The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-10-31

NEW YORK, Oct. 30. - Prices or
stocks moved upwards in the early
dealings today, according to the
general anticipation, but, contrary to eX-
pectations, a serious obstacle to the al
vance was met in the violent rise In the
rate Of call money. The advance did not
extend far into the second hour, "hen
the market began to drift downward, ana
met no effectual check until the close,
which was about at the low point ana
with prices still giving way to pressure.
No serious net losses are shown IN the
railroad list, but the earlier gains which
amounted to point and upward IN many
cases were pretty generally wiped out.
The market opened with a strong ana
animated tone and large volume Oh oQt-
side buying orders, invited by the uneX-
pected strength Of the Saturday pahh
statement.
The demand was particularly large TOT
the grangers and Southwesterns, ana lor
some of the Southern railway stocks, no
table Louisville, which was up IA at
one time This stock resisted the later
depression with some success, but closeu
"a below the best Even the much nam
mered industrials had some share IN the
early strength. Sugar rose an extreme
9 points before yielding to pressure, anu
the iron and steel stocks had snort lVeo
ve!oped against Steel & Wire, and 1t was
weak for the rest of the day, affecting
other members of the group by sympathy.
Federal Steel continued to be largely
dealt in. The International Paper stocks
were fiercely attacked, the common pc
ing forced down 31a and the preferred 4
points The latter recovered points OF
it's loss.
Rumors coming from Holland OF the
fall of Ladysmith were without much
effect as London seemed disposed to dis
credit them. The September statement of
ST. Paul had a discouraging effect on
SPECTATORS, showing as it did the large
increase in gross earnings obl1terated by
the heavy increase in operating expenses,
so that the net earnings for the month
were over 100000 less than in September
of last year. The effect was especially
marked upon all the grain carrying roaus.
The days events in the call money mar
ket showed that the extent of the recu-
peration by New York banks was grossly
exaggerated In the first enthusiasm over
the Saturday statement. The rate opened
at s, and after dropping to 71a per cent
rose violently in the late dealings to 81
per cent Bids were made for 40 per cent,
but closing price was ~. 1t was str1k-
ing demonstration Of the unit condltlon
of the money market to maintain sharp
speculative demand IL Is eVlueHl tldl
the demands Of the interior are not yet
exhausted. The subtreasury has absorb
ed considerable sum from the banks
since Friday, and some extra demand is
coming on the market for Nov. l settle
ment Wall street opinion upon the money
outlook fell quickly from extreme OPP
timism down into the minus figures of
pessimism.
Bonds moved in sympathy with stocks,
but early gains were not entirely wiped
out in the late reaction. Total sales, par
value, So, 145, 0O0 United States IS register
ed advanced a, and United States coupon
and IS Is in the bid price
STOCK QUOTATIONS.
Furnished by Charles II. +. Smith &
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change Pioneer Press building, VINO haye
direct wires to Chicago and New York.
closing prices are bid: