The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-10-23

of the market. notwithstanding this late
setback, there were some very striking
upward movements of prices, especially In
the Steel group, and the largest days
business in stocks since the earlier part
OF the year was transacted at level OF
prices well above those of Saturday.
Spectators reveled in the revivifying
streams of gold which are pouring into
the New York money market from many
quarters of the world. Yesterdays in
coming steamers from Europe brought up
the total receipts of the gold engaged
there for import to over SO. 1000, 900, and
Saturdays receipts of $4,000, 900 at San
Francisco will be made Immediately avail
able to the New York market by tele-
graphic transfer. The balance of the total
engagements in Europe, which amounted
to upwards of SO 900 900, is fast following
on the heels of the shipments already re-
ported. Neither on Saturday nor today
was there single dollar deposited at the
Sub Treasury for transfer to the South
or West, which is a conclusive demonstra-s
tion of the marked decline of the interior
requirements for currency. Sterling ex-
change fell back to near the gold import
point, and the continued downward ten
1ency of interest rates in London and Ber-
lin seemed to offer acCuiescence IN the
threatened further demands Of gold from
New York. 1t is important to note that
the weakness of sterling exchange is
largely due to the heavy buying of stocks
for London account which amounted, ac-
cording to reliable estimates, to $4,000
shares. Exchange made from this source,
unlike that due to the cotton movement,
does not involve corresponding drain
from New York such as is required to
move the cotton crop. London's large
buying was. reported to be due, in de-
gree, to speculative covering of calls for
American stocks which London has sold
quite freely for some time past, and which
the current rise in prices forces that
market to provide itself with. The con-
sequence of these various favoring factors
was what the brokers called the best open
market for stocks since last spring. This
was taken advantage of from the outside
to realize on a very large scale, and the
operators became somewhat
uneasy as they detected evidence of inside
selling. The squirt in the call money rate
was all that was necessary to precipitate
the general selling movement
There was greatly increased activity in
bonds as we'll as in stocks. and prices /,
advanced very generally. High grade
bonds were not conspicuous in the deal
ngs. Total sales (par value) 900.
United States registered 3s advanced a
per cent. on the last call
The total sales of stocks today were
s67 700 shares. including the following: !
Atchison, SO, 450; Atchison, preferred, 49, |
j67; Baltimore and Ohio. 1888; Chesa- |
oeake and Ohio, 1900; Chicago, Burlington !
and Quincy, 10, 1856; Manhattan Elevated, /
81, 4S3; Metropolitan Street Railway, !
I6, $50; Louisville and Nashville, 11,O50; |
Missouri Pacific, 20, $50; Norfolk and West |
ern. 1856; Northern Pacific, 29,375; Penn
,ylvania Railroad, 1855; Philadelphia
and Reading, first preferred. 1880; Chi |
;ago, Milwaukee and ST. Paul, 1890; |
Southern Pacific, $3.50; Southern Railway
!, 400; Southern Railway, preferred, S,O65; !
Union Pacific, 40,675; American Steel
Hoop, 49, lilo; American Steel and Wire, |
1910; American Tobacco 21,1S0; Brook i
yn Rapid Transit, 41,650; Colorado Fuel
ind Iron, $3.50; Continental Tobacco.
5 ,O75; Federal Steel, 29,76O; Pacific Mail, |
i ,470; Peoples Gas Light and Coke Com
,any, 37,160; American Sugar. 4S,8SO; |
Tennessee Coal and Iron, 1895; United |
states Leather. 1887.