The Saint Paul globe., 1897-10-21
TESTED fee9 ee9 A RISE
FLYER BY THE BULLS TO TRY THE
TEMPER OF THE STOCK
PIT.
BEAR RAID WAS ABORTIVE.
LONGS ENCOURAGED BY THE FAIL
URE TO COME INTO THE
MARKET.
GAINS CONFINED TO FRACTIONS.
Profit Taking just Before the Close
Brought Prices Down From
the Days Best.
BEAR RAID WAS ABoRTIVE.
GAINS CONFINED TO FRACTIONS.

NEW YORK, Oct. 2O-Today's market
looked very much as though effort was
being made to test it for rise. Many of
the professional traders have concluded that
liquidation has about run it's course and
there has been cessation of the bear cam
pa!gn. Opinions have differed among the
professionals as to whether conditions in the
stock market are ready for a sustained ad-
vance in prices again. The bears made an
abortive effort early in the day to raid the
market and directed an attack against Sugar
and Chicago Gas. The failure OF the raid
encouraged the bulls to aggressive action
and there were indications of the reappear-
ance in the market of some of the largest
buying interests which were prominent in
the late rise. This professional buying car
r1ed prices up quite strongly, net advances
throughout the list ranging. from 1 to 8
points. But the bulls were apparently salts
fed with short turn and they commenced
to sell to realize profits about half an hour
before the close. This carried prices down
in some cases below last nights close and
where net gains remained they were in al
most all cases fractional
The success of the bears was frustrated in
part, owing to the special strength in Sugar
and Chicago Gas, upon which they relied
to work a sympathetic decline In the bal
ance of the list. Sugar was strong the
decision of the treasury department to hold
Dutch refined sugars conditionally liable to
the countervailing duty which applies to i'm
ported sugars upon which an export bounty
is paid. Chicago Gas derived strength from
rumors of compromise with the threatened
competition. The market showed consider
able increase of activity as compared with
the last few days, but was still almost pure
ly professional London changed from it's
recent attitude and sold stocks here. Addi-
tfonal reports of railroad earnings for the
second week in October will show handsome
increases and many vague rumors were afoat
of still more striking improvements to be
shown in statements not yet issued. The
large movement Of cotton along lines recently
released from quarntine restriction was shown
by reports and gave strength to the railroads
affected. The exchange market continued firm
and the local money market easy, the small
Withdrawals of American eagles from the
Bank of England for shipment to New York
not being considered of Importance. Some
business is being done in the placing of loans
on long sterling, which is in effect the lend
ing of money abroad. This naturally tends to
keep up the rate of exchange. The con-
tinued ease of the local money market and
the large resources in hand by interior banks,
owing to the large payment of debts follow
Ing the crop movement, are tne Inducements
for thus deferring the movement of gold this
way.
The marked net changes were gains of
points by Hooking Valley pfd; 2a4 by Man
hattan by Metropolitan Traction and N.
]. Central; by Rubber pfd; by Mime
apolis st. Louis second pfd, and 212 by
Pullman. a..-..
Bonds were strong in sympathy with stocks.
One $780, 900 block of Union Pacific collateral
trust notes sold at SO, and another block
of $150,000 at the same price. Total sales,
$2,325, 600. United States new As advanced
"A bid and the 5s coupon declined 1s bid.
Total sales of stocks today were 4C2, 200
shares, including: Atchison pfd, S,140; Chesa-
peake & Ohio, 40,0S5; Burlington, q, ,12O; L.
& N, IA, 1868; Manhattan, 1860; Missouri Pa
cffc, 24,590; N. j. Central, 1903; N. Y. Cen
tral, II sos; Northern Pacific pfd, II, 195;
Northwestern, 4,O1O; Ontario & Western,
3,127; Reading, 31sO; R. l., 1928; St. Paul,
3777O st. Paul & Omaha, 1850; Southern pfd,
1920; Union Pacific, 9,720; Wabash pfd, 1920;
Tobacco, 1928; Bay State Cas- $780, Chicago
Gas, 3S,4S0; Pullman 1892; Sugar, 3,291;
Tennessee Coal & Iron, 5,225; Western Union,
4S05; Chicago G. W., 1135.
The following were the fluctuations of the
leading railway and industrial shares fur
nished by C. H. F. Smith & Co.. members
New York stock exchange and Chicago board
0f trade.