The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-09-27


seemed to have eliminated during the
morning session, and the over enthu-
sastic bulls who attempted to bid up
prices against the outstanding short ac-
count found themselves burdened with
increasing offers to realize instead of
driving the shorts to cover They there
fore allowed prices to drop back and the
market fell into dullness at about last
nights level. The bear party appar-
emily made up their minds that the elm
nation of the short interests had SO
far weakened the technical position of the
market as to warrant a fresh inroad upon
prices. The raid was conducted with de-
termination and showed the command Of
large resources. Northern Pacific was
singled out as the special object of at
tack on account of President Mellen's as
sertion in the annual report that the
prospects of business are not so bright
for the coming year owing to the spring
wheat shortage. Practically the SAM
comment was contained in the annual re-
port of President Hill, of the Great
Northern, published during the day.
Northern Pacific had failed to share in
the early strength, and although there
were other stocks which covered wide
range on the downgrade, Northern Pa
cific fell farthest below last nights level
of the railroad group. The selling OF
Northern Pacific was supplemented by
pressure against Missouri Pacific, as
there are supposed to be large long ac-
counts existing in that stock. The raid
was successful in dislodging stop loss or
ders, and the wholNanarket fell away with
some violence. Most of the leading stocks
were point or more below last nights
level before the decline eliminated. The
early advance had shown gains of
point for many stocks. The nervous
condition of the bears was strikingly
shown in the violent recovery of the last
half hour of the market when rumor
got into circulation that the strike OF
coal miners had been settled This ru-
NOR was attributed to Chicago and
though the prompt measures taken to
secure authoritative information on the
point failed to confirm it, the bears
bought stocks to cover in disorderly
haste Some violent rccoveries were the
consequence, Philadelphia and Reading
first preferred rallying three and a quar-
ter on three wide jumps and New Jersey
Central three points. The covering move
ment extended throughout the list and
prices swiftly retraced their course to al
most the top level in many cases. The
market closed considerably excited and
strong with large number of stocks
showing net gains. The news that miners
settlement applied to only one mine
where peculiar conditions exist did not
become known until after the close Of
the market What effect the actual facts
may have remains to be seen. The day
was barren of any actual news develop
ments which might change the specula-
tive situation. The continued weakness
of sterling exchange begins to arouse con-
lecture again as to whether relief to the
money market is to be looked for by gold
imports.
The bond market was dull and con-
tinued irregular. Total sales (par valued
$1,000, 600.
United States new As advanced "a and
all other issues Il per cent in the bid
price.
The total sales of stocks today were
321, 200 shares, including the following:
Atchison preferred, 9610; Baltimore and
Ohio, $780, Chicago, Burlington and
Quincy, Il 1855; Chicago, Rock Island and
Pacific, $780, Missouri Pacific, 2S,750;
Northern Pacific, 4S, AGO. Philadelphia and
Reading first preferred 1875; Chicago.
Milwaukee and ST. Paul. 10,035; Union Pa
cifc, 1920; American Steel and Wire,
$500; Brooklyn Rapid Transit, %, $40;
Peoples Gas, $500; American Sugar 90,
9S5; Tennessee Coal and Iron, 5,365.