The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-11-28

NEW YORK, Nov. 27.-People who
bought stocks on Thursday and Friday
found the expected market for them this
morning and awaited themselves of the
opportunity to sell out to large extent.
The subtreasury operations last
week made it sufficiently obvi-
Gus that strong bank state
ment would be forthcoming on Sat
urday, and the new strength In the mar
ket on account of Saturdays bank state
ment had therefore been discounted.
Prices were opened high, and the advance
In Americans in London had the appear
ance Of being manipulated from New
York for the sake of influence on the
opening here. At all events, the London
market was depressed generally on the
rise in the money rate, and sold stocks
here from the opening until long past the
usual hour for cabling Pennsylvania
was an exception, and was eagerly bought
by London. 1t subsequently reacted and
saved only 2A of net gain.
The high prices at the opening were the
signal for very extensive realizing, which
was most marked in the B.. & o. issues.
The opening prices in the preferred ran
all the way from IS down to S3%. There
were occasional rallies, but the pressure
CT profit taking was renewed. and their
close was near the lowest. Union Pacific
showed the effect of profit taking and
Sugar was obviously weak from the start.
These were sufficient powerful factors to
decide the general course Of the market
downward. The heaviness became quite
widely disseminated as the day pro-
crossed and many net losses of a point
or over will be observed.
While the general course of the market
was reactionary, some points of strength
persisted. Manhattan. Federal Ste al.
American Hoop, G. & o., and Peoria, De-
catur and Evansville rose from 1 to- 2
points, maintaining the full : advance.
Leather continued very cratic. over a
range CT 51a points below Fridays close.
The late break In Sugar TO .154, and the
st. Paul statement fer October. showing
a decrease in net earnings of nearly $23C,-
600, emphasized the late weakness st.
Paul increased operating expenses, or i'm
provements charged to that account,
have now wiped out all Of the increase
in gross earnings since July 1, and estab
lished q net decrease for that period of
nearly 100000.
The condition of the money market
was not greatly improved by the showing
of the banks in Saturdays statement
The fact was pointed oul tat while the
statement Of all the clearing house banks
showed a decrease In loans OF $3,125, 800
and an Increase In cash reserves of $685.,
2z5 a single bank In the association re-
ports a decrease in loans of 81, 1876 800, and
an increase in cash of $8.G29,000 With
this single institution Withdrawn from
the showing, the average condition of the
remaining banks, therefore, has not been
improved. The majority of the days
loans were made at 6 per cent, and the
rate for sterling exchange advanced
sharply in response to the money pres
sure In London.
There was a good absorption of rail-
road bonds and prices advanced. Total
sales par value, 50, 600 u. S. Is adj
vanced II and the Is and new As Is in the
bid price the IS declined "a.
STOCK QUOTATIONS.
Furnished by Charles II. F. Smith =
Co., members of the New York stock CT
change. Pioneer Press building, who have
direct wires to Chicago and New York.
Closing prices are bid: