The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-07
STOCK DOWN A POINT AS A RE-
SUIT OF THE PRESIDENTS
MESSAGE
GENERAL LIST UNAFFECTED.
NOTHING MUCH IN THE DOCUMENT
THAT HAD NOT BEEN DIS
COUNTED.
and the Rock Island Refunding
Plan Helped the Railways.

NEW YORK, Dec. 6-Although spectators
in stocks have sought to influence prices for
several weeks by surmises on the contents
Of the presidents message, the actual publ
cation of that document today had little effect
on the market. There was noting in it that
came as a surprise, almost every point hav>
ing been accurately foretold in detail. Prices
of stocks had been advanced to some extent
in anticipation of the message and there
was some expectation that its publication
would be met by a decline caused by realiz-
ing sales. But the market held fairly steady
after its publication until raid by the bears
in the final hour, which was encouraged
by the weakness of New Jersey Central and
the coalers. Union Pacific was directly af
fected by the paragraph devoted to 1t in the
message and declined nearly point. Most
of the days movement of prices was, how
ever, due to special causes and was most
marked In the spectalties Sugar was the
leader in point of activity and strength and
was caused by the approaching dividend
period and belief in the advantage arising
from the newly applied countervailing duties.
Manhattan was at one time 22 points above
Saturdays close on the belief that the pro-
posed underground rapid transit plan will be
vetoed by the courts.
Rock Island continued to enjoy an advan-
tage from its perfected refunding plan and
gave strength to the other grangers by sym
pathy. Some Of todays railway statements
of earnings for the fourth week in November
were so favorable as to lift the prices of their
stocks. This was notably true Of Missouri
Pacific, which showed an increase in earnings
Of 600 and in Louisville, whose gain was
nearly $40 600. Each of these stocks rose
point. Cleveland, Lorain & Wheeling pfd
moved up 212 points on the increased earn
ings shown for the month, and Southern
railway pfd rose from the same cause. The
coalers were decidedly weak, New Jersey
Central conspiciously so on a break of 21a
points from the highest in this stock which
encouraged the late raid by the bears and
lowered the level of prices throughout the
market. Pennsylvania declined Is with no
news.
The money market continued notably easy
and it was reported that large sums are offer
ing on time loans for Chicago and other
Western banks in this market. Notwithstand-
ing the ease of money and a sharp stiffen-
ing in the discount rate both in London ard
Berlin, sterling exchange was weak, posted
rates being reduced 1&c for both long and
short bills and actual business being done
at Nc lower sale for longer bills, demand
and cables in London.
The bond market was active with the ex
ceptlon OF an interval OF guinness at MD
day and prices advanced without interruption.
Total sales, $3,7SO,C0O United States bonds
were unchanged in bid prices There was
a sale OF the new tours coupon at 1.2S$4,
the highest on record.
The total soles of stocks today were 3d.
300 shares, including: Burlington, Il, 1870; l..
& N, 1853; Manhattan, 1882; Missouri Pa
cific. $4,000; N. ]. Central, 54,552; Northern
Pacific, 3,247 do pfd, II, 1872; Rock Island H.
S92 St. Paul $3.50; Union Pacific, S,275;
Peoples Cas- 14,495; Sugar, 1881; Western
Union, 1898; Chicago Great Western, A.
40.
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