The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-10-20
EfmamciaI.
Undertone of Yesterdays Market Was One
of Strength Throughout.

of Strength Throughout.
New York, Oct. 19-The undertone of
to-day's market was one of strength
throughout. The volume of transac-
lions was not large and there were pro-
longed periods of dullness when trad
ing was practically stagnant, but the
operations Of important interests which
We're prominent in the late bull market
were manifest. The tone Of yesterdays
market had apparently determined
large professional operators to under
take movement for a rise to-day.
The break in the price Of Pullman,
due to the news of the death of the
head of the company, halted the oper-
atoms of this element for a time, but
the firmness of the general list in face
Of this break and marked weakness in
Chicago Gas, and the strong support
which was offered the Pullman stock,
encouraged the bull operators to renew
their campaign in an aggressive way
late in the afternoon.
The result was that the shorts were
driven to cover and prices throughout
the list mounted strongly upward to
q pOiiS iiieNSSIicbiAS oSONS AeAoS Aat5A Ae -
close. The bears had made the most
of the sympathetic effect produced by
the opening weakness in Pullman, but
the moderate decline effected in the
general list failed to bring any heavy
liquidation or to dislodge any great
amount Of stop loss orders. The man
ifest tirmness of prices discouraged
them, and their rush to cover at the
close was precipitated
The strength of the market developed
| first In the Vanderbilts. Michigan
Central was the sensational feature in
| the group, with a jump Of SIS points,
but nearly all Of these properties, in
Guiding Northwest and Omaha, were
quite buoyant and closed with net gains
| of / to points. Sugar and Chicago
| Gas ranged over nearly points, and
the covering of shorts in these stocks
on the rise was an important element
in the strength of the market.
| Dealings in Pullman were on a very
large scale and over a range of tx
points. In estimating the significance
of this movement is to be considered
that the stock jumped yesterday 3%
points on a small transaction such as
often affects an investment stock. The
close tonight was only half point be-
low the price ruling before yesterday
sale.
| All the news of the day continued
| favorable railroad earnings continuing
to show Improvement. Louisville was
a notable exception, with decrease in
earnings Of s7700 for the second week
in October, due to continued Interrupt
ton by yellow fever guarantees. The
adjustment of passenger rates by some
of the western railroad lines removed
| a recent cause of apprehension. Lon
don continued to be a good buyer in
the New York market, and in fact Of
fered the principal support during the
early trading
The exchange market showed dis
tinctively f1rmer tendency, though the
only announcement of gold from Eu-
rope was the withdraway for shipment
to the United States Of $4,000 pounds
in gold from the Bank of England.
Gold, however, is in transit from Aus
tralia to San Francisco. The local
money market continued easy, and out
side banks continued to take a large
amount of commercial pepper in this
market. Outside Of the cases above
noted, special strength was shown by
Louisville on London buying, Missouri
| Pacific, Oregon Navigation, the Pitts
burg, Columbus, Cincinnati and st.
| Louis stocks, st. Joe and Grand Island
first preferred and Leather preferred
| A feature of the bond market was the
sale of two blocks of $15S,0OO and $780,
900, respectively, of Union Pacific col
| lateral IS at unchanged prices. Deal
E! ings in bonds were not on a large scale,
but prices generally showed improve
ment. The total sales aggregated ST.
650,000.
| United States new As registered adj
vanced Il bid, and the 5s declined a
per cent.
Following are the closing prices re-
ported by Prince & Whitley, bankers
| and brokers, 46 Broadway, New York,
I and Is Center street. New Haven: