The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-09-15
BEARS BossED THE STOCK MAR
kET EARLY, But LOST THEIR
LIST RECEDED A FRACTION.
PROSPECT OF GOLD IMPORTS
PROVED EFFECTIVE IN TURN
ING THE TIDE.
CHANGERS LED IN THE RALLY.
Final Prices a Triffe Below the Best
Owing to a Late Reaction
Bonds Firm.

NEW YORK, Sept. 4.-Today's operations
nave resulted in another substantial advance
IN the level of prices on the stock exchanges.
Ihere was some talk during the morning Of
the existence of powerful bull clique. The
supposed prestige of this combination coupled
with the fact that London prices came lower
this morning, apparently because of doubts
raised by yesterdays reaction here, led to the
early success Of the bear contingent The
arguments they used were the same as yes
terday, the likelihood Of ENGAGEMENT over
Cuban question, the danger of yellow fever
and in addition the damage done by storm
on the Gulf of Mexico. The latter showed it's
effect on Kansas City, Pittsburg & Gulf St.
Paul and Burlington were driven below par
and all the grangers declined an average Of
about 14, while Louisville, Southern preferred
and Kansas & Texas preferred were off nearly
Il point, the latter on proit-taking, which con-
tinued all day. The whole list receded a
fraction.
Later came denials from Washington, on
authority quite as we:ghty as the first asser-
ton, that warlike measures were projected on
the Cuban question. The first reports of
heavy damage by the gulf storm were also de-
MED AT the same time the marked weakness
in the exchange market came into notice, &C
tual rates for both long and short sterling and
for cables receding 5s@1A per cent. London
was also buying quite freely of favorite
stocks. The official reports of wheat shortage
in France and Italy added to the assurance
Of heavy exports of grain to be paid for.
The advance in cotton at Liverpool tended to
the same end. These indications of prospec-
tive increase of the balance of trade in our
favor led to expressions by foreign bankers
that heavy gold import movement was GER
tain to result and was likely soon to COM
mence. The evidence of the exchange market
on this point was strengthened by the harden
ing tendency of the money market, call loans
commanding as high as per cent and only
a few exceptional loans being made below 2
per cent. -.-ss IT,
M6a6S Continued also to move very freely
to the interior. AS the general news bearing
on the business outlook all continued favor
able, the prospect of gold imports proved an
available means to turn the tide in favor of
the bulls. At the same time it was reported
from Washington that the differences be-
tween the government and the syndicate or
ganized to purchase the Union Pacific had
been arranged and that approval would be
given at the cabinet meeting in the afternoon.
1t was on this account that Union Pacific be-
came so prominent in the rise, its extreme ad-
vance beng 31s, and its net gain ~ st.
Paul also recovered from the early depres-
sion, advancing IA. Northern Pacific pre-
ferred rose 2 per cent The market reacted
to some extent before the close.
Among tn industrials General Electric, Su-
gar and the local gas stocks were all notably
strong. Net gains of over 4 points were
shown by Consolidated Gas, Edison Electric
of New York and Erie Telephone. Omaha's
net advance was and Sugar the same. Chi
cago & Eastern Illinois preferred showed an
equal gain. Cotton Oh, Sugar preferred,
Brooklyn Union Gas, Canada Southern, Chi
cago Great Western preferred, Delaware &
Hudson, Erie first preferred General Electric,
Laclede Gas, Lake Shore, New York Central,
Northern Pacific preferred, Northwestern,
Pennsylvania Pullman, st. Paul and St. Joe
and Grand Island frsts preferred showed net
gains of a point or over.
The price of bonds fell off at the opening,
but the market became strong later. The
total sales were 100000. u S. old As reg
ular, sold at 112.
The sales of stocks today included: Atchi-
C. & o., 10, 695; Burlington, 20 070; c., c.. C. &
st. L., $500; L. & N, II ,4S0; Manhattan, $3.50
Met. Traction, 1880; Missouri Pacific, $3.50;
NJ, K. & T., $500; NJ, K. & T, preferred,
1444O N Y. Central, 1890; Northern Pacific,
5,l75; Northern Pacific preferred, 23,020;
Northwestern, 14,450; Reading, 9,130; Rock
Island, 1881; st. Paul, 52,555; st. Paul &
Omaha, Is, 400; Wabash preferred, 3140;
Wheeling & L. E.. 1924; Spirits preferred
1850; Tobacco preferred, 1865; Chicago Gas,
1850; Consolidated Gas, $780, General Elec-
trio, 1850; Laclede Gas, 5,400; Lead, APO;
Pacific Mail 1920; Sugar, q, 800; T. C. & l.,
5,7S5; Western Union, 6,SiS; Chicago Great
Western 1920
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.