The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-10-18
The Stock Markets.


NE NEW YORK, Oct. IA scrutiny of the
nst prices today will show that nearly ill
traction. Considering the number Of unset
ting episodes in the days markets. these
gains, though small, indicate a strong resist
ing power In stocks. Although the opening
was Slightly higher, In sympathy with the
rise in London, the tendency of prices turned
downward early in the day, under the inf1u-
ence OF a break in Tobacco on apDrehension
that the supreme court would deliver TODAY
decision unfavorable to the railroads in the
case to test the legality Of the Joint Traffic
association. Although the decision has long
been anticipated and the opinion is almost
universally held to be unfayorable to the rail
roads, in consDnance with the decision in
tne trans-M1ssouri case, the bull contingent
OF the courts decision. The coaIers were
subject to attacks of the bears and the val
udtlon OF stocks lowered to an excessive de-
gree, even for these much beIabored stocks
New Jersey Central fell an extreme 51b and
the decline In the rest OF the group ranged
from IL to 3. The price OF Lackawanna was
pla down over IL POINTS from the last sale,
put no stock was offered. About the same
Tune metropolitan Street Railway broke So
points. and the whole list touched the low
est prices OF the day. None Of the active
weakening Of the New Federal Steel securities
after the opening activity and strength was
also a bear factor. Tobacco was dealt in
minus the dividend Of per cent and 155 In
ADDITION was knocked off the price Then
came support, and before the close of the day
5horts were driven to cover by a rise of 5%
sugar was also well supported all day.
LONDON was buyer in this market espe-
claiiy or the Pacifics The covering of the
pears In the coalers worked recoveries rang
ing up to "a on New Jersey Central and the
news that there was no decision in the Joint
franc association case induced covering by
room traders in the general list Manhattan
was strong, and Hawaiian Commercial ad-
Vanced at one time 59s The closing was firm
at the top. There was notable firmness in
the exchange market, Notwithstanding very
heavy offerings of bills against grain and
cotton. The demand from bankers and 9th
ers for investment for the purpose of placing
loans at the higher interest rates existing in
Lennon ana Berlin. The process operates to
sustain the local money market also as 1t is
In effect draft on the resources of this cen
ter for the benefit of London and Berlin
TheFe Is an abundance of money Offering here
nevertheless, and the tendency continues to-
wards greater ease
-, Railroad :, bonds weakened, in sympathy
with stocks, but showed a partial recovery
towards the close. Total sales 81 $40 000
United States 4s. registered. the old As, cou-
pom, and the new IS advanced Il and the
s. coupon, the old As. registered, and the IS
per cent in the bid price. The coupon IS
so,r at ih|. which is the h'ehest price.
Total sales of stocks today were 1900
shares, inmluding c., B. & O., 6.5G7: MN
haitian, ii 0lS; Metropolitan Street Railway
$3.50; Reading 1st pfd, 10 $50; New Je-sev
Central, 1926; N: P. 2O.745: N P pfd. 3.52;
Reading, 1855: R. l.. $40; S.. Paul. $3.50;
Topacco' ex-dlYldend, 1882; Sugar, 2S,922.
The following were the fluctuations OF the
leading railway and indus rial shares fur
nished by C. II. F. Smith & Co., members
of the New York Stock exchange and Chicago
board of trade: