The times., 1897-10-29
MARKETS TONE UNSTEADY
Speculation Confined Almost En-
tireIy to the Professionals.
The Bulls Put Up December Wheat
to One Dollar and Predict
Higher Prices.

New York, Oct. 2s. notwithstanding the
failure Of yesterdays ruInors regarding
the tenor of the reply of the Spanish gov
eminent To our representa- etions upon the
state OF affairs in Cuba To be substa inflated,
the tone Of the stock market today was
unsteady. There was no actual addition
to the general situation in the way OF
news or of important developments, but
apparently outside interests III tile mar
kc5 has been withdrawn, pending the
ettlemeuu of the several serious ques-
tions low attracting attention. These ques-
tions comprise the sale or the Union Pa
cific property next week, the decision oX
pected 10 be handed down in the Supreme
Court in the maximuhi rate case and the
elections next Tuesday.
In the absence of this outside support.
and in view of the apathy toward the
speculation of the larger financial interests
1t is reasonable to expect continuation
OF the dull and uncertain stock markets
of the past few days. OF COURSE out
side interest in the market is nearly wholly
abseut. and while il is now very much
restricted, 1t seems to be unquestiUnahly
on the side of liquidation when il does
appear. Certainly this was the case to-
day, aS ljquida ton was evident in several
instances, and in the general technical cir
cumstances OF the market IL was followed
by sharp declines.
Pressure of CHS kind was apparent to
day in the anthracite stocks, all of which
were weak, and in some of the specialties,
notably in Pacific Mail aud Tennessee Coal
and Iron. The selling of the first named
group had no other specific explanation
than the admittedly depressed state OF tho
anthracite trade, which appear 70 have
benefited the least of the cuuntrys iii
portant industries in the general revival OF
the summer The approach OF tie period
when some of these companies decide upon
uheir rates of dividends FOR the next year
may have induced some OF the selling.
though it was nut suggested that further
Reductions in the rates were probable
The dealings were largest In Union Pa
| cific, the Granger shares ana Chicago Gas.
In the early dealings the market w ar firm
on the covering OF the short contracts based
! upon yesterdays notions in regard 10 the
status of the Cuban question Put when
| tile buying from this quarter was con-
! cluded, the market was found to be without
other support ana prices sapged during the
/ remainder of the DAY. London houses had
ordcts On 10th sides OF the account. Cot.
! plrative Drnness was shown III Union
/ Pacific ana Burlington. which were bought
/ on the expectation OF fine showing to be
made in the statement for September.
The trading and the irregular fluCtua-
| tion in Sugar Refining and Chicago Gas
! reflected the varying reports in regard
| to the action II the Treasury Department
! OH the Countervaillng duties in the first
instance ana the progress OF the negotia-
tons FOR the absorption of the outside
/ companies in the other. The market was
extremely dull in tie final dealings. ard
the trading did not develop further features
/ OF a definite tone.