The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-09-05
STOCKS AND BONDS.

New York, Sept. 4.-Today's stock mar
ket was an almost exclusively profess
sional affair, with evidence of partici-
patton by the speculative party, which is
rather vaguely characterized as "the
Western contingent" by the traders about
the Stock Exchange. This party has
been active at intervals in the stock
market ever since the corn crop pros
poets became an element in the specu-
lation. They continued the sale of
stocks this morning, but early became
impressed with the notable paucity of the
offerings which were brought out under
the pressure they put upon the market
and reversed their position to the buying
side. The free offerings of corn today,
which were at sufficiently at ractive rms
to attract some demand for export of
that grain for the first time in a consd-
cradle period, may have had an influence
on these covering operations. The days
movement of prices seemed largely due,
however, to manoeuvres by contending
professional operators, following yester'
days sharp break, which in itself was APP
parently testing operation by the capt.
talsts who have supported the market
for some time past. They seemed salts
fed with their demonstration of small
amount of stock impending over the mar
ket for dislodgement, and their brokers
were large buyers again today, especial
ly of United States Steel stocks in which
they were joined by the Western contin-
gent. Those stocks did not move upward
until there had been sharp advances in
Colorado Fuel and Iron and Tennessee
Coal and Iron based upon the assumption
that their business was largely increased
as result of the enforced idleness OF
United States Steel Corporation works.
Chicago Great Western continued strong
on rumors Of buying for control in the
interest of the Western railroad COM
munity of interest and the recent large
accumulation of Mexican National was
undated today The strong tone per-
meated the whole market as the, day pro-
crossed and the final hour showed many
Of the market leaders amongst the Gram
gers Pacifics, Southwesterns, Coalers and
Specialties from one to two points over
last nights closing level. Conditions in
the money and exchange markets were
practically unchanged. Call loans again
touched four per cent. and the absorption
Of funds by the Sub Treasury continued,
amounting since Friday to $2,33zooo.
Sterling Exchange steadied this morning
as a consequence Of working OFF the ac-
emulation of exchange bills over the
holiday The Bank of England advanced
it's selling price both for bar gold ana
American eagles, this lowering the point
to which sterling bills must fall before
gold imports offer a profit. Exchange
weakened afresh in the afternoon, thus
perhaps helping the rally in stocks.
The railroad bond market was dull ana
narrow. Total sales (par vaiue) $l,4oo'-
600
United States bonds were unchanged on
the last cell.
The total sales of stocks today were
4s2, 900 shares, including the following:
Atchison, 90, 200; Chicago, Great Western
5000; Erie, Al 200; Erie, first preferred,
6,1O0; Louisville and Nashville, 500;
Mexican Central 5000; Mexican National,
"a 800; Norfolk and Western, 17,1OO;
New York, Ontario and Western. 100;
Pennsylvania Railroad. 9,100; Reading,
$500; st. Paul, 13,400; Southern Pacific,
II 900; Southern Railway, $500; Texas and
Pacific, $780, Union Pacific, 44,700; Anal
gamated Copper 1880; American Lin
seed Oil, preferred, 100; Colorado Fuel
and Iron, $500; Republic Iron and Steel,
1900; Tennessee Coal and Iron, 1890;
United Seates Steel Corporation, $4,000;
United States Steel Corporation, prefer
red, $500.