The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-11-23


bull leadership of a combination of forces
between the most notable Spectator in
the street, and a newer and almost
equally dashing operator who made his
mark, and a deep one at that, in the
speculation in Steel stocks during the
past year and half The break in
American Steel and Wire, coming near
home to this alleged speculative COM
bination. served to unsettle sentiment
very considerably at the close. The bear
contingent succeeded in pretty we'll get
ting the upper hand early in the day
There was continued strong absorption in
some of yesterdays strong stocks the
local fractions and Chicago, Milwaukee
and st. Paul being conspicuous. Later
strong demand developed for Chesapeake
and Ohio on buying said to be for Phila-
delphia account. This stock moved up an
extreme two and three eighths. This
movement, however, was not sufficient to
discourage the profit taking and bear
pressure, which had been more or less
manifest, especially in the Steel stocks
from the opening, and the whole market
fell away without much support to the
lowest of the day. The rally was in
augurated in Chicago, Milwaukee and st.
Paul. That stock was carried to one
hundred and thirty, and the other
Changers, American Sugar, and the local
traction stocks, made the readiest re-
sponse An effort was made to continue
the movement by the time honored device
of bidding up the Vanderbilts, but this
proved unavailing in face of the acute
weakness shown by the Steel stocks. The
news of the day was little regarded
Some disappointment was felt at the ces-
sation of yesterdays heavy demand from
London. That center turned seller today
to the extent of about 10000 shares on
balance. There was failure of expect
ed heavy demand for stocks from the
West, which was cut of from wire COM
munication yesterday. The bears were
also inclined to make capital out of the
reported dispute among the diplomats at
Pekin and their tactics were shown in the
circulation of a rumor that the Gar was
dead.
The money market showed no signs of
any stress from the large speculation and
was appreciably easier on the large re-
ceipts of Australian gold here during the
week. Sterling exchange hardened on the
large selling of stocks by London.
The bond market was strong in spots,
but weakened at other points. Total sales
(par value) So, Sis 600
United States refunding rs advanced u
and the new IS u per cent. on the last
call.
The total sales of stocks were 11S9, 200
shares, including the following: Atchl-
son, 4S,100; Atchison, preferred As, 800;
Baltimore and Ohio, 16, 500; Canada South
ern 1860 Chicago, Burlington and
Quincy, 1900; Chicago, Rock Island and
Pacific, 20,600; c., c., c. and ST. Louis,
1900; Louisville and Nashville, 5000;
Manhattan, Al 400; Metropolitan Street
Railway, 1890; Missouri Pacific, 1890;
New York Central. IS, 700; Norfolk and
Western, 10000; Northern Pacific, $4,000;
Northern Pacific, preferred, 14,300; Penn
sylvania Railroad, 1S,20O Philadelphia
and Reading. first preferred, Is, 700; Chi
cago, Milwaukee and st. Paul, $4,000;
Southern Pacific, $4,000; Union Pacific,
1000; Union Pacific, preferred, II, 900;
American Smelling and Refining, 16, 700;
American Steel and Wire 26, 400; Ameri-
can Tobacco 1890; Brooklyn Rapid
Transit, 61,500; Federal Steel, sc, 400;
Peoples Gas Light and Coke Company,
s6,400; American Sugar 90, S00 Tennessee
Coal and Iron. q, 800.