St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-10-13
Merchants National Bank !
ST. PAUL, MIMI.
Capital, 81, 900, 600
Surplus lndiVidedPrOftS, 500, 600
". R. MERRIAM. President.
{. II. BIGELOW, Vice Presideu.
"A. SEYMOUR, Cashier.
&EO. Z. POWER, Asst. Cashier
DIRECTORS
FINANCIAL.
New York.

NEW YORK. Oct. 12.-The stock market was
again only moderately active. While weak
in tone, and while no sudden downward
movement took place during the day. the
steady pressure to sell caused material losses
before the close of business. The pressure
brought to bear was caused by another bear
raid under the leadership of Mr. Cammack
whose brokers attacked the entire list. max
ing general uniform movement over the
whole movement. There was no support &C
corded prices anywhere, and only the natu-
raj strength of the market prevented a sud
den break in some parts of the list
There were only two active stocks TO-DAY
Atchison and ST. Paul, but the former fur
nished about fourth of the entire business
done The opening or the market was in
sympathy with lower London market and
selling Dy the foreigners, as well as the bears
and the effect of opening the market at de-
cllnes from saturdays figures at from kn1
per cent Sugar. New England and Hooking
Valley showing the largest losses. There was
no relief from the steady pressure. however
at any time during the day, and the opening
figures In most cases were the best of the
day. Chicago Gas was the only exception to
the rule. and it was very strong in the early
dealings in the face of the weakness in the
rest OF the list, rising Ia per cent and hold
ing the advantage to the close, though it was
only fractionally higher owing to the decline
at the opening.
When well into the afternoon the leading
shares including Atchison, Missouri Pacific,
Rock Island, G. c. C. & st. L.. Wheeling and
Lake Erie, Cordage, Sugar and some special
ties were all down over per cent from the
opening figures, and the downward move
ment made little or no further progress for
the rest OF the day covering keeping prices
within narrow limits while making no recov-
cry. The market finally closed dull and
steady at or near the lowest prices reached
The list TO night is all lower. and the mate
riallosses include Buffalo, Rochester and
Pittsburg, 1ss; Lake Shore, 1I2; Atchison c.
C. c, d st. l.. and Northwestern each, ia;
Rock Island, st. Paul, Missouri Pacific and
Wheeling and Lake Erie each 1ls. and Wa
basha preferred per cent.
The Post SAYS: To-days market gave the
first indication that has been visible since
the early part of August Of the presence of
an aggressive bear combustion. Its presence
was naturally to be expected at this time.
The fundamental principle of the two or
three astute operators who have organized all
Of Wall streets recent bear movements is
that market that would not go up must
go down. To put the case in other words: If
surface arguments from the financial situa-
in stocks and prices stubbornly refuse to ad-
vance, the reason must be that the prices are
too high. There is too much in force in the
argument, though it applies of course only
TO professional market The establishment
of lower range of prices is in such cases
double advantage from theitraders' stand
point. 1t gives safer level from which to be-
gin speculative purchases for a turn, and
creates short interest whose own enforced
purchases of a rally will contribute to the
advance. So long as the outside buyer is alb
logic of speculation.
Total Sales of Stocks
To-day were %, Oh shares, including;