The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-09-16
The Stock Markets.

NEW YORK. Sept. 15.-Very large amounts
of money found their way into stocks and
bonds today and the apathy and depression
which have hung over the stock market
during practically all of this morning were
completely dissipated. Even Sugar, which at
the opening showed some continued appre-
hension on the part of holders regarding the
formidable competition impending in the
trade, yielded to the influence and more than
recovered its early losses on very large
transactions. Manhattan, another stock re-
source OF the bears. resisted attack and rose
with the general market. When these isolated
cases Of weakness were eliminated from the
market, the whole list mounted vigorously up
wards, and 1t was evident that a bull move
ment was in full force, again. The late I'M
ket had completely disappeared. Ruling rates
were not lower, but entire confidence was felt
that they would go no higher.
The statements of treasury officials that the
payments of the balance of subscriptions
account of bond issue would make no
further demands upon the money market and
the additional decline in exchange, both con-
tinental and sterling, were the factors which
served to relieve epprehensions. Mercantile
paper was bought here for the account of
Western banks, although the movement of
currency from New York continues.
1t was early demonstrated that the late
leaders of the bull market were to give place
to others, the grangers and other high-priced
dividend stocks meeting free offerings after
a moderate advance. Inc most conspicuous
was in lower grade stocks with
dividend reports and the Paciffcs were clearly
the leaders. They were advanced in London
before the opening here, and in the New
York market took up the advance where Lon
don left off. Northern Pacific led the group,
with an extreme advance Of 3$sc on enormous
transactions. Baltimore & Ohio was active
and strong and the new stocks of the re-
organized company were dealt in when issued,
with advancing price during the day. There
was also very conspicuous movement in a
group of industrials, including Tobacco, Rub
Der, Peoples Gas, Minnesota Iron, American
Steel & Wire, and to a lesser degree some
others. These stocks showed advances at one
time of from 2 to over points.
There were no reactions of any Importance
during the day, and the closing was firm and
generally near top prices.
The increased confidence in the money mar
ket outlook was very obviously reflected in
the bond market where there was large alb
sorption of mortgages of all grades at adj
IS when issued advanced 1sc in the bid price
today and were very largely dealt in at
$1.053s@1.0514, one block of $250,000 being
taken at that price.
Total sales Of stocks today 464 100 shares,
including: Atchison pfd., 1850; B. & O.,
4,SS3; B; & O.. 2O,14o; L. & N, 7:7S0; Manhat-
tan, 1S, 495; Missouri Pacific, 32O5; N. p, 3d.
$685. do pfd.. 1885; Rock Island, $780, U. p,
1S,SO5; ST. Paul. 41,62S; Wabash pfd., 1905;
U. p 81 $50; Minnesota Iron 500; Cotton
OIL APO; Tobacco, 42,171; c. G. W., 4025;
Peoples Gas, 1870; General Electric, $685.
Sugar, 5000; Rubber. 1920
The following were the fluctuations of the
nished by G. H. F. Smith Co., members of
the New York stock exchange and Chicago
board of trade: