The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-09-24
RECOVERY IN STOCKS SUDDENLY
ARRESTED BY THE WITH
DRAWAL OF SUPPORT.
AVERAGE LEVEL LOWER.
NET LOSSES CONFINED TO FRAC-
TIONS, WITH GAINS IN EN-
CEPTIONAL CASES.
GOLD IMPORTS MUCH DISCUSSED.
At Present Rates No Profit Is APP
parent in the Transactions
Bonds Less Active.

NEW YORK, Sept. 23.-The recovery in
prices, which began yesterday, was continued
today, during the earlier part of the session
of the stock exchange, and the advance of
prices of all stocks was apparently in full
force again, until the afternoon, when the
support seemed to be withdrawn from the
market and prices fell away to a general
level below last nights close. The rise was
stimulated by the announcement that local
bank had engaged 81, 900, 600 in gold in France
for import to this country, making total
with yesterdays engagement of $1,000, 900 gold
due to arrive. Receipts of gold reported from
San Francisco as arriving there from Aus
tralia helped the recovery. The action of the
Bank of England in advancing its rate of
discount u to 21k per cent was anticipated
in view of the continued depletion of its
gold holdings, and the additional strain of
yesterdays withdrawal for shipment to this
country. Yesterdays rise in prices had
stimulated the placing of some outside orders
with commission houses and their execution
was the sustaining factor during the morn
ing.
The strength of Sugar, which rose nearly
points on the reported intention of the
treasury department to apply the counter
vailing duty on Dutch refined sugars
helped along the rise. There was support
afforded the market all through by heavy
buying of some of the bull operators who
have been conspicuous in the recent rise.
The affect of the gold import movement was
largely dissipated during the day by a
skepticism as to it's natural character. The
exchange bankers who usually handle the
movement of gold both import and ex-
port, were unanimous in the opinion that
at the ruling rate of sterling and continental
IF in
Paris, there was no profit in the importation
of gold and the figures Of most of them would
indicate quite heavy loss on the operation
Much curiosity was expressed as to the identi-
ty of the clients for whom the banks are
making the importation and the opinion
was quite freely expressed that the opera
tons were designed entirely to influence the
price Of stocks. The failure of the exchange
market to harden under the announcement
was quite noticeable Equally so was the
continued firmness Of rates for call money
which became pretty we'll established on the
basis of 8 per cent.
Besides the sharp rise in Sugar, Console
dated Gas at one time was 81 points up
and Brooklyn Union Gas nearly 8 points
There were other gains exceeding the aver
age but none of them were retained except
Hooking Valley, Delaware & Hudson, c., C.
d st. L., Laclede Gas and SuSquehanna q
Western pfd, which gained a point or over
The losses, also, which were numerous, were
confined to fractions except in the case of
Brooklyn Union Gas and Baltimore & Ohio
among the active stocks. Among the less
active stocks gains of a point over were
showed in Cotton Oil pfd, Lake Shore, Min
neapolis & st. Louis (2A), ditto on second
preferred, Norfolk & Western pfd, Oregon
Navigation pfd and Pullman. Rumors were
disseminated late in the day that further
engagements for gold for import had been
made but exercised no influence on the mar
ket.
Dealings in bonds showed a falling off in
volume and prices moved in sympathy with
stocks. Total sales 50, 800, 600
The total sales of stocks today were 541,-
400 shares, including Atchison, AGO; do pfd
4,70S; B. O., 1856; Canada Southern
$3.50; G. & O., 4,260; Burlington, 21,94S; Big
Four. 1920; Hooking Coal, 800; Hooking Val
Missouri Pacific. 11,792; NJ. K. & T. pfd,
$3.50; N. Y, S. & W. pfd 1926; N. j. Cen
trail, 5,755; N. Y. Central, 1885, Northern Pa
cific, II, us; do pfd, %, 500; Northwest, 1875;
Reading, 26161; Rock Island IA 30; st. Paul,
29,S25: Southern pfd, $685.; Union Pacific 3D.
800; U. p, D. e G., S,170; Wabash pfd A.
2S0; W. & l.. E., 12,050 American Cable, $50;
Cotton Oh, 400; do pfd, 200; Spirits $50;
Tobacco $3.50; Bay State Gas, 10, 090; Chicago
Gas, 6,120; Consolidated Cas- 4,230: Lead
1855; Pacific Mail, $3.50; Sugar, Y, 425; T. C.
& l., $3.50; Leather pfd, 1,620; w. u, 9,OOS;
c. G. W., 1927.
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