The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-09-26
rHH NEWS AND OBSERVER WEDNESDAY MORNING. 1900

on the market late in the day was
successful in weakening it again. They
continued their efforts to further the
decline in prices this morning and had
good success for a time in the most
prominent industrial stocks, notably
American Sugar, American Tobacco
and Peoples Gas, but the general list
failed to respond as readily as yester-
day to the weakness in these special
stocks. The bears in consequence
bought to cover all through the list
and wrought some substantial rallies.
The declines in the Specialties were
mostly wiped out and Brooklyn Rapid
Transit and Peoples Gas were lifted
a point over last night. Last weeks
liquidation apparently outran the
needs of the.money and the raids upon
stocks were not successful in dis
lodging selling orders. Some timidity
was induced in the bears by the pos
sibilities of suddenly favorable de-
velopments in some directions. The
cut in the price of steel rails has not
led to large buying, SO far as known
and railroad officials express dissatis-
faction that the price was not placed
lower. When railroad companies begin
to place their contracts for the COM
ing year, however, an important effect
is sure to be produced on the stocks
of steel companies generally. wall
Street is on the alert also for settle
ment of the coal strike, but there was
nothing to show the imminence OF
such event outside the fears felt by
the bears. While the liquidation of
last week seems to have met the inn
mediate needs of the money market,
the forces making towards depletion
of New York reserves continue in UNI
diminished force. The currency move
ment to the interior is very large and
the Sub-Treasu1y is absorbing consid-
cradle sums from the money market.
A sharp fall in sterling was a, remin-
der that New York still dominates the
international exchanges, the stiffness
of the London money market proving
unavailing to check the decline in
sterling in New York. Sterling adj
vanced. however, in Berlin and Paris,
i'm spite of the hardening money mar
ket at those centers. While no doubt
is felt that any widespread stringencv
in our domestic money market would
bring prompt relief by gold imports,
i'm view of cur large outstanding cred
its. no one supposes, the needs of mere
speculative holders of securities, how
ever, violent n rise in the loan rate
they might effect. would induce any
movement of gold from Europe. under
the circumstances attending this falls
money market there.
Bonds were active, and show some
advances, but losses were scored by
some of the less active issues. Total
sales (par value) $s50000.
United States refunding 2's (when
issued) and the SIS declined Ia in the
bid price.
The total sales of stocks today We're
100000 shares, including the follow
ing: Atchison preferred 1927; Balti-
more and Ohio SOL; Chicago. Bur
.lington and Quincy 10.9S5; Philadel-
phia and Reading first preferred
6,070: Chicago, Milwaukee and ST. Paul
9,105; Union Pacific 11,725; American
Steel and Wire $50; American To-
bacco 1850: Brooklyn Rapid Transit
$500; Peoples Gas Light and Coke
Company 1850; American Sugar 49,
9S5; Tennessee Coal and Iron 0,SS5.