The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-11-15

Continued buying by London helped on
the advance and there was Snac.ial
strength in number of individual
stocks, notably in General Electric
which rose an extreme four poinfs on
rumors of an extra dividend. and Con
solidated Gas, which was up at one time
five points on a periodical rumor of .
settlement of the local gas war There
was a continuance of the heavy absorb
ton of Southern Pacific, which pave q
healthy tone to the railroad list. Profit
taking sales in this stock were detacted
at an early period of the trading and
had not little to do with checking the
general upward tendency. The decisive
influence in turning prices downwards
was the realization that yesterdays
easing of the money rate was due to
sporadic supply of funds and not to any
radical change in the conditions of the
money market. A large portion of tn
funds loaned yesterday We're attributed
to Il cash deposit by one of the railroads
for the purpose of taking up an old I'M
DERIVING issue of bonds. This supply of
money had the effect of Off-setting the
calling of loans for the banks made
necessary by the depletion of reserves
and prevented the stringency Of the mon
ey market which had been feared. The
effect was manifest today as well as yes
terday, through the call money not going
over seven per cent and ruling gem
orally below that. Sterling exchange
rate showed a quick RESPONSE to this
easing of the local money rate and
moved an additional fraction upwards
away from the gold import point. This
caused a cessation of the talk of imme-
date gold imports, ON which was based
the upward movement of yesterday in
stocks Thus the hope of relief by an
inward movement of gold had to be aban-
doned for the time Meantime the alb
sorption of funds by the Sub-Treasury
and the probable continuance of demands
from the interior have still to be reck-
oned with. Encouragement overcame
the operators for rise and they pro-
ceeded to sell out their holdings, wiping
out the earlier gains and carrying prices
below last nights level. Considerable
speculative activity is diverted to the cot
ton market, where the development of
foreign demand indicated the relinquish-
ment by foreign buyers of their ATTITUDE
of waiting for lower prices As bearing
on the general money situation il is inn
pOl idhl " lhpIt llidl AItbS .ifUHI INC
South report money in abundant sup
ply there, so that planters have been
able to obtain Accommodations for hold
ing their cotton for higher prices. The
largely increased supply of cotton bills
in the exchange market in the last few
days with the movement in cotton win
naturally result in the early release OF
funds in the South and hasten the re-
turn flow of money from that region.
United States new As and IS adj
vanced rs in the bid price.
The total sales of stocks were 1885,
900 shares, including: Atchison pre-
ferred, 17,475; Chicago Great Western,
$3.50; Chicago, Burlington and Quincy,
1000; Denver and Rio Grande preferred.
$500: Louisville and Nashville. 5.O70;
st. Paul. 6.417; Southern Pacific, 1885,
010; Southern Railway preferred, $40:
Union Pacific 1855; American Tobacco.
$500; Brooklyn Rapid Transit, 36.350:
Confidential Tobacco. $3.50; Federal
Steel, $3.50; General Electric, 1858;
Pacific Mail, 5.160; American Sugar,
54.5S5; United States Leather. 1890.