The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-09-28
STOCKS AND BONDS.

New York, Sept. 27.-Today's note
worthy advances in prices of stocks were
primarily due to the existence or large
outstanding short interest. Manipulation
against the shorts was also very obvious
and in the hands of strong AMI resource
full interests. The bidding up OF STOCKS
carried prices swiftly away from the
bears in the very crisis of their distress
and there was a notable recalling o.
stocks which have been loaned TO tue
shorts on advantageous terms for a long
time past. This could My he the result
of powerful manipulation tn force the
shorts to buy stocks , c)Ver. But Walle
these facts were OBVIOUSLY true, the up
ward reaction could hardly have Leen
precipitated or extended 10 the length
it has without strong Revision OF sp~c-
ulative sentiment from the depl esslon
which has induced the liquidation for
some time past. Almost the entire credit
for this revulsion must be given to the
growing conviction, strengthened by sig
nificant admissions from authoritative
sources, that active negotiations arc
going forward between the anthracite
coal operators and the miners and that
basis of settlement has been formulated
with good hope of success. The violence
of the recovery in prices on this develop
ment is astonishing, considering the small
impression that has been made on the
prices of coal carrying railroads since the
strike has been in force, and which has
given the impression that there was lit
tie short selling being done on account of
the strike This supposition will scarcely
hold in view of the large bear account
which was disclosed by the conviction
that a strike settlement is imminen-.
Commercial bills of exchange for cot
ton are coming forward in sucl force IS
to relieve apprehension as to the ability
of the New York money market to meet
its future obligations on the German and
British exchequer loans without export
Of gold The downward course OF ex-
change is so violent as to give rise to
some expectation that gold will move
this way. That such a movement could
be forced in case of necessity is very
evident, and that it will be unles foreign
money rates advance is very probable
The strength of the stock market,
growing into buoyancy was continuous
after an opening dip in prices, due to
the chagrin of the bears who were driven
to cover last night on a rumor of the
coal strike settlement which was not
confirmed this morning. The extreme
advances in the Coalers ran up to 3A in
New Jersey Central and the leading
specialties, and local traction stocks re-
covered from to 314 points. In the ac-
tive railroad list net gains were from
/ to points, the closing was active and
strong at about the top.
Bonds improved in sympathy with
stocks, the speculative issues leading.
Total sales (par value) $500, 900.
United States new As advanced Il per
cent in the bid price.
The total sales of stocks today were
432, 400 shares, including the following:
Atehison. 500; Atchison preferred, IA
450; Baltimore and Ohio, 7.075, Chicago,
Burlington and Quincy, 1880. c. c. c.
and st. Louis, 7,410; -ou;5vlIe aid
Nashville, 1900 Manhattan. $3.50 Mis-
souri, Pacific, $1,000; New York Central.
5,415; Northern Pacific, 1890: Pennsyl-
vania Railroad, 9,940; Philadelphia ard
Reading first preferred, 39,045; Chicago,
Milwaukee and st. Paul, 2i.135; Union
Pacific, 24660; American Steel and Wire.
$50; American Tobacco, 1888; Brook
Ign Rapid Transit, 46977; Peoples Gas
Light and Coke Company, 1925; Anleri-
can Sugar, 45,475; Tennessee Coal and
Iron, 1850.