The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-01-04
Then Why not Work for Us.


rate from four to FIVE per cent. This was
supplemented by the statements of the
three great Government banking institu-
lions abroad, showing radical impair
rnent of resources on account of the re-
quIrements in the yearly settlements. At
The same time cabled reports from Lon
don described gloomy forebodngs over
the future. The result was a sharp jump
IN sterling exchange rates in New York,
and growth of a belief that the New York
money market will be called upon for
gold 10 relieve the strained situation in
foreign money markets The develop
menis IN the foreign trade situation fa-
vor this hypothesis. Grain and cotton
bills have become scarce in the exchange
market and the relapse in iron prices
abroad, while prices have been well main
tanned in the domestic market indicate
the certainty OF 4 falling off in the foreign
iron trade. Imports of merchandise are
at the same time on the increase. The
return to the mone@ market and to the
stock market of the large funds disbursed
here In the yearly settlements are likely,
Judging from precedents, to be delayed.
New York exchange at Chicago today sud
denly dropped from ten cents premium
to twenty cents discount. The heavy
liquidation in American Sugar had very
unsettling effect on sentiment. as it was
commonly attributed 10 well known
steel magnate, who has made his mark
heretofore on the bear side OF the stock
market. Selling orders from Chicago
over private wires were estimated by
stock exchange rumor at as high IS 200,-
600 shares and were attributed to the ac-
count of this following. The violent slump
in the United States Rubber stocks On
the reduction in the preferred dividend
was an additional disturbin= influence,
The Soint effect of these various causes
can be gathered by a study of the price
changes for the day in the list OF stocls.
The extreme decline in United States
Rubber was seven and a quarter, in the
preferred nine and a half, in American
Sugar over six, in Metropolitan Street
Railway six and half, Federal Steel five,
and in most of the leading industrial
stocks between two and five points. In
the railroad list, those stocks which have
recently been under most palpable manip-
ulation were naturally most affected. The
most notable decline from the high point
was in Erie, first preferred, four and an
eighth, Delaware and Hudson four North
ern Pacific three and seven eighths, Bal
timore and Ohio and Delaware, Lacka-
wanna and Western three and three
quarters; Iowa Central, preferred three
and five eighths, Philadelphia and Read
ing, second preferred Denver and Rio
Grande, preferred; Pennsylvania Railroad
and Chicago Great Western, preferred
three and half: Kansas and Texas, pre-
| ferred three and three eighths; Union
| Pacific. three and an eighth, and through
| out the railroad list from one to three
| POINTS.
| lowest.
! The bond market was very active aud
| liquidation was in force there as well as
| in the stock market, but the declines in
prices were by no means SO marked.
Total sales of bonds (par value) SO, 955 600.
United States refunding 2's declined
1-2, and new AS registered Ia on the
| last call.
! The total sales of stocks today were
| 500, 800 shares, including the following
Atchison, $1,000; Atchison preferred Sc,
| 500 Baltimore and Ohio, 31,300; Chesa-
peake and Ohio, 900; Chicago, Burling
ton and Quincy, 81, ZOO; Chicago, Rock
| Island and Pacific, 32,100; Delaware and
Hudson, 5000; Erie, $4,000; Erie, first
! preferred, 64,500; Iowa Central, 5000;
! Louisville and Nashville, $500; Manhat-
an Elevated, 25,5O0; Metropolitan Street
Railway 5000; Missouri Pacific, so, 800;
Missouri, Kansas and Texas, preferred,
| p 400; New York Central, 5000; Norfolk
! IND Western, 1900; Northern Pacific,
| y S00; Northern Pacific; preferred, $500;
New York, Ontario and Western, 81, 900;
| Pennsylvania Railroad, 21,600; Philadel-
] )hia and Reading, 1890; Philadelphia
md Reading, first preferred, 43, 100; Phil
idelphia and Reading, second preferred
| i 400; Chicago, Milwaukee and ST. Paul
| 1900; Southern Pacific, 91G0; Southern
railway, 1900; Southern Railway, pre-
| tered, 800; Texas and Pacific, 16, 100;
| Union Pacific, Ill, 800; Union Pacific, pre-
| erred, 1O,400 National Tube, $500;
Amalgamated Copper. 1890; American
Steel and Wire. 2S,S0O; American Tin
/ Plate, $780, American Tobacco, $4,000;
BROOKLYN Rapid Transit, $780, Colora-
10 Fued and Iron, 1900; Continental To-
,acco, 1890; Federal Steeel, 49, 500; Ma
ional Steel, 1890; Peoples Gas Light
! md Coke Company, 1880; American
/ Sugar, ITO, 500; Tennessee Coal and Iron
II 500; United States Rubber, 5000;
United States Rubber, preferred, $500;
Western Union Telegraph Company, 5,1CO