The herald., 1897-10-28
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, Oct 27.-The stock market
looked strong for time today, and the
level of prices, soon after noon, rose a
point over and above last nights closing
in many stocks. But a renewal of re-
ports that the Spanish reply to the rep
resentations of this government was of
a tenor that threatened trouble caused
the market to sell off TO point as much
below last nights level as it had been
above in the morning This represented
a very wide range in the fluctuations, ex-
tending to 4 points in Consolidated Gas
and about points or over in Union Pa
ciic, Sugar, Pacific Mail and several other
stocks. and over a point for nearly all
stocks. Union Pacific continued to alb
sorb a large share of speculative interest
and fell during the day to within Is of
the low point of Monday when the gov
ernments announced intention to post
pone the foreclosure sale was regarded as
threatening the collapse of the whole re-
organization plan. The weakness of the
plan was due to a remark from sources
near the reorganization interests that the
increased bid for the property would in
volve their taking up a corresponding
amount of the proposed new securities
which would otherwise have accrued in the
treasury of the reorganized company This
would of course, place a corresponding
proportion of the fixed charges ahead of
the stock of the reorganized company.
The suggestion also found currency that
the committee might decide to increase
the issue of the first mortgage bonds
above the s75,O0OOOO proposed, notwith-
standing the reorganization committees
announcement of Monday that no change
in the plan of reorganization is involved
by its determination to bid in the Union
Pacific's main line for the full amount of
the government'e claim. Whatever the
foundation for the rumor, it helped to de-
press the price of the stock to what it
was before the second s. assessment was
recently paid. London was also seller
of the stock today in this market. in con-
trast with It's attitude of yesterday. Ar
bftrage brokers. in fact, sold most of the
international. stocks while prices remained
above the London parity. Sterling ex-
change yielded 5s in the actual rate for
demand bills and " in posted rates. Prices
of railroad bonds were firm in the 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.
Expectation that December wheat would
go to dollar was almost realized today,
as the market in the last hour touched 80.
about bushel over last night. Scattered
selling by early purchasers, however final
ly stopped the advance. Statistics at home
and abroad and reports of large export de-
mands at seaboard and interior points were
the factors. Shipments from Atlantic ports
during the past three days have been over
$780, 900 bushels (wheat and -four, while
northwestern receipts are way behind last
Year The winter wheat crop news added
emphasis to the bull position. Rumors to-
day of December manipulation and a pos
sible reduction in French duty also helped
the advance. Moderate realizing just be-
fore the close left prices as off from the
top. but 1d1ss higher than last night. The
range on December was 977sGI99, closing at
9Sss. Total sales were 5,395, 900 bushels.