The Saint Paul globe., 1897-09-17
DECLINES IN THE FACE OF LON
DON BUYING AND BULLISH
NEWS.
LIQUIDATION THE CAUSE.
PRICE MOVEMENT FOR THE DAY
IRREGULAR OVER A NARROW
RANGE.
SHARP GAINS IN A FEW SHARES.
The Weakness Mitigated From Time
to Time by Strength in Some
Special Issues.


this evening with the general level of prices
lower after day of great irregularity and
constant movement up and down of the
whole list over a marrow range. Quite a
large number of shares showed small frac-
tional gains and few stocks show notable
rises, but the grangers, Vanderbilts, trunk
lines and transcontinental lines, as a whole,
declined in value during the day. This is
true Notwithstanding the fact that London
was buyer of favorable stocks all the day
and all the general news as to improving
business and increased earnings of railroads
continued to favor advancing prices. Prices
were, in fact, higher at the opening, but
liquidation quickly set in and prices gen.
orally receded. The closing of accounts of
a failed firm, under the rules of the stock
exchange, had something to do with the un-
dertone of heaviness which was manifest all
day. The fear of interrupted traffic in the
South from yellow fever also depressed rail-
roads in that region, and sympathetically the
whole list.
The steady tone manifested in the exchange
market, early in the day, had the effect Of
discouraging hope of early importations Of
gold and this had its influence in aiding the
reaction. This had the greater effect be-
cause of the hardening tendency of the
being as high as 21S per cent. The weak
ening on the exchange market in the last hour
served to steady prices of stocks to some ex-
tent, the decline not only being checked, but
recoveries being shown in closing transac-
tions. Posted rates for both long and short
sterling were reduced Il to $4.S3 and $4.S5h
respectively. The rate of exchange on Paris
was also weak, and it seems evident from the
action of the Bank of England in maintain
ing its minimum discount rate at per cent,
In the face of the continued decrease in its
reserve and in it's stock of bullion, that Lon
don expects Paris to supply the first demands
of this country for gold. But Paris exchange
on London recorded a fail today which would
naturally tend to weaken the force of the
New York exchange demand on Paris.
The heaviness of today's market was miti-
gated, from time to time. by the strength
manifested by special stocks Northern Pa
cifc issues were at one time in special de-
mand and showed marked advances. This
was also true of Consolidated Gas, Plttsburg,
c., c. st. L., Chicago Great Western and
the Minneapolis & st. Louis stocks. All OF
these reacted from the best, but most Of
them resulted at a net advance over last
nights close. Pitts, c., c. & St. l.. COM
mon and preferred show net gains OF rs and
points, respectively. In the Minneapolis &
st. Louis stocks all three are left with net
advances of 2 points or over. Consolidated
Gas also gained points net, after having
been points higher. Other marked gains
were: Buffalo, Rochester & Pittsburg, 3R
Chicago Great Western preferred A, 3; Chi
cago Great Western preferred G, 8; Evans
Vile & Terre Haute preferred, "a, and Erie
first preferred, Bay State Gas, Illinois steel,
Linseed Oil and Omaha preferred, point or
over. The declines extended beyond frac-
tions in the case of Sugar, Canadian Paci-
fic, Illinois Central, Kansas City, Pittsburg
& Gulf; Louisville, St Joseph =, & {.
preferred Wheeling e Lake Erie preferred
and Keokuk & Des Moines preferred.
The transactions in the bond market were
on a considerably diminished scale and prices
were somewhat easier. The total sales were
of a par value of about $3,00O,OOO The bid
price of United States new As was "a lower,
new As, coupon, sold at 1854, and new As,
regular at 1261s. 80
Total sa.es Of stocks today were 100000
shares. including: Atchison, APO; Atchison
preferred, 1920; Canada Southern, 5,4l0;
Chesapeake & Ohio. 22,12o; Burlington. TX
1S, go; Illinois Central, 4,4S0; l.. & n, 1880;
Manhattan, $50; Minneapolis & St. Louis,
$500; Missouri Pacific, 1,o50; Missouri, ran
sas & Texas preferred, $3.50; New York, S-
$780, Northern Pacific, 11,2o0; Northern Pa Pa
cifc preferred, 1920; Northwestern, 4,l65;
o. & W.. 52 $40; Reading, 22,315; Rock ls-and'
IA, ,41O; ST. Paul. 2S,S20; st. Paul Omaha, ma
Union Pacific, 2sO75 U. p, D. & G., II 40;
Tobacco, 7,720; Bay State Gas, "a. OoO; chi
cago Gas. S,920; Consolidated Gas, 5,Il5;
General Electric, 10, 100; Lead, o'fzV, facl-
fc Mail, 1882; Sugar, 16, ,42O; Leather pre-
ferred. $500 Western Union, $3.50; Chicago
Great Western, $500.
The following were the fluctuations of the
leading railway and industrial shares iur-
nished by C. H. F. Smith q Co., members
New York stock exchange and Chicago board