The Saint Paul globe., 1897-10-01
SHARP NET LOSSES THE RULE FOR
THE ACTIVE STOCK
LIST.
RALLIES VERY HALTINe
Up-TURNs FOLLOWED BY AN AL
MOST TOTAL CESSATION OF
TRADING.
TO THE ROOM TRADERS
The Public Out of the Market Ex-
cepting Where Stop-LOss Or
ders Were Uncovered.

NEW YORK, Sept. 30.-There were no
signs of anything in todays stock market
to give encouragement to the hope of those
who profess to believe that the market has
run it's course so far reactions is con-
cerned and is ready to resume its upward
course. The character of the dealings did
not differ in any respect from those OF yester-
day. Prices were raided down with great
facility and the declines invited large offer
ings. The slight rallies which occurred, on
the contrary, led to an almost total cessa-
tion of activity and the upward course of
prices was halting and difficult. The net
decline achieved today is much greater than
that of yesterday only because the bears
reserved their greatest efforts for the last
half hour of trading, leaving no opportunity
for recovery before the close. This was
apparently owing to an excess of confidence
on the part of the BEARS who were con-
tent to leave their short contracts uncovered
over night instead of realizing Immediately.
The market continued almost wholly profess
sional and the dealings seemed to be con-
fined to the room traders, except where
the sharp declines covered orders placed to
stop losses. These were in large volume
and aided materially in the decline
feature of the day was the reversal OF
the position of the operators for the London
account, who were sellers today. London
prices also came lower and this was said to
be due to a resumption of the selling there
for New York account, which was so per-
sistently adheared to up to a short time
since Some of the selling in London was at
tributed to Paris orders, owing to monthly
settlement in progress of that center
The statement of earnings of the Burlington
for August had been expected to check the de-
cline in prices. But favorable as it was it had
not only been fairly discounted, but eXag-
gerated reports of the great extent of the
improvement had been put in circulation for
effect on speculation. The actual result
showing an increase in net earnings for the
month of $344, ,276 is ample indication of the
enormously increased traffic which is being
handled by the railroads. Other August in
creases in net earnings reported during the
day were: Erie, 100000; st. Joe Grand
Island, S33, 1898, and Chesapeake & Ohio $43,
056. Weekly earnings to hand for the third
week of the current month were equally
encouraging, the improvement extending even
to some of the soft coal roads, which have
long suffered from the depressing conditions
in that trade. The resignation of the Spanish
ministry and the prospects of a liberal gov
ernment in Spain were accepted as tending
to ameliorate the relation between that coun-
try and the United States and the news that
COHcllldIOry proposals lTOIn tne CuDdu luSuT-
gents had been received at Madrid also tend
ed to deprive the bears of their pet weapon,
the Cuban question.
Values of railway mortgages held firm,
against the decline in stocks, on reduced
dealings. Total sales reached only 81 225, ,000.
Government bonds were strong, the new and
the old As and the 5s were advanced 1s to u
bid all around. There were sales of the
new As coupon at 1861 to 1854.
Total sales of stocks were 393, 200 shares
including: Atchison pfd, 9,s21; Burlington,
41,614; Hooking Valley, 10000; L. & NJ, 3,9OO;
Manhattan, 7,173; Missouri Pacific, $3.50;
NJ K. G T. pfd, 3.6S5; N. Y. Central, 7,150;
Northern Pacific, 4,746; do pfd, 1880; Read
ing, 6; ;210; Rock Island, 1885; St. Paul, 25,-
270; Southern, 4,S45; Union Pacific, 1868;
Tobacco, 4,315; Chicago Gas, $500; Consoli-
dated Gas, 1895; General Electric, $500;
Sugar, 25,115; T. c. & l., 4,055; Chicago G. w.,
5000.
The following were the fluctuations of the
leading railway and industrial shares, fur
nshed by C. H. F. Smith G Co., members
New York stock exchange and Chicago board
of trade:
Closing are hid nriceS