The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-10-28
STOCKS SOLD DOWN
SHARP NET LOSSES AFTER A
HIGHER PRICE LEVEL AT
MIDDAY.
DAYS FLUCTUATIONS WIDE.
RANGE OF POINT FOR NEARLY
ALL OF THE ACTIVE
SHARES.
A BEAR DRIVE ON UNION PACIFIC.
Forced Down to Within an Eighth
of the Low Point of Monday
Bonds Firm.
A BEAR DRIVE ON UNION PACIFIC.

NEW YORK, Oct 27.-The stock market
looked strong for time today, and the level
of prices after noon rose a point or over
above last nights close in many stocks. But
renewal of reports that the Spanish reply
to the representations of this government was
of a tenor that threatened trouble, caused the
market to sell off point, much below
last nights level as it had been above it in
the meyning. This represented a very wide
range in the fluctuations, extending to points
in Consolidated Gas and about 2 points or
over in Union Pacific Sugar, Pacific Mail,
and several other stocks, and over a point
for nearly all stocks.
Union Pacific continued to absorb large
share of speculative interest, and fell during
the day to within Is of the low point of Mon
day when the governments announced in
tention to postpone the foreclosure sale was
regarded as threatening a collapse of the
whole reorganization plan. The weakness OF
the stock was due to a report that the in
creased bid for the property would involve
taking a corresponding amount of the pro-
posed new securities, which would otherwise
have accrued to the treasury of the reorgan-
lied company. This would, of course, place
corresponding proportion Of fixed charges
ahead of the stock of the reorgan.zed com
pany. The suggestion also found currency
that the committee might decide to increase
the issue of first mortgage bonds above the
SIS, 100000 proposed notwithstanding the asser-
ton of the reorganization committees an
nouncement of Monday that no change in the
plan of reorganization is involved by their
determination to bid in the Union Pacific
main line for the full amount of the govern
ments claim. Whatever the foundation for
the rumor it helped to depress the price of
the stock to about what it was before the
second So assessment recently paid. Lon
don was also a seller of the stock today in
this market, in contrast to its attitude of
yesterday
Arbitrage brokers, in fact, sold most of the
internationals, while prices remained above
the London parity. Sterling exchange yielded
CSC in actual rate for demand bills and 12c in
posted rates. There was said to be some liqui-
dalton of exchange which has been recently
purchased for use a collateral with view
to leaving funds in London at the rate of in
terest prevailing there
The abatement of St. Paul net earnings
for September, showing an increase of over
$l4l,00O, and rumors of the heavy increase
to be shown by the forthcoming Burlington
statement, were factors in stiffening the mar
ket about noon. The speculation in Burling-
ton was the more active, rumor being free
to eNpaDdsthe earnings in the absence of ac-
curate information. The stock rose at one
time ~, and there was over 40 900 shares
dealt in, against 43, 900 in Union Pacific These
two stocks absorbed one-third of the total
transactions.
Prices of railroad bonds were firm in early
dealings, but eased off in sympathy with
stocks at the close. Total sales, 81 400, 600.
United States bonds were quiet and un-
changed.
The total sales of stocks today were 26S,9OO
shares, including: Atchison pfd 1858; Bur
lington 49, REQ; L. & NJ, 6,465; Manhattan,
4770 Missouri Pacific. S,075: New York Cen
trail, 1920; Northern Pacific pfd. 7.721; Read
ing. 1890 Rock Island, 1920; st. Paul, 2210O;
Union Pacific, second assessment paid, A. 900;
Bay State Gas. IA sos; Chicago Gas, % 6S6:
Sugar, 10 42O Chicago Great Western $500,
The following were the fluctuations OF the
leading railway and Industrial shares fur
nished by G. n. F. Smith & Co.. members
New York stock exchange and Chicago board
of trade: