The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-09-26
STOCKS AND lRnNnS

New York, Sept 25.-4Students of stocS
market circles have observed that VIC
lent movement in either direction is GER
tain to overrun itself. Thus the forced
liquidation of the hast few weeks has
invited a horde of bear followers. When
the liquidation had spent it's force the
short contracts of the bears were uncoV-
erred and the demand from that source
worked sharp rally. In the normal
course of things Il period of dizziness was
then due and it arrived ON time today
With money still tight, NO new specllla-
tive demand is to be expected immediate
ly. On the other hand, speculative ac'
counts ON the long side have been pret-
ty well shaken out and the bears are
rather Chary of making yenturesome IN
customs into grounds that do not promise
large returns But stagIation of de-.
mand means declining prices, though the
progress may be but slow. The conylc-
ton is not strong that the process OF
loan contraction is completed entirely.
A study of the detailed statement of tht
clearing house banks reveals the fact
that the surplus is made up from the
holdings of few OF the clearing house
institutions, while the majority of them
are still below their legal reserves.
There Was a sharp reminder of This con-
dition of affairs in the first hour of the
trading today, when call loans were sud-
denly marked up to II per cent. ne
quickness with which they receded,
however, to 6 per cent. again gave the
higher rate the appearance of being ma
nipulated. Borrowers some times hold
off till late in the day i'm a hope of get
ting better terms and then find offerings
largely cqlrstailed while their necessities
are still unSatisfied.
The rate was down to 51a per cent.
earlier in the day. The furry in the
last hour caused the most active selling
of stocks of the day. Those who reason
that the point has been turned towards
easier money conditions found little in
the days occurrences to encourage them.
New York exchange was heavy at prac-
tically all Important interior points and
shipments to the anterior continue. The
New York Sub-Tieasury also continues
to absorb funds from the banks. The
large supply of gold certificates now
available, far from improving conditions
in New York rather aggravates them,
as 1t SlInldy fac1ltlteS Cne movement u
the interior. fi11ner tone of sterling
exchange precluded hopes of am early
god movement. Discounts in Berlin stiff
fened sharply and sterling exchange
there fell fraction. Discounts in Lon
don responded with rise of a fraction.
No marked strength was manifest in
stocks at any time during the day in
spite Of the bidding up of Brooklyn
Rapid Transit and United States Leatn-
er preferred.
The total sales of stocks We're 44S,216
shares. including: Atchison preferred, %
$50; Chicago, BlIrlingtomand Quincy. 20 :
960: Rock Island, 6,3T5; Manhattan, 15,-
800; Metropolitan, 10,425; On
tario and Western. LOGO; North
ern Pacific, $3.50; st. Paul,
1910; Union Pacific, 6.000; Am
erican Steel Hoop, 5,4S3; American To-
bacco 26.22o; Anaconda Mining Com
pany. $780, Brooklyn Rapid Transit.
102, 100; Federal Steel, 7.515; American,
Sugar, 22,550; Peoples Gas Light and
Coke Company, 1875; Tennessee Coal
and Iron, 1850; United States Leather.
2S.035; United States Leather preferred,
%, 030.