The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-12-06

the bull market being inaugurated,
threw over their holdings today. The
weakness was most apparent in the In
dustrials and Specialties, but the rasl-
road stocks We're very generally sold.
There was some buying of stocks last
week on the presumption of speculative
professionals that the Presidents mes
sage was to be a bullish document and
its publication today brought profit-tak-
ing from those sources in the natural
order Of events. The paragraphs of the
message bearing ON the subject of in
dustrial combinations was the ground
of the special weakness in the Indus
trial department.
Quite d number of these securities are
one to three points lower ON the day.
4 single lot of United States Milling
Preferred sold at twelve against TWEEN
ty-two and quarter, the last preced-
ing sale. This stock sold ON September
18th at seventy-eight and a half. But
the principal Influence in the days
weakness was the money situation. The
spasmodic character of the selling and
the exceeding dullness of the interven-
ing periods reflected the operation of
LOAN contraction by the banks, the sue
cessive calling Of loans, throwing blocks
of securities upon the market, which
found no support awaiting them. There
were some slight signs of firmness in tne
early dealings, especially in American
Sugar and some of the railroad stocks.
The trunk lines remained comparatively
firm throughout, but the slight evidence
of strength elsewhere gave way to the
tide of general weakness. Call money
reached eight per cent early in the day
and receded to six per cent before the
close, but the easing of the rate did not
bring any strength to stocks, in view
of the general outlook. Shipments of
money are still being made to New Or
leans and the New York exchange rate
at important interior centers continues
ut a material discount Notwithstand-
ing yesterdays disbursements by the
Sub Treasury of over 100000 on ac-
count of bond redemptions, that insti-
tution was creditor at the clearing
house this morning to the extent of
over 100000. It's gain from the banks
since Friday has reached 1863 900.
The majority of the banks being still
very near or below their legal reserve
requirements, this shrinkage i'm resources
is forcing still further contraction of
loan liabilities. The tendency is in
creased by the approach of the annual
settlement period for corporations and
preparation for the special demand for
money which will be made by it upon
the supply
Sterling rates again advanced in New
York, Paris and Berlin, Notwithstanding
further easing of the rate for call mon
ey at the English centre. The New
York rate is now within fraction of
the gold export point, and it is palpable
that only stiff rate for money in the
local market will hold lit below that
point.
The closing of the stock market was
generally easy and near the low point.
The total sales of stocks today were
SOP, 700 shares, including: Atchison
Preferred, 1890: Chesapeake and Ohio,
12,1S5; Chicago, Burlington and Quin-
cey. S,2S5; Louisville and Nashville,
5.625; Manhattan Elevated. 1880;
Missouri Pacific, $3.50; Northern Pa
cifie, 1880 Chicago. Milwaukee and
st. Paul, 1906; Southern Pacific. 81
100: Southern Railway Preferred, $500;
Union Pacific, 30,340; American Steel
and Wire. $40; American Tobacco,
1890; Brooklyn Rapid Transit, 81, l45;
Continental Tobacco, 1875: Federal
Steel, $1,000; Pacific Mail, 1860; Peo-
ple's Gas Light and Coke Company, 81
025; American Sugar, 45.139;. United
States Leather, "a, 1865: United States
Leather Preferred, 5,06J.