The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-08-31
STOCKS AND nnNns

New York, August 30--The early prom
Use of strength in the stock market to-
day was not maintained, and after a
brief period of some nctitity and firm
ness prices began to decline again and
the trading tapered down to the insig-
hificant proportions which have become
the recent normal. The traders rightly
concluded that this indicated that yes
terday's advance was due to nothing
more than a covering of short contracts
pending the approaching three days holt
day. The steel group especially disap-
pointed the hopes that a bull movement
was under way, by developing heavy tone,
Steel and Wire falling back over point.
The American Tin Plate and the Ameri-
can Hoop stocks were exceptions and
show good gains for the day. There was
no news to account for the relapse in
the group, the reports at hand showing
a growing demand for many grades of
iron products. There was a desultory
speculation in American Sugar, which
lifted it at one time over a point after
the announcement was made of an adj
vance in the price of refined sugar. But
the gain was almost entirely wiped out
by the time the market closed. Strength
in the London market helped the open
ing here, causing sharp fractional gains
in a number of the international stocks,
but London reacted later in the day and
these stocks lost their advantage in
sympathy. The railroad statements for
July which appeared today counteracted
the favorable effect of yesterdays show
ing by the st. Paul Company, the higher
level of operating expenses serving to
brinQ down 70 nc col in 10
of Chicago Burlington and Quincy,
Northern Pacific, and Southern Railway,
while Cleveland C. C. and St Louis
saved only small part of it's gross in
crease for net earnings. There was some
renewed solicitude expressed regarding
the future money market The fact
that the Bank Of England had again Of
fered interest on gold in transit gave
ground for the expectation that the
movement of gold may shortly be re-
newed. Sterling exchange rose a frac-
tion in New York and three months bills
in London were advanced. The London
market apprehends some stringency as
an incident of the next stock exchange
settlement and the payment of the next
installment on the new loan which comes
about the middle of the month. In the
the possibility was suggested that the
Treasury Department might be obliged
during the early fall to draw on it's
deposits with the national banks in or
der to meet extraordinary expenditures
for military operations. There was
nothing in the days money market to
give color to any apprehension of higher
rates. The banks have gained upwards
of $4,000, 009 from the Sub-Treasury and
another substantial increase in reserves
is indicated for the week. The market
closed dull and heavy at a generally
lower level of prices.
Bonds were dull and irregular. Total
sales (par value) $1,175,000.
United States refunding Is (when is
sued) and the new As declined Il per
cent in the bid price.
The total sales of stocks today were
142 600 shares including the following:
Atchison, 5,195; Union Pacific, 5.795;
American Steel Hoop, $3.50; American
Tobacco, 5,425; Brooklyn Rapid Transit,
9,155 American Sugar, 22,G75.