The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-11-19
STOCK TRADE DEAD
PRICES HAVE APPARENTLY COME
no A CONDITION OF EQUI-
LIBRIUM.
HIGH GRADE BONDS WANTED.
EASE OF THE MONEY MARKET RE-
ELECTED IN THE INVEST
MENT DEMAND.
HIGH GRADE BONDS WANTED.
DAYS PRICE CHANGES THRILLING.
Volume OF Business Even Smaller
Than on the Previous Day
Gains General.

NEW YORK. Nov. 1S-The volume Of
transactions on the stock exchange today was
even smaller and changes in prices even less
than yesterday. Prices Of securities have APP
parently come to a condition of equilibrium,
and speculation is, for the time being, dead.
Even the small changes in prices which &C.
Cured today, nearly all gains, were due to
the manipulative operations with which the
room traders amused themselves. AS these
operations involve the matching Of buying
order with corresponding selling order. for
the purpose of attracting outside buying or
selling, the net result, in the absence OF the
outside operations, is very close to nothing
Sugar displayed some speculative strength on
account of buying attributed to Washington
account and Consolidated Gas flashed up and
down in It's customary meteoric style, jump
ing at one time to points and reacting IL.
The coalers were weak on rumors that there
were obstacles in the way Of the proposed
agreement to restrict the output. Although
speculative buying was restricted, there con-
tinued to be evident buying Of very high
grade bonds. This class Of buying is nat
ural outcome Of the easy condition OF the
money market, and the doubtful OUTLOOK for
speculation, Bond houses report that there
are quite large offerings Of these bonds TOT
foreign account, the foreign houses oeihg
tempted by the high range of prices existing
IN tl1S ndThGI, 1t IL QuilS POSSADAS SAA0eN $500
class of settling for foreign account has much
to do with keeping up the rate of exchange in
the face Of conditions that would tend to
weaken 1t, The trade balance In our FAVOR
for three months, including october, is nearly
s165, 600 600.
London has been buyer in this market
of low-priced speculative securities during
the last few weeks as IT was today. Forelgn
capital is known to have quite large inter
est in the Union Pacific Reorganization syndl-
cate and payments from abroad in proper
ton are due in this market. The operation
Of borrowing money on sterling exchange,
which tends to keep up the rate of exchange,
has apparently ceased. The continued main
tenance of the rate Of exchange above the
gold import point under these circumstances
is not easy to understand, but sales LOT 1or-
eien account of high grade investment bolas
would aid in explaining II. report from
Chicago that there Is talk there OF a reduc-
tion in interest rates on bank balances TO Ia
per cent shows that the abundance OF money
extends to the interior. The imminence OF
the first payment Of nearly $13,OV0OOo by the
Union Pacific committee to the government
has made no impression Whatever on inc
local money market. 81,
continued markedly favorable. notably in the
oaSa oF Southwestern and far western ral4-
roads. and of the soft coal roads Reports
from the West indicate that the lerge earn-
inos are due in no small part to the west
hoTnd movement of merchandise showing the
activity and general business. With va the the
Of deducted the S5a Of s 5
loI p 1n9 were more active in proportion than
staeks npro being shown in the high
sI9IhS issues. Total sales, $1,2oOOOO u s.
S. registered, declined y bid bid, wers 147 600
Tot, Total i SargS Burlington, s715 Read
ine Z $50; Rock Island, 1850; St. Paul Si
q 40. PEOPLES Gas, 1885; Consolidated CAS-
$3.50; Sugar, 39,45O.
The following were the fluctuations tons Of I'll, the
loading railway and industrial shares, b bors
nished by G. H. F. Smith and Chicago board