Pac....'' -. Io% SIP NJ &M -. 100
Chica on Alton 16t South ID I, $500 sut