The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-24

nearly four points on the reported in
tention of the Treasury Department to
apply the countervailing duty ON Dutch
refined sugars, helped along the rise.
There was support afforded the market
all through by heavy buying of some of
the bull operators who have been con-
spicuous in the recent rise. The effect
of the gold import movement was large
ly dissipated during the day by a skep-
ticism as to its natural character. The
exchange bankers who usually handle
the movement of gold import and eX
port, were unanimous in the opinion that
at the ruling rate of sterling and con-
tinental exchange here and of gold in
London and Paris, there was no profit
in the importation of gold and the fig
ures of most of them would indicate
quite heavy loss on the operation. Much
curiosity was expressed as to the in
IDENTIFY of the clients for whom the
banks are making the Importation and
the opinion was quite freely expressed
that the operation was designed entire
ly to influence the price of stocks. The
failure of the exchange market to hard
en- under the announcement was quite
noticeable. Equally so was the continu-
ed frmnesS of rates for call money
which became pretty well established on
the basis of three per cent. AS these
conditions became more clearly defined,
the upward movement of prices became
checked and there were periods of dull
ness followed by a steady decline to
the close, the upward course of the
morning being almost exactly retracted
in the afternoon, so that the net changes
for the day only exceed a fraction in
small number of cases. The advance
of the morning ranged from one to two
points in nearly all of the active shares.
Among the less active stocks gains of
point or over were shown by Cotton
Oil preferred, Lake Erie, Lake Shore,
Minneapolis and st. Louis (2A), ditto
on second preferred; Norfolk and West
ern, preferred; Oregon Navigation, pre-
ferred and Pullman. Rumors were dis
seminated late in the day that further
enga gements for gold for import had
been made but they exercised no infu
ence on the market
LONDON MARKET.
New York, Sept. 23.-The Evening
Posts London financial cablegram says:
The change in the discount rate of the
Bank of England, announced today had
no effect on the stock markets, having
been fully anticipated. Indeed, it is be-
lieved that the rates would have been
raised to 3 per cent but for the fact that
| treasury bills amounting to 100000
are to be issued next week.
The feature in the markets today was
| the speedy revival in Americans, the dis
position, as cabled you yesterday, here
and on the continent to buy on decline
being unmistakable today. Prices closed
at the best. Union Pacific and Reading
were especially strong. Grand Trunk and
Canadian Pacific were also good. Mines
were better.
Opinions as to the date of the next
shipment Of gold to New York differ
widely. Every one is saying that the
movement is entirely exceptional and
viii probably not be repeated, but the
shrewd ones prefer to hold their opinions
in suspension pending the course of the
New York money market.
Details of the gold movement for the
week show the receipt of f10,000000 |
from Australia, the export of E150000 |
to the continent, of 100000 to Egypt and
100000 to South America and the sale of |
97040 in bars and eagles. OF this lat |
ter amount about 100000 was for Rus
STA, where a considerable industrial re-
yival is said to be going on.
The local discount market is unsettled |
by the change in the bank rate, but is
still comparatively easy.
The Paris and Berlin markets were
better.
NEW YORK CLOSING sTOCKS-wEsT