The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-09-12
THE NEWS AND OBSERVER ESDAY MORNING. SEPT TO- 1900
STOCKS AND BONDS.

New York, Sept. 11.-There was larger
attendance of members of the Stock Ex-
change at the opening of the board this
morning than for several months past.
This was due partly to the returning tide
from summer vacations, but there seemed
to be an expectation among brokers and
operators, which was not realized. that
some renewal of interest in securities was
about to be shown. London bought on
a moderate scale here, that market be-
ing encouraged by continued ease OF
money, and this helped the recovery from
the opening decline here. The enthu-
siasm of the professional traders was
short lived, however. They created
slight furry in the Coalers marking up
New Jersey Central 21a and Philadelphia
and Reading, first preferred, point on
the prevalent belief that way Will De
found to adjust the differences OF the
miners and coal operators. There was
some short covering in American Sugar,
Peoples Gas and Brooklyn Rapid Transit,
these three stocks maintaining their con-
spicuous position in the trading. Later
there was some demand for Southern
Railway, preferred, and Louisville and
Nashville, seemingly based on the I'M
lnunty of their cotton territory from
damage by the hurricane. There were
Isolated movements in United States
Leather, preferred, General Electric,
Colorado Fuel, preferred, Chicago and
Eastern Illinois, Cleveland c., C. and St.
Louis, preferred, and Chicago Great
Western, preferred A. These were all
gains except for Chicago and Eastern
Ilinois. The better comprehension Of the
extent of the Texas disaster and St.
Paul's decreased earnings proved depress-
ing factors and helped to overcome the
early advance. Missouri Pacific, Missouri
Kansas and Texas, preferred. and Kansas
City Southern were all weak Otherwise
the railroads affected in that territory
of the whole list, and the final prices
showed very few important net changes.
stiffening of the rate for call loans to
two per cent attracted attention to the
possibilities of a money squeeze during
the autumn. The rate fell back to IA
per cent. when the banks came into the
Stock Exchange with their unplaced bal
ance late in the day. The prevalent ease
of money is evidently due to the ex-
ceedingly scanty demand and any active
speculation will probably make rapid in
roads upon the resources of the banks.
1t is pointed out that the surplus of the
associated banks is concentrated in a very
few institutions. While the total sur
plus reserves of the sixty-thre clearing
house banks on Saturday amounted to
over $26, 900, 600 more than $4,000, 900 of
surplus cash over the legal requirement
was held by a single institution. There
was rather sharp recovery in sterling
exchange today which gave a point to
the supposition that yesterdays decline
was partly due to short selling, and to-
days supply of cotton bills was made
quate to cover the shorts.
Kansas City Southern 3's rallied "a.
Otherwise the bond market was without
any feature. Total sales (par value)
$940. 900.
United States old As advanced u and
the 3's registered u and 3's coupon Is in
the bid price.
The total sales of stocks today were
144 200 shares. including the following;
Atchison, preferred, 1910; Louisville and
Nashville, G,O75; Philadelphia and Read4
ing. first preferred, 1880; Union Pacific,
$3.50; Brooklyn Rapid Transit, 12.1S0i
Peoples Gas Light and Coke Company,
12,770; American Sugar. 1890.