The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-08-03
THE NEWS AND OBSERVER THURSDAY MORNING. AUGUST g. 1892

position of London to buy Alneflean
stocks notwithstanding the marking itp
Of the money rate was there. Inc ue
nlilnd from London WAS especially lhaLh-
cd for Atchison, Topeka and Sante :
preferred, Louisville and Nashville ana
Northern Pacific. London sold Anacoh-
ia Copper. There was a smart upward
movement in some of the SpeclaltIes.
Early in the day Sugar went up "a.
Reports OF the extraordinary earnings
in the iron and steel industry gave 4
firm tone to that group of stocks, ana
Tennessee coal had the additional bene-
fit of a report that valuable property
was about to be acquired and that CLAIMS
of preferred stockholders We're I'M pro-
cess of adjustment. The stock in conse-
quence rose 3;A.
The trunk lines were favorahly affect
ed by the going into effect of the higher
freight rates ON grain to the seaboard.
The Tobacco stocks, the local traction
shares. General Electric, Cotton Oil,
Peoples Gas and a few others gained
from individual causes. The general APP
pearance of strength thus impaired TO
the market prompted some covering by
the shorts who sold yesterday, thus help
ing on the advance.
The higher prices brought out realizing
sales and there was a sharp break in
Sugar and Brooklyn Rapid Transit, the
latter dropping 215 from the best. Iacka-
wanna suddenly fell away 3l2 points on
rumors of projected strike. The Gramg-
ers were weak on bad crop news. The
closing was dun and heavy and generally
below last nights closing.
The apprehension over the money out
look was caused by the advance of dis
count rates in London to a point above
the Bank of England's minimum rate.
The fall i'm consols was evidence that
the Bank of England was again borrow
ing from the market to repel the de-
mand for gold made probable by the re-
cent downward course OF sterling eX-
change in New York There was not
enough doing in sterling exchange here
today to reflect the influence of this
move. but the sterling exchange rate at
Berlin, whence Iondon continues to
draw gold, rose , pfennigs. The bulk
of the call loans in New York Were made
today at ! per cent, and lenders showed
themselves indiSposed to renew time
loans at current rates. Prime CONNER
cial papher rates ruled from four to
five per cent. Outside banks continued to
draw ON their deposits in New York
banks for the purpose Of mal,ng loans
in this market There has been some
outgo Of funds from this centre to Mon
treal on account Of stringency there.
There was activity ard strength by tine
Kansas City, Pittsburg and Gulf firsts
Otherwise the bond market was irregu
lar. Total sales (par value) s., 009 500.
United States IS declined u in the bid
price.
The total sales Of stocks were 4S0.950
shares. including: AtchiSon preferred.
2S695: Burlington. 1920: Rock Island
OSLO; Manhattan, 16,490; Missouri Paci-
fic, $3.50; Northern Pacific. 1000: Penn
sylvania. 20,360: ST Louis and South
western preferred, l4,G00 st Paul. 10
800: Southern Pacific, 25.JS0; JTnton Pa
cific. 9,050; Union Pacific preferred. 3
124; american Cotton Oil 1850; Ameri-
can Steel and Wire, 1890: American
Tobacco 4,150: Brooklyn Rapid Tran
sit. 3TT3S: Colorado Fuel and Iron.
100; Continental Tobacco. 10.260: Cor
tinental Tobacco preferred. $3.50: North
American Company $500; Peoples Gas,
15,120; American Sugar. 1920; Ten
nessee Coal and Iron, 1865.