The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-09-08
STOCKS AND BONDS.

New York, Sept. 7.-Today's stock
market was exclusively in professional
hands. Although it was but a narrow
affair it showed evidence of some opera
tions of rather larger scope than nave
been seen during the summer, rejecting
in all probability the resumption of ac-
tivity by some of the influential traders
who have been away for the summer
Efforts by bull clique were in evidence
but they met with only moderate sue
cess. Their method seems to be to pass
from one stock to another on successive
days, seeking some appearance of con-
tinuity in the movement by manipulating
stocks in which the interests are allied
or which are mutually affected by some
development of conditions. Today Mis-
souri, Pacific was the favorite at an ex-
treme advance from the low point of IA,
with dealings on quite large scale. The
attempt was made to make this seem
logical sequence of yesterdays movement
in the Southern Railway stocks and St.
Louis Southwestern, preferred, was
brought in on talk of close relations with
Missouri Pacific and of benefit from the
prevailing high price of cotton. Mean
time the Southern Railway stocks Chesa-
peake and Ohio, and Southern Pacific, and
other stocks which had been under
manipulation earlier in the week were
held back by profit taking. The fears OF
a strike of anthracite miners was de-
pressing factor and Reading, first prefer
red, Delaware and Hudson, and New
Jersey Central were off from one to one
and half points at times during the day.
Liquidation in the coalers was not large,
however. London was a seller in TINS
market, owing to uneaSiness on account
of the anthracite situation and to firmer
money rates in London. The holiday in
LordCn tomorrow also induced some clos
ing out of accounts. In the list of Spe-
cialties, Peoples Gas and Brooklyn Rapid
Transit were the most conspicuous figures,
and owing to the fact that the identical
interests in the two properties are large
the contrary movement in the stocks was
strange. In the late dealings this OPP
posing movement was rather palpably due
to manipulation, Brooklyn Rapid Transit
being bid up in an unavailing effort to
check the decline in Peoples Gas. The
latter stock dropped two and a half points
below the high level and two and a quarter
below yesterday at the close. Brooklyn
Rapid Transit gained two points net, the
demand from the short interest playing a
part in its strength Municipal political
developments were also a factor in the
movement. American Sugar moved mar
rowly on a small volume of dealings,
minus the dividend which was declared
early in the week and closed with small
net gain. The Steel stocks were rather
quiet and irregular, Tennessee Coal and
Iron rallying sharply from yesterdays de-
preston. The money movement for the
week is interest ting as showing an excess
CT shipments over receipts by express for
the first time this season. The sharp de-
cline in New York Exchange at Chicago
from thirty cents discount yesterday TO
fifty cents discount today, explains the
source of the demand, though money. has
gone out quite freely to the South also
during the week. Gains by Sub Treasury
operations, due to payments on account
of government bond redemptiCns and of
deposits of gold at Pacific coast points leave
a large margin of gain to the banks, the
indications being that the increase in cash
reserves has reached over a million dol
lars.
Continued liquidation of Kansas City
Southern bonds was the feature of the
bond market. Trading otherwise was
small. Total sales (par value) 1865, 900.
United States old As advanced Il in the
bid price.
The total sales of stocks today were
1856 400 shares, including the following:
Missouri Pacific, 90, $50; Philadelphia and
Reading, first preferred, 7160; Southern
Railway, preferred, 6,405; Brooklyn Rapid
Transit $685.; Peoples Gas, 29,15O;
American Sugar, $500