The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-09-28
STOCKS AND BONDS

New York, Sept. 27.--Professional oper-
ators in stocks had the market pretty
much to themselves today, but they found
various matters of encouragement. The
discouragements of the bears, with al the
bad news in sight disposed of, was cor
respondingly great and their buying to
cover their shorts was an important in
fluence. The uncertain fluctuations of
the Copper stocks in the early dealings,
kept the market unsettled, but the pres
sure of liquidation in them as we'll as
elsewhere IN the market was materially
lightened and they shared in the late
general Improvement of the market.
sharp rally in the price of spot copper in
London had an important bearing not
only on the status of these stocks in the
speculative market, but on the copper
trade outlook 1t was reported that the
Amalgamated Copper Company was sup
porting the spot copper market in Lon
den Whatever the cause of the rally,
yesterdays contention that copper could
pc imported at a profit was disposed of
and the fear that the Amalgamated Com
pany would have to cut the price of it's
product was less acute. The stock sold
ex-dividend and more than recovered it,
put closed with net gain of only IA.
IRE recent notable buying of the Van
derbilts was resumed, the conviction
growing that an early plan of merger
would be announced. New York Central
rose 3 Is ard the junior Vanderbilt group
from one to five and half. In the liberal
speculative mood, Delaware and Hudson
BuI1alo, Rochester and Eittsburg and
probably some of the more obscure rail
road stocks that moved during the day
were embraced in the plan by the faith
or operators. very large number of
lnconspicuous stocks were made active at
advances all the way from one to seven
and half. Among those in this category
were the Minneapolis st. Paul and Sault
Ste. Marie stocks, the Duluth, South
Shore and Atlantic stocks, the Keokuk
and Des Moines stocks, Des Mones and
Fort Dodge, the Iowa Central stocks.
Evansville and Terre Haute, Minneapolis
and st. Louis, the Toledo, ST. Louis and
Western stocks and Kanawha and Mich
igan. The Coalers and trunk lines re-
spOnded early to the influence Of the
Vanderbilt movement and the leading
specialtieS, including the various steel
stocks and the local fractions showed
evidence of strength, but it was not until
late in the day that the recent leaders
OF the market among the Changers, Pa
cites and Southwesterns moved strongly
upward. The level of prices on the day
shows an average advance of near point.
The promise of a favorable bank state
ment helped the late strength of the
market. The movement of currency to the
interior is nearly 100000 less than last
week. while the receipts by the banks
are almost as much greater. The Sub
Treasury has contributed to the money
market 1928, 900 Notwithstanding depos-
its with that institution for transfer to
the interior of over one million dollars.
The gain on this account is due to the
fact that the government has paid out for
redemption of bonds at New York this
week no less than s4,320,tS1. The net re-
suit to the banks on all accounts indicates
a gain in cash of considerably more than
two million dollars. Bankers generally
expect a large loan contraction as re,
suit of the weeks liquidation in stocks,
promising a notable trecureration of the
surplus reserves
There was good demand for railroad
bonds, which were slightly irregular
Total sales (par value) 81, 255, 600.
United States bonds were all unchanged
on the last call.
The total sales of stocks today were
521, 600 shares, including the following:
Atchison Topeka and Santa Fe. 3S. 400:
Canada Southern, $500; Chicago, Cleve-
land, Cincinnati and st. Louis, 1000: Erie.
1900; Iowa Central preferred, $500: Lake
Erie and Western. $500; Manhattan Ele-
waited, 21,600; Missouri Pacific, 1880;
New York Central, 81 100; Pennsylvania