The Saint Paul globe., 1897-09-28
GENERAL FOR THE ACTIVE
SHARE LIST.
RECESSION FROM THE BEST
EXTREME ADVANCES FOR THE
DAY BETTER THAN THE FINAL
SHOWING.
NEWS FAvoRs ADVANCING PRICES.
Greatest Share of Interest Attracted
by Conditions in the Money
Market-BOnd Rally.

NEW YORK, Sept. 27-The stock market
today shows very marked falling off in
activity, the total sales of stocks reaching
only 10000 shares. The diminished activity
was in part due to the observance of the
Jewish holiday in New York by many brokers
and operators. But there was besides dis
position on the part of many large interests,
which have recently been active in the mar
ket to stand aside for the time being and
allow prices to take their own course. The
professional element, which has now very
generally espoused the bear side, was not
active today. Prices rose after the opening,
in sympathy with the quotations received
from London, and there was also buying for
London account here. Later some traders
professed to be disappointed at the size of the
Increase shown in the August gross earnings
of the Omaha and that stock was sold down
sharply. The decrease in the freight tonnage
shipped eastward from Chicago last week
was also used as an argument for a de-
preston of prices. The market receded be-
low Saturdays close, under the influences,
the decline in Rock Island extending to IA,
but only to fractional amounts in other
stocks. There was also recession from the
best at the close so that the extreme ad-
vances during the day considerably exceeded
the net gain.
All the general news continued to favor
advancing prices and, free from pressure,
the market advanced in the afternoon to the
highest point of the day. The money market
continued to attract the greatest share of in
terest as the future course of speculation is
felt to largely depend on the supplies of
money. The tone of the market was some
what easier today, but, owing to the lack
of animation in the stock market, there was
of to
the interior continue in large volume and it
is believed this demand will not be ex-
hausted for some time yet. Several of the
leading banks in the city already show their
reserve reduced below the % per cent limit
and several others have almost exhausted
their surplus reserve. 1t is believed that
a further contraction of loans to a consider
able amount will be necessary to provide
against Withdrawals for use in the interior.
In looking for relief from possible stringency
to imports of gold, it is felt that the COM
parative ease of the London money market
must be considered as in some sort fictitious,
the rate being kept down with the purpose
of aiding the Indian government in floating
it's loan. Russia and Austria Hungary con-
t.nue in active competition for gold, and
there is a large balance in the Bank of Eng
land, which Japan has the power to with
it is believed Withdrawals of gold on a
large scale for shipment to the United States
VIII precipitate a sharp rise in the rates for
money and would thus induce the leaving Of
funds there by American creditors unless
the increase N money rates here was sufi-
cient to counteract this condition. The for
closure sale of the Union Pacific and the
withdrawal of $50, ,000 900 $40 000 900 of cash,
which it will necessitate, is a matter that
looms in the perspective of the money mar
ket Situation. Under these conditions it is
believed there will not be Immediately any
such resumption of activity in stock specu-
lation, as has characterized the market for
many months past. Todays advances run
from a fraction to over point in the active
shares, Consolidated Gas rising Az; Sugar. 8;
Minneapolis St. Louis lost 2A and B. G.
o. point.
Railroad bonds declined early in sympathy
with stocks, but recovered later. Total sales
$2,500,O 600. U. S. As commons of 1907 advanced
4 bid.
Total sales of stocks today were 372, $50
shares, including: Atchison pfd, II 273; C. &
O., SIPS; Burlington, 26,92S; L. G. N, IA, 1855;
Manhattan, 6,44O; Missouri Pacific, S,925; NJ.
X. & T. pfd, 1920; N. Y. Central, 6,22O;
Northern Pacific, 1900; do pfd II, ,575; North
western, 6,616; Reading, 1920; Rock Island,
21,27S; st. Paul, 24,150; st. Paul & Omaha,
62S5; Southern pfd, 7,446; Wabash pfd, 4,21O;
4,224; Chicago Gas, 1850; Sugar, 1850; T.
G. l., ALSO; Leather pfd, 3,41O; w. u,
$3.50; Chicago G. W., S,S52.
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 Chlcago board
of trade:
Closing prices are bid prices.