The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-11-13
STOCKS AND BONDS.

rather less buying demand and rather
more irregularity in the stock market
from the outset today. The hesitation
in the advance grew and turned 10
sharp reactions in the late dealings.
Selling to take profits was joined to
extensive short lines put out by the
bear party on the argument that me
rise in prices enduring for so great
length of time must leave the market
vulnerable to attack, but there still
persist points of strength in the mar
Vances in the strong stocks was notably
curtailed, many of them have consider
able net gains to show for the day. Tine
local traction stocks We're conspicuous
examples. In Metropolitan the advance
reached 3B at one time and in Brooklyn
Transit rs, while the net gains are
"a for Metropolitan Street Railway
and rs for Brooklyn Transit. The an
thracite and soft coal carriers selling
below par also showed continued
strength, as did the iron and steel in
dustrials. The disposition to take at
tractive profits after the considerable
advance in price which has occurred
was emphasized by the expectation
that several millions of gold will so
out this week on Thursday to Paris and
on Saturday proba bly, to London, as the
rate of Sterling Exchange today adj
vanced to point which makes gold eX-
ports to London direct profitable.
The necessity of large moyer.cnt of
gold from New York al this time of
the year calls renewed attention to the
extent of the American borrowing in
Europe earlier in the year with the ex-
pectation that our foreign ira IL balance
would continue so Favorable that these
loans could be repaid at a profit out of
the abundance at the foreign exchange
bills in New York. The fact that this
expectation has not been realized and
that exchange bills are scarce owing to
the falling off in our export trade
arouses some natural surmise whether
the high prices of stocks reached earlier
in the year did not also represeEs undue
expectations. 1t is to be recollectei
that the projects which stimulated our
stock imitation and even to some extent
that actual manipulation of the market
We're furtheIed BY the resources of
these foreign borrowings. In the pres
ent movement more than one stock has
reached record price and all stocks are
undo niably high priced. On the O.her
hand, the extraordinary railroad earn
ings and trade activity are natural in
centives to speculation. Today's returns
of gross earnings for the first week in
November shows such increases over
last year as SO per cent for Rio Grande
Western, % per cent foi Wabash. IS
per cent for Chicago and Eastern Hi
nois and 9 per cent for s.. Paul. The
Government estimate on the corn crop,
although it offered no very unexpected
information, renewed the depressing in
fiuence of the heavy shortage in the
crop, and the corn carrying railroads iii
the West and the Southwest We're
therefore most acutely affected by the
profit taking. The market closed active
and weak.
There was another large days bust
ness in the bonds, but the price move
ment was irregular. Total sales par
value $5,290,00O. u S. bonds were all
unchanged on the call.
Total sales of stocks today were 909,-
100 shares including Atchison 1880,
Atehlson preferred H. 50, Baltimore
and Ohio $500. Canadian Pacific $1,000,
Chicago and ST. Louis $4,000, Chicago
and Great Western 9,7O0, Chicago and
Great Western first preferred 34,100,
second preferred 12,400, Great Northern
Pacific 5000, Hooking Valley $500,
Louisville and Nashville 10,400, Man
chester $780, Metropolitan $500, Mis-
souri, Pacific 9,100. New York Central
$500, o. and W. 1880, Pennsylvania
5000, Reading 21,500, first preferred
9,4C0, second preferred 24,600 ST. Louis
Southwestern preferred 1900, st. Paul
34500, Southern Pacific 37,700, Southern
Railway 81 1000, Union Pacific 97,100, pre-
ferred 7S,S00. Copper 81 700, Car Foundry
1890, Smelling 1890, B. r. r. 1880,
Sugar $4,000 U. S. Steel 22,600. pre-
ferred 1900.
BONDS.