The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-10-31
STOCKS AND BONDS.

New York, Oct. 30.-Prices Of stocks
moved upward in the early dealings to-
day according to the general anticipation,
but contrary TO expectation a serious
obstacle to the advance was met in the
violent rise in the rate for call money.
The advance did not extend far into the
second hour when the market began to
drift downward and met no effectual
check until the close, which was at about
the low point, and with prices still Civ
ing way to pressure. No serious net
losses are shown in the railroad list but
the earlier gains which amounted to a
point and upwards in many cases. We're
pretty generally wiped out. The market
opened with q strong and animated Tone
and a large volume of outside buying or
ders invited by the unexpected strength
Of the Saturday bank statement. The
demand was particularly large for the
Changers and Southwesterns and for
some Of the Southern railroad stocks,
notably Louisville and Nashville which
was up ~ at one time. This stock re-
sisted the later depression with some
success, but closed * below the best
Even the much hammered Industrials
had some share in the early strength
American Sugar rose an extreme 2
points before yielding to pressure and
the Iron and Steel stocks had short
lived period of vigor.
Pressure promptly developed against
Steel and Wire and it was weak for
the rest of the day affecting other mem
bers Of the group by sympathy. Federal
Steel was exceptionally firm. The
United States Leather stocks continued
to be largely dealt in, but the gain in
the preferred was entirely lost before
the close. The International Paper
stocks We're fiercely attacked, the com
mon being forced down 315 and the pre-
ferred 4 points.
The latter recovered 3 points Of its
loss. Rumors coming from Holland of
the fall of Ladysmith We're without
much effect, as London seemed disposed
to discredit them. The September state
ment Of St Paul had a discouraging
effect on spectators, showing as it did
the large increase III gross earnings
obIiterated by the heavy increase in
operating expenses, so that the net earn
ings for the month were over 100000
less than in September of last year. The
effect was especially marked upon ali
the grain carrying roads. The days
events in the call money market showed
that the extent of recuperation by New
York banks was grossly exaggerated in
the first enthusiasm over the Saturday
statement. The rate opened at per
cent. and after dropping to 715c, rose
violently in the late dealings to 80 per
cent. Bids were made for 40 per cent,
but the closing transaction was at 20
per cent. 1t was striking demonstra-
ton of the unfit condition of the money
market to maintain an active speculation.
New York exchange fell sharply at some
Southern and Western points today, al
though it was harder at Chicago and
Boston. 1t is evident that the demands
of the interior are not yet exhausted
The Sub-Treasury has absorbed con-
siderable SUM from the banks since Fri
day, and some extra demand is coming
on the market for November LIST settle
ment Wall Street opinion upon the
money outlook fell quickly from extreme
optimism down into the minus figures
of pessimism.
Bonds moved in sympathy with stocks,
but the early gains We're not entirely
wiped ont in the late reaction. Total
sales (par value) S3,145, 900.
United States IS registered advanced