The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-11-14


and Metropolitan Street Railway lost Az.
still larger list of industrials fell be-
tween and points, and in the railroad
list not few losses reached between
l and points The most substantial
commission houses in the street have
been advising their customers for sew
eral days past to take their profits and
to buy no more stocks for the present.
Professional operators, except some. pow
erful speculative pools, have sold out on
a very extensive scale and taken their
profits.
The extent to which the advance has
gone made the market, as a matter of
course. top heavy filled as it was with
many speculative accounts on light mar
gins and backed by weak financial hold
ers. Professional bear spectators who
have been looking for the moment of re
action ever since last Wednesday, found
that the free selling today for the first
time was not effectually absorbed. Their
efforts were redoubled, and when prices
began to make wide declines stop loss
orders were dislodged and the fall thus
precipitated. The bears were in reck-
less mood and were quick to take profits,
causing frequent rallies as they covered
their snort COnITdCtS. Wili6 SOlle Out-
Side demand continued during the day,
it was at no time resumed in force.
The expectation of another large war
loan to be foated in London depressed
that market and was direct influence
in New York as we'll. 1t emphasized the
apprehension hitherto felt of a further
German issue also. 1t is not to. be sup
posed that with the huge Indebtedness
of the foreign money markets to the
United States the foreign Government
authorities can hope to successfully float
their loans without assistance from Amer
lean money markets Experts believe
that an outward movement of gold from
New York will probably be necessary.
The money which is used for speculative
purposes in the stock market is money
for which no more substantial demand
exists, and it is Invariably the rule that
when any advantageous opportunity is
offered for investment of capital, specu-
lative borrowers are called upon to repay
their credits. With this prospect in the
future, call money in New York advanced
to 6 per cent today, Notwithstanding the
considerable speculative liquidation. An
active demand sprang up for short time
loans, which forced the rate up for sixty
and ninety-iay money to per cent.
Business in bonds was on large scale
and there was free profit taking in some
of the speculative issues. while others
advanced strongly. Total sales (par
value). $4,77O.OOO
All United States bonds declined Il per
cent o nthe last call except the ne WIS,
which advanced IL per cent.
The total sales of stocks today We're
liza. 500 shares, including the following:
Atchison. 81 800; Atehison preferred, So
900; Baltimore and Ohio, 1890; Chesa-
peake and Ohio, 5000; Chicago. Rock
Island and Pacific, $4,000; Manhattan Ele-'
waited. $4,000; Metropolitan Street Rail
way, 1900; Missouri Pacific. 29,299; New
York Central, 5000; Norfolk and West
ern, 1000; Northern Pacific, 3S.S00; New
York. Ontario and Western, $3.50; Pam
sylvania Railroad, $1,000: Philadelphia
and Reading first preferred, Iii 200; Chi
cago, Milwaukee and st. Paul, 1900:
Southern Pacific, 1920; Union Pacific.
Al, 400; American Smelling and Refining.
9,100: American Steel and Wire, 9S,40G;
American Steel and Wire preferred,
6.100; American Tin Plate, 1000; Ameri-
can Tobacco, 3S, 500; Brooklyn Rapid
Transit, SO, $780, Continental Tobacco, "a
$50; Federal Steel. 1920; Federal Steel
preferred, $500; National Steel, 5000:
Pacific Mail Steamship Company, 10000:
Peoples Gas Light and Coke Company
$4,000; American Sugar $4,000; Tennessee
Coal and Iron, 27.SO0; United States
Leather, 59,1S0; United States Rubber.
1920.