St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-14
BEARS STILL ALIVE.
The Clique Which Is Milking
the Stock Market Ham
mers Wizards.
North American Pounded
Down and Liquidation
Must Ensue.
The General List Takes a
Tumble, but Experiences
a Reaction.
Closing Quotations Lower All
Around From Six Points
to a Fraction.

NEW YORK, Nov. 13.-The stock
market to-day, while still very active,
showed less excitement IN the early
trading, and afterward subsided into the
| ordinary appearance, with only, the
usual fluctuations. The general feeling
in the street has undergone marked
change for the better, and the opinion
of most of the habitues of the street is
that the object of the influential combi-
nation of capitalists which forced the
recent decline has been accomplished,
the reforms in the railroad
business now proposed there
will come general improvement in
values. The reaction from the Tow
prices of two days ago is regarded as
principally the effect of the covering Of
shorts, together with some buying by
those who had thrown their holdings
over on the scare. There were no
further failures or bank suspensions to
disturb the even course of events, but
the bears demonstrated the fact they
have not as yet gone into their holes,
and are still very much alive. The
natural tendency of prices to ad-
vance after the late severe
uIOp WAS CHcChSu, anu WHtiO tHO
fluctuations were on comparatively
small scale they were in some cases
very material, though the final changes
are in most cases for fractional amounts
only. The effect of the closing of the
North River bank yesterday afternoon
and the wild rumorS circulated in Ee-
gard to the. North American company
was shown at the opening this morning,
and
This Market Followed London.
which had been disturbed by cables cal
culated to cause distrust, and every
thing on the list opened at materially
lower figures than it closed last evening.
The fear expressed was that the losses
of Decker. Howell d Co. would nave to
be borne by the North American COM
pany, as the liabilities We're regarded as
too large for private firm of their
standing to have incurred. and there
was great fear that the securities which
comprise the assets of the concern
would have TO be sacrlficed. At the
opening there was an immenSe crowd
of BROKERS in the North American stock
and with the sound of the gavel every
one offered the stock for sale. While it
closed last night at 1S77ss, the first sale
recorded was at 16, from which point 1t
was quickly ratified off l per cent at q
time till it touched Z. Buyers were
found at this figure, however, and it
quickly rallied to II, and after some
quick and violent, fluctuations it settled
around IL. The general list, which haa
sympathiZed with the drop in North
American to limited extent, failed to
follow it down, and the bullish feeling
found expression in advances all along
the line in which c., c., G. & st. Louis,
Reading, AtchiSon, the Northern Pacif-
les, Louisville & Nashville and the
grangers were conspicuous, the extreme
gain from the lowest point being 8 per
cent III the first-named. The news of
the day. however. especially that from
the West, was not of q specially encour-
aging laracter, and when the buyiHg
slackeu away the bears again came to
the front, and failure in the sugar
trade was used with considerable effect
against the market. RumOrs .eef
further trouble among the clearing
house banks were started, and a
preferred quite in the old style followed,
by which that stock was forced off from
6314, the best price of the forenoon, to
571s. The entire list followed, and
Sugar Refineries, which had been kept
quiet during the greater portion of the
day, upon the discovery that the trans
fer books had been closed anG no au-
thority existed to open them. dropped
from SO to 5411z,
With a DemOralizing Effect
upon the general list. The movement, Z
however, in few stocks carried prices
below the opening figures, and late iii
the last hour there was some recovery,
the market finally closing active, but
fairly steady, at small changes from
first prices as rule. There were same ,
wide HuafI1o finnc
with Pullman, Illinois Central and Ten
nessee Coal most conspicuous, but their
hnal changes are generally compara-
lively small, like those of the remainder
of the list. The list is again lower. !
and Sugar is down 3x, North !
ern Pacific preferred 211SS, Pacific !
Mail 1sS. Louisville & Nashville 111S, land
North American rs, with only frae-
tional changes i'll the rest of the active
stocks. Railroad bonds were somewhat
less active, the sales of all issues reach
ing S20o0.000, but there was still a firm
to strong tone displayed. aud most Of
the active issues again show advances.
One of the most marked exceptions WAS !
the Northern Pacific 5s, which suffered
with the other Willard securities. and
dropped 5per cent to ISL on business
of S259, QUO. Other declines of Importance.
however. were few, and the business done
as a rule was very we'll distributed, al
though Atchison incomes furnished
$4,000 to the grand total. Among those
which are higher tonight, Chattanooga,
5s are 2, to 116, and Rio Grande Western
lists 2, to 73. The Post says: ssThe
most important question in connection
with the immediate movements of the
stock market is as to what will be done
with Northern Pacific stocks. Willthere
be further liquidation of them or not?
lhls question. OF course, has no refer
ence to the real value of the Northern
Pacific stocks. The preferred at 80 to
81 is certainly now below its real value.
On this point also it is worthy of consid-
Grafton that there has unauestionabIv
been large buying of Northern Pacific
preferred to-day for German account.
we also have reason to believe that the