The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-10-25

NEW YORK, Oct. 2.-The stock mar
ket was distinctly reactionary today, in
spite of some strong spots Profit taking
was on a very large scale. Sales on this
account were quite we'll absorbed and
created no sign of Generalization in
prices. When this fact of profit taking
became obvious some of the room traders
turned bears and sold the market mod
erately. The bear faction was not ag-
gressive, however, and made no great
inroads on values. Neither We're the bulls
inclined to resume their campaign for the
advance after having taken their profits
and the markets were inclined to drag
during the latter part of the day. Some
attempt was made to infilse strength into
the market in the last hour by bidding
up Union Pacific and Baltimore & Ohio
preferred. Buying induced some slight
covering by shorts. but SO far as a gen.
eral advancement of prices was concerned
the attempt was abortive. Prices were
very unsteady at the close and in many
cases were pursuing a downward course.
The active realizing in the first hour
was much helped by a notable accession
of outside demand, which was attracted
by yesterdays sharp rise, following a
week of stubborn resistance to all at
tempts at driving prices downward. This
demand and continued manipulation by a
section of the bull party served to wipe
out pretty generally the opening decline
and bring the market back to about las
nights level. Having reached that point
the downward course began, and with the
exception of irregular fluctuations the
market continued heavy below last nights
level for the rest of the day. Special
points of weakness in the early dealings
were Sugar, American Tobacco, Mailing
preferred, Anaconda, Pullman and Brook
Ign Transit. Aggressive strength was
shown all day by United States Leather,
which was taken in enormous lots and
rose at one time to 22a. The closing was
point below that. New York Central
after q small fractional advance, met
very heavy offerings on the announcement
of an additional stock issue of SIS, 900, $50
The stock moved somewhat irregularly
during the day within a range Of a point
below last nights level.
The London market reflected some de-
preston on this market and the under
tone was distinctly weak On the uneasi-
ness regarding the position of the Britt III
troops in Natal. The suggestion of the
chancellor Of the eXcheQuer that a tax
on South African gold mines might be
looked for to help defray the expenses of
the war was apparently not relished by
the spectators in the mine market. Lon
dons sales in this market were upwards
of 10000 shares. The general weakness
of copper mine shares had a depressing
influence on speculation. The weakness
of Anaconda on the exchange was sup
plemented by a break in Amalgamated
Copper In the outside market and by
weakness in Boston.
The hardening tendency of money was
a discouraging factor for the bulls. Most
of the day call loans were made above
g. and the rate rose to s late in the day.
Bankers generally asked 6 per cent for
time loans and were disinclined to put out
their funds for the longer periods. Rather
less money was shipped to the interior,
but the outgo, while diminished, still con-
tinues. The subtreasury is also absorbing
funds.
Realizing was in evidence in some por-
tons of the bond market, making the
price changes mixed The total sales.
par value, $2,45O0O0. United States old As
advanced 4 and new is and IS Il in the
bid price.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &
Co, members of the New York stock ex-
change, Pioneer Press building, who have
direct wires to Chicago and New York.
Closing prices are bid: