The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-09-20
STOCKS AND BONDS.

New York, Sept. 19.-Quite severe in
roads were made on prices before trad
| ing had stopped on the Stock Exchange
today and an average level was estab-
lished considerably lower than the low
point touched on Monday morning be-
fore the rally commenced. The difficulty
OF continuing the advance which was felt
yesterday and was emphasized this MORN
lug prompted the traders to take their
profits, and the two days advance was
et1ectually wiped out After the specula-
tive holdings which had been bought on
Monday were dislodged the market came
to a pause and rallied slightly, but it
was attacked again in the last hour and
sold vigorously by the bears, making the
| closing easy and near the lowest level
of the day. AS a result a long list of
prominent railroad and miscellaneous
stocks show net losses ranging from one
| to two points. Tennessee Coal and Iron
was the most conspicuous for weak
| ness and fell over four points on large
selling, closing with a net loss of 3A.
The weakness WAS the more conspicuous
as other stocks in the Steel group were
relatively steady up to late hour. The
special weakness of Tennessee Coal and
Iron was due to the heavy decrease in
August surplus earnings and the general
knowledge that the companys export
trade is hampered by high freight rates
on the railroads and the scarcity of ocean
freight room The local fractions were
conspicuously weak as a group. The prop
osition to require the Brooklyn Rapid
Transit Company to put its wires under
ground was interpreted as an expression
of a general municipal policy towards
these corporations. Peoples Gas was rel
atively firm, but yielded to the late SELL
ing movement. The days weakness in
short must be explained by general dis
quiet over the anthracite miners strike
and the money market outlook. The an
nouncement of advances in the price OF
coal was an unfavorable factor in the
market The money market continued firm
in tone and call loans were two per cent
at the maximum. Although there was
a slight reaction in. sterling exchange
it is thought probable that further gold
will go out and there were rumors Of
multiplying foreign loans to be placed in
New York which found no confirmation
Discount rates continue to harden abroad
and the speculative world recalls last
years severe experience when the foreign
needs drew gold in the very crisis of the
money stringency, prccipitating the De-
cemher panic.
Money continues to move to the in
terror in large volume both by Geographic
transfers through the Sub-Treasury and
by express and registered mail
Bonds which were active in the market
were weak but others held firm. Total
sales (par value) $1,065,0 600.
United States refunding 2s (when is
sued), and the SIS declined Il in the bid
price.
The total sales of stocks today were
259, 500 including the following: Atchison
preferred 1888; Baltimore and Ohio,
$780, Chicago, Burlington and Quincy,
1880 Northern Pacific, G250; Chicago
Milwaukee and ST. Paul, 1910; Union
Pacific, 1756S; American Tobacco, 1880;
Brooklyn Rapid Transit, 26,4S5; Peoples
Gas Light and Coke Company, 1920;
American Sugar, 25620; Tennessee Coal
and Iron, Il ,0Q0