The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-10-20

produced than to check the advance in
some quarters without effecting any act
ual declines. The bear opposition ap-
peared 10 be withdrawn when the course
of prices turned clearly in favor of the
bulls, and some of the interests which
were large sellers yesterday turned to
the buying side. A fact which could not
escape notice was that yesterdays ru-
mors of further plans of amalgamation
of the Vanderbilt properties were heard
nothing of today and the concerted adj
vance in the group came to an end. In
fact, New York Central itself finished
the day with a net loss and the same was
true of other members of the group. The
Lake Erie and Western stocks, however,
moved up in the early dealings, and New
York Chicago and ST. Louis first pre-
ferred gained an additional five points. 1t
was notable also that yesterdays upward
rush in the Steel stocks was desisted
from today and several of the group
ended with net losses, the important eX-
ceptions being the American Hoop stocks,
the Colorado Fuel stocks and National
Tube American Sugar and Peoples Gas
were affected by realizing. This turning
from one point in the market to another
is characteristic feature of professional
operation and manipulative processes
which clearly played large part in to-
days market, but it was equally clear
that the professional manipulation for
the rise had large success in attracting
outside buying. There is class OF pro-
fessional operators who have been conf
dent for some time past that there was
a large waiting public which could be in
duced to buy stocks by any decided up
ward movement of prices, Today's market
seemed to justify their confidence. With
the exceptions above noted, the strength
of the market was very general and
trading was very broadly distributed.
Special points of strength were Atchi-
for preferred and the Changers and
Southwesterns generally, Northern Pa
cific, Southern Pacific and Manhattan,
with the other local traction stocks fol-
lowing in sympathy.
The activity in the stock market seems
to indicate an expansion OF loans. But
loans on the stock exchange have come
largely from the trust companies which
drew on their bank deposits to secure
the funds. There is thus a possibility
of shrinkage in the deposits and conse-
quently in reserve requirements, which
will be to the advantage of the surplus.
The bond market was considerably more
active today and there were some large
gains Total sales (par value) $2,725,O00.
United States new As advanced Il per
cent on the last call
The total sales of stocks today were
$4,000 shares including the following:
Atchison, 361S6; Atchison preferred, 29,-
100; Baltimore and Ohio, 1850; Chesa-
peake and Ohio, S,040; Chicago, Rock Is
land and Pacific 1900; Louisville a1d
Nashville, 5000; Manhattan, 43,SSO; Met
ropolitan Street Railway, $3.50: Missouri
Pacific, 1850; Missouri, Kansas and
Texas preferred $3.50; New York Central,
1925 Norfolk and Western, 1886 North
ern Pacific, 1920; Pennsylvania Railroad,
II 500; Philadelphia and Reading first
preferred, SIPS; Chicago, Milwaukee and
ST. Paul, 1005O; Southern Pacific, 14,5O0;
Southern Railway, 7,400; Southern Rail-
way preferred, 900; Union Pacific, 25,-
100; American Steel Hoop, $500; Ameri-
can Tobacco, 1887; Anaconda Mining
Company, $780, Brooklyn Rapid Transit,
40, 645; Continental Tobacco, SIP; Fed
eral Steel, 1850 Peoples Gas Light and
Coke Company, 1910; American Sugar,
%, ISL.