The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-23
NO SAGGIHG PRICES
NET GAINS FOR STOCKS IN SPITE
OF THE MARKETS DULL
NESS.
SPECIAL SHARES STRONG.
CoALERs, INDUsTRIALs AND TRAC-
TIONs ALL GAVE SUPPORT TO
THE LIST.
NEW DECLINE IN EXCHANGE RATE
Owing to the Rates for Money
Abroad There Is No Talk of
Gold Imports.
NEW DECLINE IN EXCHANGE RATE

NEW YORK, Dec. 22.-There was nothing
in today's stock market to refute the opinion
generally held In Wall street that speculation
in securities will continue dull until after
the first Of the year and the release Of some
Of the funds at present locked up in large
financial operations. Sagging prices are gen.
orally the accompaniment Of such market,
but there was sufficient strength IN special
stocks, due to special causes, today to act
as sustaining force on the general list and
net gains are the rule in consequence. The
marked features in the trading
centers and the greatest strength were
the local traction companies. The
motive for the buying Of these stocks
were the reports Of business compromise
between the Metropolitan and the Third Ave-
nue. companies and a belief that the chances
were not good for the success Of the under
ground transit scheme. Third avenue was
benefited to the extent Of points and
Metropolitan street railway over points.
Manhattan rose points, but lost fraction.
The coalers were also aggressiyely strong
and Showed gains Of between one and two
points, the Reading Issues being especially
prominent. There were vague rumors Of an
intended dividend on Readings first pfd stock.
which influenced the trading. The inductrlals
generally showed net gains of quite large
fractions. The statements OF estimated earn
ings for the last quarter of the year of the
several Vanderbilt railroads were viewed I'M
favorably and acted as something OF a drag
on the railroad list. In view OF the large
business known to have been done by the
roads the small increase in gross earnings,
and IN the case of Canada Southern an
actual decrease, were taken as indicative Of
rates for traffic such as promised only an
unsatisfactory return to owners. This was
partly Offset by the November statement OF
Northwestern. showing an increase in gross
earnings of $725,S77. Reports OF the adjust
ment OF differences between Ohio soft coal
roads were heard with satisfaction amongst
holders Of railroad securities.
Call loans were made today at rates rang
Ing between and per cent and there was
further decline In exchange posted rates.
both long and short sterling. being marked
down "a and actual business being done
at a decline Of Il for cable transfers and
long sterling at the time OF the gold import
movement last September did not fall below
in London at that time than now. The
present stiffness in the money market, 1t Is
believed, will be only temporary and the COM
pletion of the operations connected with the
Union Pacific settlement and the disburSe-
ments incident to the beginning of the year
will give relief. For this reason the weakness
of exchange has not induced talk of gold
on the way from Australia to San Francisco.
The bond market was comparatively in
active especially in some of the favor1te
speculative issues. but prices were well main
tanned. Total sales. S1,400.000. U. S. new As
coup declined 70 bid.
Total sales of stocks today were 1874 100
shares. including: Burlington, II, 767; Man
haitian, 24,925; Metropolitan, SAB; N. J. Cen
trail, ISIS; Northern Pacific, 4.726: Northern
Pacific pfd, 4,726; Ontario & Western, 7245;
Reading, 5000; st. Paul. 1850; Chicago G.
W., $500; Sugar. 1880.
The following were the fluctuations OF the
leading railway and industrial shares fur
nshed by C. H. F. Smith & Co., members
New York stock exchange and Chicago board
of trade: