The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-10-10

00n mounds sterling in gold and it's with
drawal from the Bank of England for
shipment to New York, marked the be-
ginning of the contest and confirmed yes
terday's estimates that sterling exchange
at New York had fallen within the mar
gin of profit for gold imports. NO an
nouncement was made in New York or
this engagement and it was commonly
supposed that the withdrawal was made
in authorization of an advance in gold
prices. with view to future shipment.
The withdrawal promptly precipitated
an advance in the Bank of England's price
of gold, gold bars and American eagles
both being marked up u penny an ounce
The margin of profits on imports to New
York was thus wiped out. Sterling eX-
change in New York which had
steadied thereupon resumed down
ward course and closed easy and stu
tending towards the new level OF gold
imports established by the Bank OF Eng
lands action. The discount rate in Lon
don also responded for the first time to
the threatened demand for gold and hard
ened slightly. Continental exchange both
on Berlin and Paris weakened notably
today, on account of the heavy continental
demand for cotton, buying from that
source having superseded for the time
being the English demand and in the
afternoon, it was announced that 1.000,
0C0 francs had been engaged in Paris
for import to New York. The Bank Of
France is undoubtedly best equipped Of
all the great European banks to spare
gold at this time. But it has pursued
a policy of boarding for some time past
and the policy of the institution in the
protection of its gold reserve is exceed
ingly arbitrary 1t is taken for granted
that 1t will interpose an obstacle to the
drain inaugurated today upon the Paris
markets gold supply. AS for Berlin to-
days weekly statement of the imperial
bank shows that it has lost nearly ST.
600, 000 in cash during the week, in spite
of receipts of gold from London although
it has contracted above half of the enor-
nous note issue of the previous week
and has recalled nearly $4,000, 900 of
last wcot's loan expansion, which ex
ceeded $25, 100000 1t is clearly evident
therefore. New York will have to make
q more urgent call to effect movement
hitherto of gold on any considerable
scale. Meantime the local money market
continued to harden and the proportion
of call loans placed at 31R per cent was
considerably greater than yesterday To-
days transfers of currency to the interior
through the Sub Treasury again reached
three-duarters of a million dollars and
the banks have lost TO that institution
since Friday $2275, 900. The movement
by express is matter of conjecture, but
is known to continue large. Speculative
action was considerably paralyzed pend
ing the solution of these money market
perplexities and the movement of prices
was narrow and unimbNrtant. There was
a notably movement in the iron and steel
group, pretty much all the members of
the group coming into the movement as
the day progressed, with advances of
from one to over two points This move
ment and the announcement Of the en-
gagement of gold in Paris served to over
come some of the early depression.
Strength in the local traction issues was
also a factor. But the market closed dull
and irregular with few net changes of
inheritance.
The movement in the bond market was
narrow and irregular. Total sales (par
yalue) $3.50 900.
United States refunding 2's (when is
sued), the 3s registered, and new As de-
clined Il per cent on the last CALL
The total sales of stocks today were
195,400 shares, including the following:
Atchison preferred $3.50; Chicago, Bur-
lington and Quincy 1888; Manhattan Ele
waited 1895; Northern Pacific 1880;
Pennsylvania Railroad $3.50; Union Pa
cfic 1875; American Steel and Wire
1900; Brooklyn Rapid Transit 1890;
Peoples Gas Light and Coke Company
1885; American Sugar 1875.
RONOS