The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-11-20

ally and drove the bears to cover, d1d
not hold, long stock coming out on the
advance. When the bears perceived this
they made a fresh attack and drove prices
down again, and while the level of the
market did not fall generally to the early
low point the closing was active and
easy. Amongst the points of special
strength should be mentioned General
Electric, Metropolitan Street Railway,
American Ice. American Steel and Wire,
Colorado Fuel and Iron and American
Smelling and Refining and for a time
American Sugar and Brooklyn Rapid
Transit The announcement of a failure
of a board member had some slight in
fiuence on sentiment until it was learned
to be of no Importance. There was no
actual news development to account for
the downward course of prices and IT
was largely due to technical causes. The
inbred custom of professional operators
to take the bear side of the market against
a r,ublic bull position asserted itself, and
there was much solid opinion to be heard
that the rise in prices had overrun itself
and that a reaction was overdue. The
money market was closely scanned for
signs of diminishing resources. Call
money hardened slightly, but eased OIL
again in the late dealings. New York
exchange at Chicago also fell from
small premium to a small discount. The
sterling exchange rate held steady, in
spite of the slightly frmer money rate
here and an easier rate in London. The
supply of grain and cotton bills has
been much diminished and exchange ex-
perts surmise that the firmness of eX-
change indicates an accumulation going
on for some purpose, probably subscrip-
tions to foreign loans.
The volume of business in bonds as
we'll as in stocks was considerably dimit
ished, but prices of bonds held firmer
than those of stocks. Total sales (par
value) $3,30000.
United States refunding Is and the cou-
pom 3's advanced a and new AS Is per
cent on the last call.
The total sales of stocks today were
1,255, 500 shares, including the following;
Atchison, 49,4GO; Atchison preferred, 3d.
713; Baltimore and Ohio, $500; Chesa-
peake and Ohio, Is 900; Chicago, Burling-
ton and Quincy, $4,000; Chicago, Rock Is
land and Pacific, 1880; Erie first pre-
ferred. 1000; Louisville and Nashville, s.
geo: Manhattan Elevated 24300; Metro
politan Street Railway, 10000; Missouri
Pacific 20, 1900 Missouri, Kansas and Texas
preferred, 800; New York Central, o.
400 Norfolk and Western, 16, 100: North
ern Pacific 1O3, 23O; Northern Pacific pre-
ferred, 1900; New York, Ontario and
Western, II $50; Pennsylvania Railro6d,
GO 200; Philadelphia and Reading, $780,
Philadelphia and Reading first preferred,
%. 900; Chicago, Milwaukee and st. Paul,
10 900; Southern Pacific, SO, 800; Southern
Railway, 1880; Southern Railway pre-
ferred, 16, 800; Union Pacific, 74200; Union
Pacific preferred, Il. 800; Wheeling and
Lake Erie, 6,600 American Smelling and
Refining, 10000; American Steel and Wire,
76 400: American Steel and Wire pre-
ferred, 12 700; American Tin Plate, 300;
American Tobacco, 90 400; Anaconda Min
ing Company, 1880; Brooklyn Rapid
Transit, $500; Colorado Fuel and Iron,
2O,3O0 Continental Tobacco. II, 400; Fed
eral Steel, 24,600; General Electric, 1920;
National Steel. 600; Peoples Gas Light
and Coke Company, $1,000; American SUI
gar, S4,7O0; United States Leather, II, 400.