The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-10-02
rHk NRws AND OBSERVER TUESDAY MORNING.. ocr q 1900

clearly apart from any forced demand
from the short interest, such as played a
large part in the spasmodic upward move
ments of last week. This was made clear
by the comparative heaviness all day of
stocks which have shown the most pro-
nounced weakness lately, and in which a
distressed short interest would naturally
make itself most evident. Notwithstand-
ing the strength shown by the bull con-
tingent they were unable to maintain
prices to the close. and the tone was
therefore heavy at the end and prices
were considerably off from the best. Be-
cause of the brokers who were employed
in the buying, the rumor circulated on the
exchange that it represented operations
for the account of a we'll known steel
magnate, who has already electrified Wall
Street on one occasion this year. and
who IS known to command an influential
following. The pleasure of the room trad
ers in this hypothesis was not altered by
the quietness of American Steel and Wire
which forced the traders to the explana-
ton adopted by the jealous husband in
the play that "this absence of all signals
must be in itself a signal
The movement eentered in Union Pa
cific, which was absorbed in very conf
dent manner. and in very heavy blocks
all day. An extreme rise of two and a
quarter points resulted. The Southwest
ern Railroads moved somewhat in SYM
pathy, but not so widely. New York Cen
trail was strong. The leading industrials.
the local fractions and some of the Steel
Stocks rose from one to two and half
On
IRENE three and three quarters. raid
in the late dealings in Tennessee Coal and
Iron, which carried that stock one and
quarter points under Saturday, unset
tied the market.
The coal strike seemed to be ignored,
and the Coalers as whole moved con-
trary to the market. The professional
bulls professed greatly increased confl-
dence over the money outlook, notw1tn-
standing an advance in the call loan rate
on the exchange to 2ts per cent. Ihe
continued weakness of sterling exchange,
which was quoted fve-eighths of cent TO
the pound under the Friday rate for de-
mand sterling, gave further grounds Tor
the expectation that gold may come IN
from Europe Discount rates were slight
ly easier in London, and there was re-
Taxation in Berlin. The easing OF the
money rate at these centers in spite of
the suggestive decline of exchange rates
at New York leads to some claims That
the difficulties before the foreign money
markets have been exaggerated. and that
gold can be spared for New York without
precipitating a crisis. 1t cannot be SAID
that this view meets with much favor
outside the speculative element which was
engaged in putting up prices today.
The bond market continued irregular
and the dealings were on small scale.
Total sales (par value) $4,000
United States refunding rs when is.
sued. advanced u per cent. in the bid
price and new Is declined Is.
The total sales Of stocks today were
1884. 100 shares, including the following:
Atchison, 1880; Atchison, preferred, 49,
262: Chicago, Burlington and Quincy,
IL 100; Manhattan Eevated, 1900; North
ern Pacific, 2,45O; Missouri Pacific, 9,275;
Philadelphia and Reading first preferred,
$3.50; Chicago Milwaukee and st. Paul,
10 $50; Union Pacific, 6S, 780; Union Pacific,
preferred, 500; American Steel and Wire,
$3.50; American Tobacco, 1850; Brooklyn
Rapid Transit, 25,9S5; Peoples Gas Light
and Coke Company, 21,605; American
Sugar, 81 ,290; Tennessee Coal and Iron,
5,1O5; United States Leather, 1885.