The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-12-22
BEARS TESTED THE SPECULATIVE
SPIRIT AND THEN WENT TO
COVER.
CUBAN SCARE ABOUT OVER
NUMEROUS BUYING ORDERS FOR
FOREIGN ACCOUNT EXECUTED
LIN NEW York.
GOULD SHARES VERY STRONG
Closing Was Firm and Only Slightly
Below the Top Figures for the
Day.

NEW YORK, Dec. 21.-The stock market
today was clearly in favor of the bulls and
number Of the bear professionals, and also
bulls without stocks, miscalculated the spec
ulative conditions by heavy sales in connec-
ton with Western bank failures. The finan-
cial community at large, however, was much
more impressed by the absence of scare
abroad on the Cuban imbroglio and the be-
lief that there was no possibility of hasty
action on the part of this government, and
by the naturalization of the confidently
expected exports of gold to Germany. The
news that the Cameron resolutions had been
hung up until after the holidays resulted in
the execution of larger proportion of COM
mission orders than has been noted for some
time past. London prices for American Sc
curities came higher and fairly large buying
orders for foreign account were executed in
this market. The bears tested the speculative
spirit early, but soon gave up the contest
and covered extensively until the reported
failure of the Bank of Illinois and two minor
institutions caused the putting out of fresh
short lines. The market was active, according
to recent averages, and the dealings we'll
distributed, the more confident temper be-
ing also reflected in decided strength in the
railway and miscellaneous bond markets. The
course of prices in the forenoon was some
what irregular, owing to the changes of front
by the bears and moderate liquidation of
long stock.
In the specialties, the bears made some sue
cesses. Manhattan was attacked, the price
yielding 212 per cent to S21a on liquidation of
long stock, induced by the legal attack-on
the company. The stock was well supported
at the low level, and in the subsequent
transactions jumped to so, closing at net
Improvement of 15s per cent. The Gould
shares were especially strong improving
steadily as the day progressed, and resisted
persistent attacks by the interests that have
recently been free sellers. Consolidated Gas
moved violently, reacting 8 per cent early,
with subsequent rally of 2 per cent A
favorable impression was created by an easier
tendency in the sterling exchange market
In the afternoon session, and heavy buying
was noted all around, with sugar, Chicago
Gas and the grangers leading the improve
ment. Houses with Washington connections
were prominent in the rise. The inactive
stocks received more attention than of late
and, as rule, sharply advanced. Burlington
western Union, Rock Island and Tobacco
scrip gained per cent, The closing was
strong at slight recessions from the top
figures.
The bond market displayed strength on
renewed investment inquiry which introduced
large variety of issues. Sales were 81, 129,-
co., Some exceptions to the general tendency
were recorded, but the losses were generally
unimportant Governments ruled steady, eX-
cept new is, which fell q sharp fraction in
the early dealings on heavy sales, block
of 81, coo, 600 of the coupons changing hands at
49, Subsequently a better tone developed
with the closing generally steady. Large
amounts were traded in over the counter,
with dealings at the board footing up 81, 044,-
90. The total sales OF stocks today were
,925 shares, including: Sugar, 1900; Bur
lington, $4,000; General Electric, $500; Chi
cago Cas- $500; l.. & N, 10000; Manhattan,
1860; Missouri Pacific, 3,7O0; Reading, H.
coo; Rock Island, 5000; St. Paul. $500;
Tennessee Coal & Iron, 5000; Western Union,
1900; w. & L. E., 1900; Southern preferred,
$780,
The following were the fluctuations of the
leading railway and industrial shares, fur
nished by c. H. F. Smith & Co., members
New York stock exchange and Chicago board
Of do.