The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1900-10-23

wards without important excention .n
without interruption. Considorina -
Neiy large volume of the dealings the
movement of prices of the maiori -
o'ochs was surprisingly small. The largo
anu eager demand from outside sources
vas IN TACT pretty steadily fed by the
Confessional operators who were taking
e profits. But the undertone of firm
ness was shown by the prompt decline in
the offerings when there was the slightest
Welding in prices. There were a few
STOCKS also in which there were strik-
lhs upward movements, notably in the
o.eel and Iron group. American Steel
Hoop was the leader and was strong from
the outset. Federal Steel encountered
some opposition to the advance in the
early trading but ultimately became very
puoyant IN tone. The whole group came
into the movement under this leadership
and advanced from one to three and q
nan. The latter figure for American Steel
Hoop. This movement was an essential
factor IN the buoyant tone OF the whole
market at the close. Pacific Mail was
up three points without any news to ac-
count for the rise. The buying was at
tr1buted to the hopes OF benefit to the
property from the passage of a ship sub
sldy Dill at the coming session of Con-
gresS.
a Dank statement which reports a de-
cine IN surplus reserves of 81, 516, 225 in
spite of a loan contraction of over So
900 900 would precipitate an effective Dear
attack on prices in any ordinary market
but the large loss in reserves, which
reached 5,305. 200 was offset by other con
siderations and by the conviction that
the showing was due to the vagaries of
the average system of computation.
Last Saturdays statement it will be
remembered, failed to show the known
movement of money to the interior by
over three million dollars. Today's state
ment is believed to oyerstate the real loss
by at least as much as the previous
statement understated it. It is evident,
also, that the weeks receipts of gold came
too late to affect the showing and will
have a resulting larger effect on next
weeks showing.
The large loan contraction is explain.
able in part at least by the fact already
| pointed out in these dispatches tina the
! trust companies have been the active
| lenders in the busy week on the Stock
Exchange and nave drawn on their depos-
its with the banks, thus forcing the call
ing of bank loans and replacing them
with loans on their own accounts.
business in bonds has been considerably
larger and prices CT man. issues have
advanced.
United Stats new As advanced Il and
%refunding rs, and old As Il per cent over
the call of a week ago.
The total sales of stocks today were
361. 900 shares, including the following
Atchison. 20, 400; Atchison PREFERRED, "a,
915; Louisville and Nashville, 7,400; Man
haitian Elevated, 5000; Missouri Pacific
1925; Northern Pacific, 11,300; Chicago
Milwaukee and ST. Paul, $3.50; Southern
Pacific, $1,000; Southern Railway, 5,59S
Union Pacific, 13, $500; American Stee
Hoop, 800; American Tobacco, $3.50
Brooklyn Rapid Transit, $500; Continen
tai Tobacco, ZOO; Federal Steel, 2i,5oo
Pacific Mail, 1880; Peoples Gas Ligh
and Coke Company, $3.50; American Su
gar, 500; Tennessee Coal and Iron, 6,
325.