The Saint Paul globe., 1897-10-15
AFTER EVERY STRUGGLE
TO RISE.
MARKET WAS PROFESSIONAL.
NET LOSSES RANGED FROM ONE
TO TWO POINTS ALL
THROUGH.
FIRMEsT TONE IN THE LAST HOUR.
In the Final Ten Minutes the Level
of Values Was Once More
Depressed.

NEW YORK. Oct. H.-The action Of prices
in today's market might be likened to the
toilsome and arduous efforts of a weakened
animal to climb to secure station, only to
be continually tumbed backward by single
hostile stroke. The ready success Of the
bears in depressing prices led them OCCASION
ally to take profits. These spasmodic cover
ing movements were achieved without effect
ing any marked change in the general level
of prices, and the upward course soon re-
suited in an almost stagnant condition. There
would be a spirit of activity whenever the
bears renewed their raid, and, apparently, the
desire to sell only ceased when the bears
ceased in setting the example by short SELL
ing. Chicago Gas continued to occupy by
far the largest share of attention and ranged
over AS points during the day Large sup
porting orders were in the market at the
opening SO that the initial sa-es were at
fractional advance over last nights close.
But this was the highest quotation of the
day, and the majority of the dealings were
at a level considerably over a point below
last nights close. Sugar, which came next
in point of activity, was also under very
heavy pressure, and declined at one time
points below last nights level.
The frmest tone of the market during the
day was in the last hour, and it looked as
though prices would be allowed to recover to
within fraction of last nights close, but
renewed drive in the last ten minutes of
trading knocked the tolsome climbers again.
Net losses ranged from 1 to 2 points in most
active stocks in the list. The Southern
railroads and the Southwesterns and some of
the coalers showed the greatest weakness in
the railroad list. >Manhattan was also quite
severely handled.
There was no reflection of any development
in affairs of the day in the course OF prices,
the market being wholly professional The
fact was demonstrated with sufficient clear
ness that yesterdays recovery was not re-
sumption of a sustained upward course of
prices but was simply due to professional
manipulation to force a covering of the short
contracts, which had been freely put out for
day or two previously. The gold which
was shipped from Europe last week began to
arrive today, $780, coo being deposited in the
ASSAY office and $3.50, 900 in the clearing mouse
vaults The money market continues easy,
though with no appreciable change IN rates
Sterling exchange was steady in spite OF the
advance to 3 per cent in the Bank Oh Eng
lands rate of discount. No further engage
ments of gold for import announced,
hut they are considered likely before the
week closes, and the sharp fali IN the rate
of exchange on Paris leads TO tne suppoSi-
ton that the next shipments VIII be from
there. The trade statement for september
issued by the government makes 1t llkeiy
that the excess of exports over imports 1or
that month will be found to foot up S5o,0O0,-
600, against nearly $41, ,000,0 600 for August and
over S17 oOO, coo for July. The delayed cotton
movement. which has not yet attained It's
full force. insures an additional heavy trade
balance in favor of this country for the
current month. The movement of geid Ior
the season is therefore considered certain 10
he very heavy, unless the rates for money
in foreign financial centers shall advance SO
far as to make it more profitable not to draw
on these foreign credits fer gold shipments.
Dealings in bonds were a reduced scale
and the tone was weak, though fluctuations
were unimportant. Total sa-es, $l,3oo,ooo.
United States old As were advanced Is bid
The total sales of stocks today were 3Sl'6oo
shares. including: Atchison PREFERRED n'S3l;
C. & O., 5000; Burlington, 1865; Louisville
& Nashville, 10, ,150; Manhat an. 4,956 MIS-
souri, Pacific, S,737; NJ. K: & T: preferred,
5105; New Jersey Central, 3,54o; Northerh
Pacific preferred, 1O,643; Northwest, IsOo;
Rock Island, 14,s0l; St Pau, 36,59o; st. Paul
& Omaha, 3,21O; Union Pacific, 12,010; Chi
cago Gas, 7s,S2O Sugar, 37,O42; Western
Union, 1915: Chicago Great Western, 1,545.
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: