The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-10-22
Financial.
Yesterdays Stock Market Opened Strong,
but Fell OFF in the Afternoon.

Dut yell Ou IN the Afternoon.
New. York, Oct. 21.-What looked at
one time to-day like a resumption in
force of the upward movement of prices
came to an untimely end in the after
noon on the Wall street Interpretation
of Spain's reported intention to press
for more stringent measures against
filibusters by the United States govern
ment and to call thissgovernmen to ac-
count for the success of filibustering ex-
petitions. 3
Prices were carried quite materially
above last nights level, at one time
during the morning the rise extending
to a. point or over in Sugar, Chicago
Gas, Chesapeake and Ohio and Cleve-
land, Columbus, Cincinnati and st.
Louis, and 2% In Consolidated Gas.
With the exception of Columbus, Gin
cinnati and ST. Louis the gains were
, entirely wiped out in every important
stock, and net declines are nearly q
point in many prominent instances and
considerably over that in number of
cases. This makes UP a very wide
range of fluctuations for the day, and
the movements of prices were very con-
ficting and irregular up to the final
decline. There was a good deal of COM
mission house buying reported during
the morning, but the market continued
for the most part largely professional.
Union Pacific was an element of
weakness, it's heaviness being caused
by the reported circulation in the street
of a syndicate agreement to provide
means for an opposition bid at the
foreclosure sale. The terms of the
agreement were said to be largely con-
ditional, the subscription being made
contingent on some further develop
ments in the case. Reports were also
circulated that money was being raised
for this purpose in London. Selling of
stocks for London account was more
or less of a drag on this market.
The early rise in the market was aid
ed by the continued favorable charac-
ter of statements of railroad earnings
and by rumors of statements yet to
come. But the question is arising in
the minds Of dealers in stock how far
the present high earnings are due to
abnormal movements of special COM
modities.
The president of one Of the great
trunk lines points out that the rise in
the price of wheat led to quick and
heavy unloading of western graneries,
MT Of ha
soft coal strike is bringing forward
very heavy arrears of traffic. He adds
cautiously: "It is impossible to state
now whether this improvement is due
to the prosperity of the country. After
the abnormal business is over I will be
better able to state whether the i'm
provement is likely to continue"
There has been, of course, a marked
increase in the movement of general
merchandise over the railroads, but the
owners of shares in these properties
are beginning to question the extent of
this general improvement. Money con-
tinued distinctly easy in this market,
but the bulk of the call loans were
made at about per cent.
No further imports of gold are ex-
pected while European money centers
show the present relative stiffness of
rates, the tendency being all the time
to increase the difference as shown by
the sharp contraction in the Bank of
EngIands loans this week. Transac-
lions to-day were on a small scale out
side of the industrial specialties, the
grangers and one or two other leading
railroad stocks. Manhattan, New Jer-
sey Central, the Starch stocks, North
west, the Pittsburg, Columbus, -lncin-
natl and st. Louis stocks, Tennessee
Coal, Rubber preferred and Pullman
were the notably weak points.
Transactions in bonds We're dull and
| prices in the main were firmly held.
Dealings in Union Pacific collateral
trust notes were feature. Total sales
| 81, 100000.
United States old As were advanced
Is bid, the new As 4 bid and the SIS
registered Is and the SIS coupon u.
Following are the closing prices re-
ported by Prince & Whitley. bankers
and brokers, 46 Broadway, New York,
and Is Center street, New Haven: