The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-10-12

board room members made up the whole
market, and owing to the relative dull
ness of the general market, the move
ment in Peoples Gas was made con-
spicuous. The pressure against the stock
was continued early in the day, but the
bears, who have sold the stock contin-
uously for some time past, became dis
quieted later in the market over the ex-
tent of their commitments and vague
suspicion that the gas war in Chicago
was not as unrelenting as made to ap-
pear on the surface. The published re-
port that the Ogden Company was buy
ing its additional equipment from sources
dominated by interests friendly to the
Peoples Gas Company was the cause.
From SIS, the low point, the stock
forged steadily upwards to S5&; with
symptoms Of increasing urgency in the
buying demand from the short interest.
The close was at the highest with net
gain of three and three -eighths. Nothing
could more strikingly demonstrate the
inertness of the general market than its
utter failure to respond TO this rather
sensational movement. The dullness at
the close was unrelieved and the day
net changes were mixed and entirely in
significant. The money market showed
rather reactionary tendency, three and
half per cent representing the maximum
rate, compared with four per cent yester-
day. Late in the day the rate ran down
to one and three-quarters per cent, but
as this came after the principal demand
had been satisfied it was not considered
as a fair index of the ruling rate. De-
posits at the Sub-Treasury for trans
fer to the interior fell to below a quarter
of million dollars, the movement to New
Orleans and st. Louis being merely nomi-
nal. Foreign exchange also steadied this
morning but fell away again in the after
noon with the news that the price Of gold
in London had been advanced another half
penny an ounce for both gold bars and
Aerican eagles. The rise in gold neu-
tralized the action of the governors of the
Bank of England in retaining the discount
rate at four per cent The conviction
is general in Wall Street that consider
able gold will come from London in the
fall that is supposing the extraordinary
movement of cotton and the resulting de-
mand for currency from the interior
continues. Today's lull in the currency
movement is considered only temporary
and the days quiet market for cotton
after yesterdays wide fall in price is re-
garded as only coincidence, but these
incidents are suggestive of the dominance
of the cotton movement over the whole
money and financial situation at pres
ent. Any considerable reaction in the
price of cotton or any marked falling off
in the foreign demand, even at present
prices, would promptly alter the whole
outlook in the international money mar
ket.
Business in bonds was very small and
price changes irregular Total sales par
value) 100000.
United States new As declined Is per
cent on the last call.
The total sales Of stocks today we're
$50. 400 shares, including the following:
Atchison preferred. 5,265; Manhattan Ele-
waited 16. 1875: Northern Pacific, 1920;
Union Pacific, 1875; Brooklyn Rapid
Transit. 6,525; Continental Tobacco, s.
420; Peoples Gas Light and Coke Com
pany, 1925.