The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-10-23
SOME SHARP DECLINES.
Contest Between Professional Traders In
Which There Was a Drawn Battle.
NET CHANGES WERE VERY MARROW
The Declines of tho Morning Reached
Point or over I'm n Large Number
OF Stocks Including she Leading
induStriaIs, ahe Grnngers, Union
P"cthc ana southwcstcrns.

New York, October 22.-To-day's
! stock market was q contest between
professional traders and the result
5shows a drawn battle between the bulls
] end bears. net changes being extreme
5ay narrow in almost all cases, but those
lon the side Of gains being very few.
51he bulk of the days trading was done
! at q Lowell Of prices very materially be-
i low THAT OF yesterday, The opening
WAS ut sharp declines in sympathy with
d London, at which point speculation was
{ very dull owing to the hardening ten
}denoy of the money market, and fears
3of impending stringency there. The old
apprehension OF Spanish compiled tion5
s&!as also used With good effect by the
$bear traders. Tho. declines of the morn
Hing reached q point or over In a large
3humber OF stocks. including the leading
3industrials, the Changers. Union Pa
9oino, and the Southwcsterns. Union
Pacific was affected by the reports Of
] tho formation of an opposition syndl-
ohte to bid for the property at the fore
closure sale. The turn IN the market
4 came With n sharp recovery in Chicago
j Gas on definite report from Chicago
that the control of the threatened OPP
position had passed to friends of the
company. This stock was quite strong
during the remainder of the day, sell.
Ing at one time 2H points above last
nights CLOSE on the estimated benefits
30 accrue from couptervailing duties on
refined sugar from foreign countries
which pay bounty. Union Pacific was
relieved from the early pressure by
statements from interests alleged to
be Identified with the opposition syndi-
cate denying their connection with 1t.
Recoverics at one time in the afternoon
were complete in almost all cases, but
prices fell Slightly below the best, and
below last nights close, In the final
transactions. Dealings in Bay State
Gas were ON s. notably large scale, very
heavy blocks changing hands. The
]auctuntton Of the price wa limited to "a
There were times during the day
when the market was almost stagnant
and there were no evidences of any out
side interest In business. The money
marltot tended toward an easier tone,
no Gull loans being recorded above .
per cont, although the asking rate still
retained at 2h per cent by some banks.
TO morrow's bank statement Is expected
ITO show O marked inrease in the sur
plus reserve. Over S5.000Oo0 of gold.
which was received from abroad last
week was not included in last weeks
statement. The weeks sub-treasury
operations and the interior movement
have also resulted in q net gain to the
banks. Outside banks have continued
to bid In this market for commercial
paper. which may have led to n further
decrease In the loans In the banks
AS a result of these operations the
statement Is expected to show n hand
some increase in cash.
Business in bonds was quiet and prices
moved In sympathy with stol1s but over
narrow range. Iron Mountain So and
ably weak. The total sales We're ST.
300. 600.
The '.oaal sales OF stocks for the day
were 27.40o shares.