The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-08-17
STOCKS AND BONDS.

New York, August 16.-Early strength
in the stock market today inspired by
the favorable London attitude and the
better complexion to the Chinese stua-
tion was dissipated later on by realiza-
tons by the room traders and discussion
of the monetary future. rise in call
money rate to one and three quarters per
cent colored assertions in some quarters
that sitter rate would generally result
from the depletion of the bank reserves
by gold exports. Operations by the banks
thus far this week with the Sub-Treasury
show loss of 81, 756, 900. This can hardly
be compensated through the interior cur
rency movement and receipts OF gold
from Pacific coast points, SO heavy
loss in cash is expected to be shown In
the bank statement. The weekly reports
of the European Governmental inst1tu-
tions were scanned with interest, in con-
nection with their replenishment of re-
sources from here Less than half OF
the recent shipments of upward OF SlI,-
900 600 was reflected in the statement. The
Bank of England's return showed an IN
crease in reserve of SO, $50 900 and bullion
increased $2 1856, 900. These acquisitions
caused more liberty to borrowers ard
loans increased $5,960,000 The bank
gained on balance today on bullion trans
actions SO, 410 900. It's official rate of dis
count was maintained at four per cent
but the open market rate fell rs. The
report of the Bank of France was less
marked in it's principal items last week.
Gold holdings increased only $3.50 coo,
while loans were reduced $3,:2l ,335 and
circulation shrank $3,000,O00. AS the Use
in prices Of stocks early today was main
tanned with difficulty, professional trad
ers who have been instrumental in the
weeks advance switched over TO the short
side and let go their holdings. No IN
crease in outside business was reported
despite the apparent stability to the early
movement in railroad stocks. This factor
influenced short sales by operators who
consider the market top heavy. While
there was but little energetic selling IN
any quarter prices steadily receded and
ended at the lowest. The price level on
the day, showed but few notable changes.
Some wide movements were made III
few Of the Specialtes, notably American
Sugar, Pacific Mail, United States Rub
Der and Consolidated Gas. The latter
covered a range of over two POINTS, early
strength being succeeded by fall and
final rally resulting on the announce
ment that the stock was to be restored
to an eight per cent annual basis. Re
ports of severe cut in prices of structu
raj steel by independent concerns Impair
ted heaviness to the Steel group, which
also felt the general selling of the day.
Despite official denials of the rumored
deal by the Ba fillmore and Ohio to ah-
sorb the New Jersey Central Railroad
the latter stock moved up point at the
outset but later lost the gain.
Transactions in bonds today fell of
somewhat and the market showed irfcgu-
larity Total sales (par yalue) $3.50 600.
United States Government issues We're
all Il per cent lower in the bid price
The total sales of stocks today We're
1888 shares, including the following:
Atchison, 1926; Atchison preferred, H.
800; Chicago, Burlington and Quincy, s.
$40; Pennsylvania Railroad, II 200; Phila-
delphia and Reading first preferred, g
400; Chicago, Milwaukee and ST.. Paul
Is. 600; Union Pacific, 1880; Brooklyn
Rapid Transit, 1926; American Sugar.
1890