The Saint Paul globe., 1897-10-27
ERS FOCUSED ON UNION
PACIFIC,
CLOSE AT NEAR THE BEST.
ON THE DAYS DEVELOP
MENTS.
TONE OF THE MARKET STRONG.
RecOVeries Averaged u Point for
the Changers and Most of the
Active List.

NEW YORK, Oct. 26.-Trading in stocks
during the early part of the day was re-
strlcted in volume and the 1uctuation in
prices was narrow and irregular. The latter
part of the day saw quite an increase in
activity and a rise of prices to the highest
of the day, declines before the close being
small. Union Pacific continued to be the
center of interest in the market. 1t ruled
above yesterdays close all day and closed
this afternoon at near the best, and "a above
last nights close. The opening gain was
due largely to sympathy with London, which
sent higher quotation for the stock. The
belief gained ground as the day advanced that
the government and the reorganization COM
mittee would come to an agreement on the
basis of the committees expressed intention
to bid the full amount CT the governments
claim the line. The fact that this bid
leaves the governments claim of over s13,-
000,000 On the Kansas Pacific unprovided for
and the rumors that increased bids might
be made by other interests which would
provide for this Indebtedness caused some
feverishness in the speculation at times, as
the acceptances of such a bid by the gov
ernment would endanger the whole plan of
reorganization, in spite of the assertion OF
the committee that they were prepared to
carry it out even if the government should bid
in the Kansas Pacific. Late in the day re-
ports from Washington assumed quite defin-
ite form that the cabinet had resolved to ac-
cept the committees intended bid as a
minimum guarantee and withdraw the re-
quest for postponement of foreclosure sale
of the main line.
fall of S1s points in the price of the
Kansas Pacific consol 6s, trust receipts, was
the forecast of the news received later from
Washington that the committees agreement
with the government included an assent to
a postponement of the Kansas Pacific sale,
presumably with a view to giving the govern
ment an opportunity to secure bid on this
property that would provide for part or
the whole of its claim. AS the chances OF
a separate bid on the Kansas Pacific are
considered remote, the price of the consols
IS rallied per cent and closed at 92. Trad
ing in Union Pacific absorbed over a quarter
off the total sales of all stocks. Outside of
the grangers, Sugar, Chicago Gas and Bay
State Gas business was Of very small pro-
portions. The tone of the market was strong,
however and material recoveries from yes
terday's declines were made, averaging about
a point in the graEgers and other leading
stocks. Bay State Gas was weak.
decline in rates for call money and some
very favorable statements of railroad earn
ings for the third week in October assisted
the recovery. There were purchases for Len
don account of some CT the favorite inter
national stocks incident to the settlement
day on the London exchange. This served
to keep up the price of Louisville, in spite
of the continued decrease in its earnings,
on account of yellow fever quarantine. Pitts
burg, c. c., c. & st. L. was active and
strong and rose at one time per cent but
reacted slightly. Michigan Central was con-
spiCuous for an advance CT 22i. The better
tone for Americans in London taken
as re1eciing a decline of apprehension over
the Spanish relations with the United States.
Dealings in railway bonds were not large,
but the tone was firm, with the exception of
the Kansas Pacific bonds above noted. Total
sales, 81, 1,15O,000. U. S. new As were advanced
B hid.
To.al sales of stocks today were 246 700
shares, including: Atchscn pfd, 1906; Chesa-
peake & Ohio, 4715 Burlington, 1883; L. Il
NJ 1895; Missouri Pacific, 1910; NJ. K. &
7. ptd, S.115; New York Central, 6;151; North
ern Pacific pfd, 9,235; Rock Island, 1895;
st. Paul 1S,499; Union Pacific. 60.91O; Bay
State Gas, 14,1O0; Chicago Gas, 16015; Sugar,
Is. 7C0: Chicago G. W., $500.
The following were the fluctuations of the
leading railway and industrial shares fu"-
nished by C. H. F. Smith e. Co. members
New York stock exchange ard Chicago board
d..