The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-09

the market and send prices upward again
after the long sustained reaction. Their
confidence was diSsipated very soon after
noon and the market became almost life
less. Business was of the lightest posi-
BILE description and fluctuations were
narrow and unimportant, many promi-
nent stocks being entirely neglected.
The bears have apparently come to
the end of their campaign and there IS
no large buying, contingent ready to
take stocks even at the low level. The
market seems in fact to have swung to
standstill. Lhe announcements made to-
day of gold engaged for import footed
up n total of $4,350,000 and of this a.
mount all but $1,500.000 comes from
London. To-day's engagement of ST.
100000 in Paris Is the first to come
from that centre on the total movement
which now foots up So, 10000. This is
entirely at variance with all the pro-
phecies made by the financial authori-
ties who have foretold that London
would easily be able to shift the demand
for gold from the United States upon
Paris. London has apparently viewed
with great equanimity the increasing de-
mand upon its gold reserves. The Bank
of England has gone on extending its
loans in face of the continuous drain
upon its gold and no change was made
on Thursday in its rate Of discount. The
open market discount rate in London has
remained about steady up to to-day
when it hardened slightly and the same
thing was true in Paris in response to
the gold engagements. The effect In
New York, while 1t was almost unap-
probable on the stock market, was per-
ceptible in the money and exchange
market. Time money was distinctly cas-
Ter, rates being low at per cent Tor
sixty days and up to A per cent for four
and six months. Actual rates of ster-
ling exchange advanced n cent and
posted rates " cent.
To-morrow's bank statement is ex-
pected to show a less marked contra action
of loans and a smaller falling off in de-
posts than has been the case for two
weeks past as q result Of the demand for
currency from the interior. This demand
has been less during the week and the
banks have not been at the necessity
Of calling in so many loans to protect
their reserves. Dealings in the stock
market were largely confined to the in
dustrial stocks and to the specialties AMI
the net changes, though for the most
part gains, are small except in few
cases. Chicago Gas again absorbed
nearly one third of the dealings and re-
covered ~ Of Yesterdays decline. Con-
solidated Gas improved five points, Gen.
eral Electric point and Manhattan III.
The bond market showed more life
than the stock market and prices were
firm. Total sales S1.500.000.
United States old As reg advanced rs
hid and thp ne roo fhp same
The total sales of stocks to-day were
252.S00 shares including Atchison, H.
no: do preferred. 7.457: Chicago p. anil
o.. 12205: L. and ~, 5.240: Missouri
Pacific. 5.075: Northern Pacific prefer
red. 6.80S: Rock Island. S.445: ST. Paul,
1900: American Tobacco, 1925: Rav
State Gas. 7.450: Chicago Gas. S0S20;
Sugar, 10,750; Chicago G.. W., $3.50.
LONDON MARKET.
New York. Oct. S-Evening Posts
London financial cablegram:
Consols were dull to-day on the gold
exports and other markets sympathized
except Americans, which closed firm
on the New York support and on the
announcement that f417.000 in eagles
had been taken to-day from the bank of
England for New York. In all, the
steamer Paris takes out for New York
tomorrow Of 100000 in gold.
At present the bank retains the selling
price Of eagles at IFS I'd, lint further
large Withdrawals would probably mean
rise in the price and an advance in
the hank rate next week.
Brazilian stocks were dull and mines
were easier.
The Paris Bonrse opened steady, but
clnscd weak. Gold IL expected to 90
from there N New York and 7 under.
stand fhaf psrf ~ The wlfhdra walls here
arc on French srronnt.
The Berlin market was steady.