The Saint Paul globe., 1897-10-02
FIRM STAND MADE
STOCK BULLS AGGRESSIVE FOR
THE FIRST TIME IN TWO
WEEKS.
THE PRICE LEVEL RAISED.
NOTHING IN THE DAYS NEWS TO
ACCOUNT FOR CHANGE IN
TONE.
BEARS RAID SPECIAL SHARES.
Tendency of the Market to Ignore
Pressure the First Sign of Re-
cuperatiOn.

NEW YORK, Oct. 1.-The bulls today made
their first aggressive stand in over two weeks,
and, after heavy decline in the earlier part
of the day, came forward to the support of
the market, checked the decline and brought
the closing prices very generally above last
nights level. There was nothing in the news
Of the day that could be counted more favor
able than that of the preceding day or two,
and a sharp stiffening in the rates for call
money during the afternoon might be called
distinctly unfavorab,e factor. But it had
no effect in preventing the recovery and the
close at practically the highest point of the
day. Either this was because the per cent
rate which was asked was considered arti-
fetal and manipulative, or because confidence
felt that it would result in the prompt
importation of gold to relieve any probable
stringency. A further lowering of 1sc in the
actual rate for demand sterling to $4.S45s en-
couraged this view, and the probability of
early engagement of gold for import was free
ly talked all day.
The market was surprisingly irregular,
prices of some stocks moving UP and down
by wide jumps, apparently entirely independ-
ent of any general tendency in the market.
In the early trading the raids of the bears
/ on special stocks in each group were success
full in depressing the particular group and
the whole list by sympathy. Chicago Gas
continued under heavy pressure and moved
over range of nearly points. Omaha was
selected in the granger group and was sold
down at one time nearly points. Missouri
Pacific was the weak spot in the Southwest
erns, and was forced down IA. The tenden-
cy of the list to move independently of the
stocks under pressure was the first evidence
of recuperation. Soon afterwards sustained
10 auid dort md
a heavy covering movement by the bears
followed. Buying orders by the commission
houses also added to the strength of the mar
ket, and outside customers who had sold short
joined in the covering movement
There was a marked change in the whole
tone of the speculation, the market becoming
dull wehnever the bears succeeded in checking
the advance, and business showing lively
increase whenever the course of prices turned
upwards. The railroad earnings reported dur
ing the day continued to show an increase,
Northern Pacific reporting an increase for the
third week in September of $176,770 A strik-
ing result Of the recent sharp decline in the
price of silver was shown in the August state
ment of the Mexican Central. While the
gross earnings showed an increase of $780,,
$685. the net earnings showed a decrease of
$135, 47S This was due, the officials of the
by the higher rates of exchange on the United
States in purchase of material and in other
outlay.
London was a buyer in this market again
today. Some of the stocks which showed
weakness early in the day failed to recover
entirely, but showed net gains, a rule,
ranging from fraction of 2 per cent or over.
Consolidated gas, after falling points, rose
1875 and receded AZ. Prices Of quite num-
Der of stocks fell at one period of the reaction
2 points over from the early high point.
Railroad bonds rallied strongly after early
depression. Total sales, $1,700O00. United
States new As were advanced Is bid today.
Total sales of stocks today were 500, 2C0
shares including: :-Atchison preferred, 13, ,5S7;
c. & o., 1880; Burlington, 40,711; L. & N,
10,525; Manhattan, Alps; Missouri Pacific, &c.,
920; NJ, X. & T. preferred, $500; New Jersey
Northern Pacific, $50; Northern Pacific pre-
ferred, 22,31O Northwestern, 1855; Reading,
$500; Rock Island, ex-div., 23,0S5; st. Paul,
3S, ,720; st. Paul & Omaha, $3.50; Southern pre-
ferred II, 400; Union Pacific, 1885; U. p, d.
& G., 4,554; Wabash preferred, 4,195; Tobacco,
6,24O; Chicago Gas, 69,SOS; Consolidated Gas,
$500; Lead, 1925; Pacific Mail, 1000; Sugar,
20, ,1S5; T. C. ( l., IL ,555.
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:
Closing are bid prices