The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-09-23
A RAID ON ROCK ISLAND.
SUCCESSFUL ONLY FOR BRIEF
TIME.
GAINS OF ONE AND TWO POINTS.
News of Gold Imports Served to
Rally the Market Strongly in
the Final Hour.

NEW YORK, Sept. 22.-The results of to-
days transactions on the stock exchange
suited in the recovery of the greater part Of
the losses sustained in yesterdays sharp re-
action, many stocks closing tonight higher
than on Monday night. During the early
part of the day the market was extremely
irregular and uncertain in tone, number of
specialties continuing to show marked weak
ness, even after the railroad list had recoy-
cred from its reactionary tendency. But by
the second hour of trading the bears had
practically abandoned the efforts to work
reaction, and the whole market was tending
strongly upward. The manifest disposition of
London operators and of commission house
customers to buy stocks at decline here
afforded a support to the market that dis
couraged the bears. The nervousness over
the hardening of the rates for money also
largely subsidized as the shifting of loans de-
veloped more accurately the true level of the
money market. The rates for call loans con-
tinued to run as high as per cent but as
fast as rates were marked up to per cent
there was an abundant supply offered at as
low as per cent. This was not regarded as
indicating stringent condition of the mar
ket. The higher rate was not felt to be
justified by the condition of the market, and
the failure of the exchange market to re-
spond to any marked weakness to the per
cent asking rate went to confirm the same
view.
There was marked reaction at time
during the day, due to the sharp profit-tak-
ing in Rock Island, on the announcement of
the declaration of a l per cent quarterly dlvl-
dend The recent sharp rise in Rock Island
was accompanied by some irresponsible ru-
mors that the dividend rate would be in
creased to per cent. Some of the sellers Of
the stock professed disappointment that the
rate was made only per cent, and the bears
used this as material for a drive against the
market. But the strong recovery in Con-
soldated Gas and Brooklyn Union the for
mer rising IL points and the latter 6A, tended
to steady the market.
The reports of engagements CT gold for i'm
port were vague and not definitely confirmed
until the close of the market, but the rumors
served to rally the whole market strongly
and bring prices to the best of the day at the
close, the net gains in all of the active stocks
ranging from 1 to points. German bankers
are generally agreed that there is no profit
in the importation of gold at the ruling rates
of exchange here and of gold abroad, and
the banking house which has engaged the
gold for import intimates that it has been
able to do sc owing to some special advantage
secured though 1t was affrmed mat II was
made in the regular course of exchange bust
ness. The engagement is not considered as
indicating that further movement of gold
will Immediately follow without further de-
cline in the exchange market The most
marked net gains during the day were Con-
solidated Gas, Sb; Brooklyn Union Gas, 81;
Sugar, AZ; Sugar preferred, AZ; Brooklyn
Transit, 23s; New Jersey Central, 33s, and
Northwest, Omaha and Susquehanna & West
ern preferred, "a each.
The bond market showed some failing off
in activity, but prices were strong, except in
the Standard Rope issues. or these the skies
lost points, and the incomes liz The total
sales were $2,S00,00O
Total sales of stocks today were: 624600
shares, including: Lead 1892; Pacific Mail,
$3.50; Sugar, 60, $50; T. C. & l., 1850; Leather
preferred 1920; Western Union, 1920; Chi
cago G. w., T,720.
The following were thesfuctuations 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: