The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-11-20

posed TO the spirit ma purpose of the
new company, leaving only HE question
open as to their ability to prevent Nv
law it's operation. The bears sold the
market actively On the announcement OF
the engagement of $1,000,000 additional
on Thursday but there was a large de-
mand to cover later when half of this
engagement was cancelled and when the
money market was seen to be affected.
A Jump of two centimes in the Sterling
exchange rate at Paris, decline in the
private discount rate there, and slight
reaction here in exchange rates both on
London and the continent reflected the
relaxation resulting from yesterdays
enormous outgo of gold and arouses the
hope that the largest part of the re-
quirements are satisfied There is still
confidence expressed that the offerings
Of Government bonds for redemption will
maintain the ease of the money market
even if more gold goes out. 1t is not
improbable that the selling of Govern
ment bonds comes indirectly in part from
the interests, who have to remit in pay
ment of foreign obligations. 1t is evil
dent that the exchange market is corn
cred to a certain extent and even the
bills against outgoing cotton and grain
which come upon the market are con-
tracted for in advance, leaving the bank
ers who are short of exchange still under
the necessity of shipping gold to cover
maturities. One feature of the Govern
ment bond redemptions that has not at
tracted attention is that the National
banks apparently consider the present
price sufficiently attractive to prompt
them to withdraw bonds on deposit with
the Treasury to secure their circulation
and offer them for redemption. This pro-
cess involves the release of cash from
the Treasury to the amount of the
market value of the bonds. but it also in
volved the retirement of circulation to
the amount of the par value of the bonds,
off setting that from the supply of money
to the market. Such withdrawal of
bonds have already reached the legal
limit of $4,000, 900 per month for the
present month. There was some special
strength shown today by individual
stocks, notably American Car and Inter
national Power on the good demand for
railroad equipment of all kinds There
were strong spots among the coalers and
the local fractions. The market closed
steady at a substantial rally from the
Lowest.
Railroad bonds were only moderately
active at slight recessions. Total sales
(par, value) S2.G30O00 a
United States refunding 2's declined II
on the last call
Total sales OF stocks today were 7S7, 700
shares including Atchison, 10000 d. & H.
5000; Erie. 29,SC0; Erie, first preferred,
5000; Erie, second preferred, 5000;
Louisville ard Nashville, 5000; Man
haitian, "a, 100, Metropolitan SO, 100; Mis-
souri, Pacific, $500; 0. G. W., 42.1O0; Penn
sylvania. 5000; Reading, 114,600; Reading
first preferred, 25,400; Reading, second
preferred $4,000; St. Louis and San
Francisco, 1880; st. Louis and San
Francisco. second preferred, $3.50; ST.
Paul, 22.300; Southern Pacific, 16,400:
Southern Railway, 10000; Union Pacific,
$4,000; Copper, 22,600; Car Foundry, 49,.
600; Brooklyn Rapid Transit, $4,000; Peo-
pies Gas, 10000; Sugar, 10,700; United
States Steel ex dividend, 14,000 United
States Steel Elk. Dividend preferred,
II 500