The Saint Paul globe., 1897-10-23
THE BULLS AND BEARS A
DRAW.
NET CHANGES ALL NARROW.
THOSE ON THE SIDE OF GAINS
FEW AND FAR BE-
TWEEN.
SUGAR WAS A SUSTAINING FACTOR.
Chicago Gas Also Helped in the
Recovery, Which at One Time
Was Complete.

NEW YORK, Oct 22.-Today's stock mar
ket was contest between professional trad
ers, and the result shows drawn battle be-
tween the bulls and bears, net changes being
extremely narrow in almost all cases, those
on the side Of gains being very few. The
bulk of the days trading was done at level
Of prices very materially below that of yes
terday. The opening was at sharp declines
in sympathy with London, at which point
speculation was very dull, owing to the hard
ening tendency of the money market and
fears Of impending stringency there. The old
apprehension Of Spanish complications was
also used with good effect by the bear trad
ers. The declines Of the morning reached
point or over in large number of stocks,
including the leading industrials, the grang-
ers Union Pacific and the Southwesterns.
Union Pacific was affected by the reports of
the formation of an opposition syndicate to
bid for the property at the foreclosure sale.
The turn in the market came with a sharp
recovery in Chicago Gas, on a definite re-
port from Chicago that the control of the
threatened opposition had passed to friends
of the company. This stock was quite strong
during the remainder of the day. selling at
one time "a points above the lowest. Sugar
was also quite a strong factor, rising above
last nights close the estimated benefits
to accrue from countervailing duties on re-
fined sugars from foreign countries, which
pay a bounty. Union Pacific also was re-
heved from the early pressure by statements
from interests alleged to be Identical with the
opposition syndicate, denying their connec-
tion with it. Recoveries at one time during
the afternoon were complete in almost all
cases, but prices fell slightly below the best
and below last nights close in the final trans
actions. Dealings in Bay State Gas were on
notably large scale, very heavy blocks
changing hands. The fuctuation of the price
was limited to 2s.
There were times during the day when the
market was almost stagnant, and there were
no evidences Of any outside interest in busi-
ness. The money market tended towards an
easier tone, no call loans being recorded
above 2 per cent, though the asking rate is
still retained at 2a per cent by some banks.
Tomorrows bank statement is expected to
show marked increase in the surplus
serve. Over S., ,O00C COO of gold, which was re-
ceived from abroad last week, was not in
cluded in last weeks statement. The weeks
subtreasury operations and the interior move
ment have also resulted in a net gain to the
banks. Outside banks have continued to bid
in this market for commercial paper, which
may have led to a further decrease in the
loans of the bank. AS result of these op
erations, the statement is expected to-show
a handsome increase in cash.
Business in bonds was quiet and prices
moved in sympathy with stocks, but over q
narrow range Iron Mountain 5s and Oregon
Improvement issues were notably weak. Total
sales, 1880, 00O United States new As, reg
istered, were advanced q bid; United States
new As coupon, Is, and 5s, coupon, Is.
Total sales of stocks today were 261, 450
shares including: Atchison pfd, 5,115; Chesa-
peake & Ohio 1890; Burlington, 1855; L.
& N, 9,450; Manhattan, 7,716; Missouri Pa
cifc, 1906; N. Y. Central, 1920; Northern
Pacific pfd 1922; Rock Island, 1850; St. Paul
23, $50; ST. Paul & Omaha, $40; Union Pa
cifc, 1896; Tobacco, $3.50; Bay State Cas-
14,656; Chicago Gas, Al, 141; Sugar, 3O,S04; Ten
6,S10.
The following were the fluctuations of the
leading railway and industrial shares fu-
nished by G. H. F. Smith & Co., members
New York stock exchange and Chicago board
of trade: