The daily morning journal and courier., 1897-09-14

through buying orders cabled from London. The buying by commission houses here was good, but aside from that the local operators sold heavily not only here but in London. The check to the decline here was credited to Lon don buying and the London favorites displayed great steadiness until too late for London dealings. Altogether London bought 50,0O0 shares.
 The stocks most largely bought by London were St, Paul, Kansas and Texas preferred, Union Pacific and Southern preferred, If it had not been Tor the upward tendency of prices at the opening in sympathy with the Lon don quotations, 1t is probable that net declines would be much greater than they are.
 Thus the extreme decline was points in Missouri Pacific, 21S in St. Paul, Rock Island and Northern Pacific pre- ferred 19s, Manhattan 2B, Mobile and Ohio 215, and in a large number of shares over point. The rise at the opening and @ partial recovery at the close makes the net losses less than this, but the average in the active stocks is little less than point.
 The good influence of the extra divi- dend last week on St, Paul was the cause of the London buying. The New York selling was attributed to yellow fever and to an apprehension that the Cuban question would again assume an acute phase at the cabinet meeting to- morrow. It was somewhat notable, however, that Louisville, which has shown most sensitiveness to yellow fever reports, closed with small gain
 That some enormous speculative holdings were In course of liquidation to-day was obvious and there is little ground to doubt that the owners were impelled to take profits by a conviction that prices have fully attained a level commensurate with developments af- fecting the value and earning power of the properties. The decline was en- couraged as much as possible by the bears and the effect of fierce raids was evident in a number of prominent stocks
 The bulls made an effort to check the decline by pushing Omaha, Kansas and Texas preferred and Northwest, but were only partially successful. Omaha was lifted 2A, Kansas and Texas pre- ferred the same amount and Northwest 1&. All three reacted sharply, but were left with substantial net gains. Quite a firm tone also, was evident in the coalers and the group closed fraction ally higher. Tennessee Coal and Min nesota Iron were markedly heavy. H. linois Steel and Colorado Fuel made sharp gains. Local gas stocks showed weakness, East River declining S% and Brooklyn Union points. The indus trial stocks generally shared in the weakness of the market, Lead leading the decline with loss of points.
 Features of the day were fall of A cent in the actual rate of sterling ex- change and hardening of the rate for call loans to 2 per cent, with excep- tions at 21a per cent Silver scored a further sharp recovery of 11s cents In New York and $ penny in London.
 Speculative mortgages scored sharp declines, but high priced bonds held firm. Total sales, $3,600000.
 United States new fours declined 1s in the bid price.
 Following are the closing prices re- ported by Prince & Whitely, bankers and brokers, 46 Broadway, New York, and 15 Center street, New Haven
 Bid Asked