The Saint Paul globe., 1897-10-22
WHAT LOOKED LIKE A STOCK
BULGE TURNED INTO A
SLUMP.
NET LOSSES IN GENERAL.
MOST OF THE ACTIVE
ISSUES.
A WIDE RANGE OF FLuCTUATIoN.
The Movement of Prices Conflicting
and Irregular Up to the Clos
ing Tumble.

NEW YORK, Oct. 21.-What looked at one
time today like resumption, in force, OF the
upward movement of prices came to an un-
timely end, in the afternoon, the Wall
street Interpretation of Spain's intention to
press for more stringent measures against
filibusters by the United States government.
Prices were carried quite materially above
last nights level at time during the
morning, the r.se extending to a point or
over on Sugar, Chicago Gas, Chesapeake &
Ohio and Cleveland Cincinnati, Chicago G
ST. Louis, and 2% in Consolidated Gas. With
the exception of Cleveland Cincinnati, Chi
cago st. Louis, the gains were entirely
wiped out in every important stock and de-
clines a point in many instances
and considerably over that in a number.
This makes up very wide range Of fluctua-
tfons for the day. and the movement of prices
was very vonflictng and irregular up to the
final decline.
There was good deal of commission house
buying reported during the morning, but the
market continued for the most part largely
professional Union Pacific was an clement
of weakness, its heaviness being caused by
the report circulated in the street of a
syndicate agreement being made contingent
on some further developments In the case.
Reports were also circuli OIL that money
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 was aided by the continued favor
able character Of statements of railroad earn
ings and rumors of statements yet to come.
But the question is arising in the minds of
dealers in stocks how far the present high
earnings are due to abnormal movement of
special commodities. 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 granaries and that the
settlement of the great soft coal strike is
bringing forward very heavy arrears of traf-
fc. He adds, cautiously: cit is impossible
to state now whether this improvement is due
to the prosperity cf the country. After the
abnormal business Is over, l will be better
able to state whether the Improvement is
likely to continue" There has been, Of
course, a marked Increase in the movement
Of general merchandise over the railroads, but
owners of shares in these properties are be-
ginning to question the extent Of this general
Improvement
Money continued distinctly easy in this
market, the bulk of the cal loans being
at about 2 per cent. No further imports of
gold are expected while European money
centers show the present relative stiffness of
rates, the tendency being all the time to in
crease the difference, as shown by the sharp
contraction in the Bank of England's loans
this week. Transactions today were a
small scale outside CT the industrial special
ties, the grangers and one or two other lead
ing railroad stocks, Manhattan, New Jersey
Central, the Starch stocks, Northwest, the
Pittsburg, Cincinnati Chicago & St Louis
stocks. Tennessee Coal, Rubber preferred and
Pullman were the notably weak points.
Transactions in bonds were dull and prices
in the main were firmly held. Dealings in
Union Pacific collateral trust notes were a
feature. Total sales, 81, 900, 900. United States
old As were advanced Is bid, the new As Il
bid, and the 5s registered q and the 5s
coupon Il.
Total sales of stock today were, 3oO, 200
shares, including: Atch:son, 0,O0O: do pfd,
$780, c. & o.. II .720; Burlington, 10, 40; c.,
c., c. & st. L., S,S15; l.. & N. $3.50; Man
haitian, 9549; Missouri Pacific 1897; N. Y.
Central, S,S65; Northern Pacific, S,612; Rock
Island. 1855; st. Paul, 2O,460; ST Paul &
Omaha, $40; Union Pacific IS, O55; Tobacco,
S,472; Bay State Gas, 12,115; Chicago Gas, 34,-
$40; Sugar. 1866; Western Union. 2j9; Ten
nessee Coal & Iron, 1854; Chicago Great
Western, 7,2C0.
The following were the fluctuations of the
leading railway and industrial shares fu--
nished by c. II. F. Smith & Co.. members
New York stock exchange and Chicago board
of trad