The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-09-25

icHI iOdH contraction might De nOpea
have reached its limit for the present.
The news of the sighting of the steam
ship Majestic. having on board a con-
Segment of nearly 81 500 900 in gold was
strong sentimental influence on the
market. as was the sharn break in ster-
ling. The opening break in prices which
ran from one to three points for the ac-
tive leaders, was aggravated by the I'M
expected news of President Roosevelt 8
disability. The reports given out from
the Presidents train served to reassure
fears on that score. There was a sus-
piclon also that yesterdays late heavy
liquidation had been due to some ad-
vance Information of the operation on
the President. The consequence was that
prices recovered pretty generally during
the first hour. The opening rate for call
loans was announced at IS ner cent and
after momentarv reaction to Is pew
cent, the rate scared to 25 ner cent.
Stocks were then unloaded in enolmors
volume with the demand apparently re-
duced to nothing. There was heavy
slump of prices throughout which carried
prices of many leading stocks from three
to five points below last nights level
before arv effective resistance was shown
to the decline The banks were cutting
down accommodations on call to broker
age firms and proceeding with the drastic
measures which were inaugurated yester-
day FOR recuperating their reserves. AS
surances were heard from all sides that
abundant resources were available tor all
regular business purposes. but nothing
further was heard of the soothing as
surance that there was 10 danger OF
money flurries. The great speculative
combinations which have taken out loans
and bought stocks on margin on this
assurance for some time rast had moth
ing to do but TO sell out their ston,;
and repay the loans. Various estimates
are current of the extent Of these loans
for speculative purposes. and the close
ness of the combination amongst tho
speculative interests which have acteA
together is not clearIv defined. but II Il
believed that resources to the extent Of
S60.00o.00O have been subject to central
iacd direction in the speculative cam
raign which was undertaken. Tho action
of tho banks this week marked the ahan-
dcnment Of the hope that had hecn en-
tertained that measures Of rclief b. the
Trea surv Department ard the automatic
uation through the cron moving period
An effective agcncv in the rally was tho
changed attitude Of the brokers' for
speculative combination which sold thons-
ands of shares yesterday. but which
turned II tho huving side at tn. low levci
TODAY. Their onerations We're centered in
the Gould stocks and resulted in carry
irg Western Union ~, end Manhattan
los MI No
ness Of rho net changes generally m1rkod
The effectiveness Of the second recovcry
in the market.
Bonds suffered quite severely in tho
louidation out rallied vigorously in
sympathy with stocks. Total sales (pay
vauel $6,170, 900.
United States 2's declined 1s9 end tho
old As advanced 4 per cent on the last
call
The total sales of stocks today were
1871 900 shares, including the following:
Atchison $500; Atchson preferred L.
200; Baltimore and Ohio % 100 Chicag
Great Western 2S30G Erie 3S.400: Erie
first preferred 5000: Illinois Central 49,
500; Louisville and Nashville II 100: Man
haitian Elevated 33, 200 metropolitan
Street Railway 5000: Missouri Pacific
$4,000: Missouri. Kansas ard Texas ~
500; Missouri. Kansas and Texas pre-
ferred 500; New York Central a. 400 ,
Norfolk and Western $1,000 New York,
Ontario and Western 1890: Pennsylva-
MIA Railroad 81 500: PHILADELPHIA and
Reading $4,000; st. Louis and Southwest
ern preferred 800; Chicago MiIwauk ee
and St Paul n 800 Southern Pacific r.
200; Southern Railway ~ 200: Union Pa
cifc 99459. Wabash 1880. Wabash pre-
ferred q geo; Amalgamatnd Copper o.
COO; American Car on1 Foundrv 5000
BROOKLYN Rand Transit $4,000; Colorado
Fuel and Iron 12200; American Sugar
1000 Tennessee Coal and I"Cn 900:
United States Leather 1900; United
states Stool CORPORATION 40,450; United
States Stool CORPORATION preferred 90 500:
Western Union Telegraph Company S,Sa9.