The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-09-27

NEW YORK, Sept 28. The stock mar
ket continued dull and listless in char
acter today. Several favorable incidents
impaired an undertone Of strength and
discouraged operations for decline, but
the soaring tendency Of the money rate
discouraged all speculative demand on the
long side and the day closed with nearly
all stocks showing losses. The incident
which attracted most attention was the
enga cement in London Of 81 600 In gold
for New York. Prices rose to the highest
on this announcement and for number
OF stocks reached a level above yester-
days close. Money, however rose upward
by quick stages to 70 per cent and the
heaViness of the market was renewed.
The gold engagement, in face of the firm
ness of exchange, Is obviously based on
! the expectation that the money rate will
continue high until the receipt of the
gold here, when the profit may make
good the loss involved in the simple i'm
portation.
The course of the local money market
today contradicts the assertions made
yesterday, that the higher rate was due
to manipulation. The present and pros
pective condition Of the money market
Is undeniably tight Rates advanced, not
only here but at other domestic points
both East and West. New York eX-
change at other points shows continued
pressure on this center. The announce
me 1t that more gold IS on The way from
Australia to San FI1lclScO had no effect,
the promised relief being, 30 remote. The
fact of .hree- IS h6li.lay approaching
had its influence also, on the prevailing
dullness. The weakness on foreign stock
markets VS. an influence here only in
directly and so far as it was a deterrent
10 900 ir.por,s.
The series of railroad statements which
appeared toGay was a real and effective
prop TO the market and undoubtedly in
duced some good buying from substantial
interests such as are not dependent upon
borrowed money. The overnight state
ment of ST. Paul for the third week in
September, showing an increase ovef last
years unprecedented jewel of $4,000, led
the list. Even more striking was the
statement of the. Atchison system for Au-
gust, showing an increase in the income
from operations of $70S,893, result in
large part due to thei heavy decrease in
orerating expenses. In the cases of Erie
and Southern railway. in spite of liberal
Increases in Operating expenses, there
was an increase in net earnings for the
folner of Szz1, 3G2 and for the latter of
$1S0.375. Business on all the trunk lines
was reported on IAN unprecedented scale.
These 1acts gave the undertone of firm
ness to the market, the stocks especially
affected being those whose reports were
published.
The days net declines reached a point
in only a few cases. A number Of the in
dus|1 rial SIRE; - lA,e
to 31a points below last night, but cover
ing by the shorts worked partial rally.
Brooklyn Transit continued very active,
though American Tobacco exceeded it
and was we'll sustained after an early de-
cline, rising a point over yesterday clos
ing with a net gain. Is
The bond market was dull and prices
( lower. Total sales par value, a,S29000.
T. 6. rs advanced IS; old as, coupon, Il,
and nevis - IS iiH=tfae bid price.
aYyA sssa'45A, kslt,t;NTAT4ON|S,
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: