The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-09-27
The Stock MARKETS.

NEW YORK, Sept. 26.-The action of to-
days market at the opening was disappoint-
ing to the bulls, and stocks purchased Satur-
|. day on the favorable bank statement were
speedily let 60 and commitments made for
the short account. The higher range of Lon
don prices encouraged the bulls and efforts
were made to advance prices to parity with
the London figures. The rise in the foreign
market III Union Pacific showed that the for
eigners were becoming recOnciled to the divi-
dend action. Opening prices here were some
what mixed, but the hesitancy was soon sue
ceeded by general plunge downward under
the guidance Of the specialties. Stop loss or
ders were uncovered in the leaders and the
market for time was at the mercy OF the
dealers, who searched diligently for weak
spots. Gossip that a disagreement existed
between some of the speculative people
colored to some extent by the severity of
the break in spots. Prices for Tobacco, Peo-
pies Gas and Brooklyn Transit melted away
rapidly, but Sugar, after a dip downward of
a point encountered supporting orders and
ruled above Saturdays close for the remain
der of the day. The railways, meanwhile,
fell sympathetically, but the losses were con-
fined to fractions and after the first rush to
sell had abated, settled down to a level slight
ly above the lowest and resisted subsequent
efforts at depression. The firmness was ac-
counted for by the publication of numerous
traffic statements, covering vide ar5a OF ter
ritory and showing substantial increases. The
gains in some of the Southern lines was es-
pecially gratifying in view of the slow move
ment of cotton and quarantine regulations in
some sections. The conditions were RESPONSE
BILE fer the marked decreases reported by the
Southwestern group. Arbitrage houses had
purchasing orders, but the action of the mar
ket discouraged any extensive ventures, and
only a light sprinkling of various stocks was
taken.
The elimination of active speculative in
terest from the market owing to the rigid
observance of the Hebrew holiday reduced
business considerably and the raid On To-
bacco also chilled the outside demand The
decline in Tobacco attributed principally
to a denial by officials of the Drummond
company that that concern had been absorbed
by the American Tobacco company The bears
attacked the stock with considerable conf
dence and drove it Gown SIS to 1894 Con
siderable amounts of stocks were liquidated
and the apparent willingness of the insiders
to see the prices lower invited extensive SELL
ing by the shorts. In the last hour the
stock moved upward In sympathy with the
general market to 141%. Sugar moved up to
1923 and the railways which had moved in
deperdently of Tobacco throughout the day
ruled the best. In the final dealings Tobacco
slumped badly, and touched lS9 The other other
but no appreciate declines were recorded in
the standard stocks.
The market left off unsettled with slight
losses generally. Call money rates stiffened
sharply late in the day and 51A per cent was
quoted for a time The great bulk, however,
of the transactions were made at 3R per
cent and some accommodations were secured
early in the day at per cent.
3. The bond market lacked decisive tone, but
dealings were light and variations in either
direction unlmporCant. / olal sd 'eS, 1,ozS,UVU.
- Government bonds were unchanged on bid
prices but a purchase Of the new fours
coupon was made at &c higher than the last
sale.
Total sales of stocks today were 336, $50
shares including: Atchison pfd, 6,777; c.. B.
& O., 6,775; Manhattan, 1865; Metropoitan
Street Railway, 1857; Northern Pacific, 10. 10;
Northern Pacific pfd. 3174 Reading 3,035;
Rock Island, 8 1894; Union Pacific, 1888; St.
Paul, $500; Union Pacific pfd, 1929; Ameri-
can Cotton Oil! 5.S45: American Tobacco, 118.-
220. Chicago G. W.. Z, S65; PEOPLES Gas. 10. 1856
Sugar, $3.50; United States Rubber. 9,1O4
STOCKS.
The following were the fluctuations of the
leading railway and industrial shares. Iur.
the New York stock exchange and Chicago
beard Of trade: