The Saint Paul globe., 1897-11-23
WEAKNESS AMONG THE
RAILROADS.
GOOD EARNINGS THE CAUSE.
AN INCREASE OF NEARLY FIFTY
PER CENT FOR THE WEEK
REPORTED.
TRADING FOR MOST PART DULL.
Marked Strength in Some Special
Stocks and an Equally Marked
Weakness in Others.

NEW YORK, Nov. 22.-There was not much
change in the character of the general deal
ings in the stock market today, but some
special stocks showed marked strength and
others marked weakness. Trading was for
the most part dull and narrow and resulted
in small net losses generally in the railway
list. The Northern Pacific stocks were the
notable exceptions in this portion of the list,
and developed quite aggressive strength as the
day progressed. The preferred stock closed
with net gain of rs, and the common with
a net gain of 11s. The motive of the buying
was the statement of gross earnings for the
second week in November, which showed an
increase over the corresponding period of
last year of $1S1 1877, or over 45 per cent.
Following a strong statement for the first
week, the effect was to create strong de-
mand for this stock by local operators, which
carried the price up in spite of some selling
for London account.
Another feature of the days trading was
the conspicuous strength shown by the stocks
of local corporations. The motive assigned to
this buying was the expectation Of corporate
benefits and privileges. Metropolitan Street
railway was the leader in this class, and it
touched lis early in the day, which was So
above Saturdays close. 1t closed a point
lower. Consolidated Gas, with an extreme rise
of 3as, Brooklyn Gas with rise of 17s, Man
haitian with the same amount and Brooklyn
Rapid Transit which was at one time 1b
above Saturdays close, were other examples
All of these reacted to a greater or less ex-
tent notably Consolidated Gas, which closed
small fraction under Saturday.
On the other hand, the coalers were notably
weak New Jersey Central showing an ex-
treme decline Of 2as points, and Delaware &
Hudson OF Ia, the latter rallying over a
point. Outside of these the market was dull
and without anything of general interest.
One of the incidents of the day was the
first payment to the government by the Union
Pacific reorganization committee on account
of the foreclosure sale. The amount of the
payment was $13,615,25 $50. The transaction was
effected by a transfer of credits from the
committee on account of cash deposited in
one of the city banks to the government
which leaves the money on deposit in the
same bank, the bank having placed govern
ment bonds in the treasury at Washington as
security. The transaction was completed
without creating ripple in the money mar
ket. The remainder of the purchase price is
to be paid in four equal installments, the
first of which will be paid on Dec. 6 and the
remaining three at intervals of ten days
Each installment is about $S,50000 and no
apprehension is felt that they will create any
disturbance in the money market
The bond market was quite strong and
showed considerable activity. High grade
bonds were in special demand, and were
stiffiy held, the offerings being light. For
eign holders continued to sell this class of
securities, invited by the high prices prevail
ing. Total sales, $155O,00 U. S. As coup
of 1907 rose 7s bid to 1141s, and sold at that
which is equal to the price Of the 5s. The
new As were Is higher bid.
Tea sales of stocks today were 1S1, 7G0
shares Including. Burlington II S0S Man.
haitian, 1856; Metropolitan, 9,725; New Jer-
sey Central, 1855; Northern Pacific, $3.50;
do pfd, 23,5SO; R. l., 5000; St. Paul, 12,443
Bay State Gas, 4,040; Consolidated Gas, 6,S46;
Sugar, 1S907
The following were the fluctuations of the
leading rauly and industrial shares, fur
nshed by C. H. F. Smith & Co., members
New York stock exchange and Chicago board