The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-10-09
TIE INFLOW OF GOLD
THE YELLOW TIDE TURNING THIS
WAY IN AN ABUNDANT
STREAM.
FOUR MILLIONS IN ONE DAY.
EFFECT OF THE IMPORTS ON THE
STOCK MARKET VERY
SLIGHT.
PRICE CHANGES VERY NARROW.
In General They Were Gains, But
Dizziness Was Characteristic
of the Market.
FOUR MILLIONS IN ONE DAY.
PRICE CHANGES VERY NARROW

NEW YORK, Oct. 8.-The bulls were ap-
parently impressed with belief at the open
ing of the stock market today that the be-
ginning in force of the import movement Of
gold, would effect a turn in the market and
send prices upward again after the longsus-
tanned reaction. Their confidence was disSi-
pated very soon after noon and the market
became Iifeless. Business was of the lghtest
possible description, and fluctuations were
narrow and unimportant, many prominent
stocks being entirely neglected. Total sales
for the day for all stocks were $50, 0C0 shares
The bears have apparently come to the end of
their campaign, and there is no large buy
ing contingent ready to take stocks even at
the low level. The market seems in fact, to
have swung to a standstill
The announcements made today of gold en-
gagged for import footed up to total of
81, $50 0G0, and Of this amount al but $780,,
COO comes from London Today's engage
ment of $1,5G00OO in Paris is the first to
come from that center on the total move
ment which now foots up to coo. This
is entirely at variance with all the prophesies
made by the financial authorities who have
foretold that London would easily be able to
shift the demand for gold from the United
States upon Paris. London has apparently
viewed with great equanimity the increasing
demand upon its gold reserves. The Bank
of England has gone on expanding its loans
in the face of the continuous drain upon its
geld and no change was made on Thursday
in its rate of discount. The open market
discount rate in London has remained about
steady up to today, when it hardened slight
ly and the same thing was true in Paris, in
response to the gold engagements The erect
in New York, while it was almost unappre-
ciable on the stock market, was perceptlble
in the money and exchange markets. Time
money was distinctly easier, rates being low
er at 8 per cent for sixty days, and up to 6
for four and six months. Actual rates OF
sterling exchange advanced Ac and posted
rates Zee.
Tomorrow bank statement is expected, to
show a less marked contraction of loans ana
a smaller falling off in deposits than mas
been the case for two weeks past, as re-
suit of the demand for currency frcm the IN
terror. This demand has been less during
the week. and the banks have not been a.
the necessity of calling in so many loans 10
protect their reserves.
Dealings in the stock market were largely
confined to the industrial stocks, and to the
specialties and the net changes, Though Tor
the most part gains, are small except IN a
few cases. Chicago Gas again AFFORDED near
" one-third of the dealings and recovered
Ia of Yesterdays decline. Consolidated Gas
improved per cent, General Electric L point
and Manhattan IN
The bond market shows more life than the
stock market. and prices were firm. Total
sales were $1.5OO,G0O United States, old As,
registered advanced Is bid and the 5s reg
istered the same. oo
Total sales Of stocks today were 252,SO
shares including: Atchison, II no; Atch:son
preferred, 7,457; Burlington, 1929; L. & N n,
25OO; Manhattan, 4. $40; Missouri Pacific 5'oIo;
New York Central, 1862; Northern Pacific
preferred, 6,SOS; Rock Island, AS; st. Pau,
Is, $50; Union Pacific. 4,3G0; Tobacco, IL, 2So;
Bay State Gas, 7,45O; Chicago Gas, SO:Szo;
sugar, 10 100; Chicago Great Western, 5,O5O:
l. 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 Chicago board
of trade
Closing are bid prices.