The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-10-21
Financial.
Indication of an Attempt to Test the Mar
ket for "a Rise.

New York, Oct. 20.-To-day's market
looked very much as though an effort
We're being made to test it for q rise.
The professional traders have, many of
them, concluded that liquidation has
about run it's course and that there
has been cessation of the bear cam
paign. Opinions have differed among
the professionals as to whether condi-
tons in the stock market are ready
for sustained advance in prices
again. The bears made an abortive eff
fort early in the day to raid the mar
ket and directed an attack against SUI
gar and Chicago Gas. The failure Of
the raid encouraged the bulls to ag-
gressive action, and there were indica-
tons of the temperance in the mar
ket of some of the large buying inter-
ests which were prominent in the late
rise of the market.
This professional buying carried
prices up quite strongly, net advances
throughout the list ranging from l to 8
points. But the bulls were apparently
satisfied 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 We're in almost all
cases fractional The success of the
bears was frustrated in part owing to
the special strength in Sugar and Chi
cago Gas, upon which they relied to
work sympathetic decline in the bal
ance of the list. Sugar was strong on
the decision of the treasury department
to hold Dutch refined sugars condition
ally liable to the countervailing duty,
which applies to imported sugars upon
which an export bounty is paid.
Chicago Gas derived strength from
rumors of a compromise with the
threatened competition. The market
showed considerable increase of activi-
ty as compared with the last few days
but was still almost purely profession
al London changed from it's recent
attitude and sold stocks here. Addi-
tional reports of railroad earnings for
/ the second week in October all show
handsome increases and many vague
rumors were af1oat of still more strik-
ing improvements to be shown in state
ments not yet issued.
The large movement of cotton along
lines recently released from quarantine
restriction was shown by reports and
gave strength to the railroads affected.
The exchange market continued firm,
and the local money market was easy,
the small Withdrawals of American
eagles from the Bank of England for
shipment to New York not being con-
| sidered of Importance.
| Some business is being done in the
placing of loans on long sterling, which
effect the lending of money abroad.
| This naturally tends to keep up the
rate of exchange The continued ease
Of the local money market and the large
resources in hand by interior banks,
owing to the large payment of debts,
| following the crop movement, are the
inducements for thus deferring the
movement of gold this way The mark
ed net changes We're gains of 6 points
by Hooking Valley preferred, 2A by
Manhattan, 2 by Metropolitan Traction
and New Jersey Central, A by Rubber
preferred, 3 by Minneapolis and st.
! Louis second preferred and 21a by Pull
| man.
| Bonds were strong in sympathy with
! stocks. One $250,000 block of Union
Pacific collateral trust notes was sold
at SO, and another block of $15O,00O at
| the same price. The total sales were
81, 1926 1000
| United States new As advanced 4 bid
and the IS coupon declined 1s per cent
bid.
Following are the closing prices re-
ported by Prince & Whitley, bankers
and brokers, As Broadway, New York,
and Is Center street. New Haven:
/