The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-11-30
AN EARLY BULGE IN STOCKS is
TURNED LATER INTO A SHARP
SLUMP.
REALIZING THEIR PROFITS.
BUYERS OF FRIDAY AND SATUR.
DAY TO BLAME FOR THE
DECLINE.
THE NET AVERAGE LOSS A POINT.
Changers Conspicuous in the Weak
ness, Owing to Delay in the
Nebraska Rate Case.

NEW YORK, Nov. 29.-There was an accu-
mutation of commission house orders in the
market at the opening this morning, which
had come in over Sunday as a result of the
strength displayed by the market on Satur
day. The quotations for Americans were
also run up on the London exchange before
the opening hour. AS consequence the mar
ket opened with quite an animated buying
movement and an advance of a marked frac
ton all along the line. But the buyers of
Friday and Saturday Immediately set about
realizing their profits and the advance came
to an untimely end The motive offered for
the selling was the Withholding of the de-
cision the Nebraska maximum freight
rate case by the supreme court. There were
occasional = rallies during the day, Sugar
mounting strongly upward after a prelimi-
nary decline to the extent of almost three
points. There was very heavy speculation
in this stock during the day, sales amount
ing to one-third of all sales, or over 100000
shares, and it closed unchanged from Satur-
day. There was some buying for the Lon
don account on the decline to cover contracts
made in London at the early higher level
The general weakness soon overlook 1t, how
ever, and was the prevailing tone for balance
of the day, net declines reaching to near a
point in many leading stocks and exceeding
that in special cases. Manhattan was mark
eddy weak all day and suffered a net loss of
1%c. Peoples Gas also developed late weak
ness and lost nearly point on the day. The
grangers were conspicuous in the decline as
being most Immediately interested In the
Nebraska decision.
AS a result Of the lively realizing move
ment and the active speculation in Sugar,
sales Of stocks ran up to near 100000 shares
before DboD IN M total
days trading for several weeks.
The continued strength OF sterling ex-
change market attracts much attention in
view of the status of the international bal
both long and short sterling. There is
feeling that the investment buying Of long
exchange, the leaving OF funds due on bal
ance at interest abroad and the arrival OF
not sufficient to account for the strength OF
exchange, and there is much heavier selling
of high class American securities by Euro
pean holders for transfer to this side of
the water than appears on the surface. Inc
high level Of prices for this grade of securi-
ties goes to confirm this view. The very
increase in the loans OF clearing mouse
banks, amounting to over sl4,O0o'Wo as
shown in Saturdays bank statement Is also
being closely scrutinfzed. The explanation
that the increase was connected with tne
Union Pacific committees payment to the
government does not entirely cover the groud
as the expansion Of loans previous to NOV.
20 was already sufficient to account lot the
operation and was attributed to it. Satur-
days statement seems to Indicate that the
payment to the government, which was left
on deposit in the banks, had already been
Immediately replaced in loans AS the Union
Pacific reorganization committee was sup,
posed to have already secured all needed
funds before last Mondays payment to the
government, it is difficult to account for this
large absorption of money in view, OF the
known condition OF the money market, de-
mand for money being very dull In all de-
partments.
The bond market was quite active and
broad, and prices were higher in almost
all cases. Total sales, s1,s0O.OCO. United
States old As reg are hc higher bid, the IS
Ac higher bid and the new is 12c higher
bid There were sales of the new As cou-
pom at 1884, the highest on record. 80,
The total sales of stocks today were 32z,-
100 shares, including: Atchison, 14O Bur
Iington preferred, 24SOo; L. n, 9,l49;
Manhattan, 27,770; Metropolitan, S,654 Mis-
t trail 40; Reading, 6,22O Northern Pacific
preferred, 1885, Rock Island, 1850; ST
Louis & San Francisco second preferred,
1924; St. Paul, 1890; Union Pacific, 5,52O;
Peoples Gas, II, 460; Sugar, 1OO,O1O; Tobacco,
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
%