The Saint Paul globe., 1896-11-30
BEARS STILL RULE
LIQUIDATION IN sPECIALTIEs A
FEATURE IN THE NEW YORK
MARKET.
NEWS RATHER ENCOURAGING.
OWING TO THE PECULIAR CoNDI-
TIONs WITHOUT MUCH EFFECT
ON STOCKS.
DEALINGS OF WEEK REVIEWED.
Average Net Loss of a Point Scored
by the Shares In the General
List.

NEW YORK, Nov. 28.-The stock market
today, On moderate and indifferently dis
tributed dealings, sagged sharply under ag-
gressive movements by the bears against
the high priced stocks, and liquidation in
the specialties. The last mentioned influence
has been decidedly marked Of late, partcu-
larly in the usually neglected stocks, includ-
ing Laclede Cas- The news of the day
was encouraging, but, owing to the Pc
culiar speculative conditions existing, failed
entirely of effect. The items included fa-
vorable bank statement and the October re-
port Of the Burlington which showed an in
crease in surplus after charges of $207, ,735.
The stock, nevertheless, scored an extreme
decline in the active railway list of 115 per
cent New Jersey Central. on the continued
mild weather, broke per cent. The losses
otherwise except in on or two instances
did not exceed fractions. A ripple of firm
ness was apparent in the early trading, but
selling pressure soon turned the scale. The
closing was at about the lowest.
The course of prices during the week was
disappointing to the bulls, as efforts to es-
tablish higher range were nullifed by
persistent bear aggression and constant
drlbbling out Of long stock. 1t is believed
that the short interest has been increased,
however. The liquidation was most pro-
nounced in the high-priced stock and in the
specialtles, and was superinduced by the
almost complete disappearance of investment
and outside speculative interests, and the
apathy Of leading operators usually identi-
ned with the long side of the market. The
declining tendency was checked early in the
week, and rally occurred on advces Of
easier monetary conditions abroad and the
discovery OF large short interest in Amer
lean securities in London, incidental to the
nrst making-up day for the fortnghtly set
tlement. The dealings for foreign account
was mainly on the selling side, condition
that was attributed to the uneasiness re-
garding the probable action of congress in
connection with the Cuban question, and
expectation of continued unfavorable traffic
returns by the grangers.
These considerations also assisted the local
bears and restricted dealings to a considerable
extent. As usual, the industrials were affect
ed py SPECIFIC movements, as well by the
apprehension of impending hostile legisla-
ton In certain instances. Sugar was ham
mered in connection with the temporary sus-
pension OF some of the reffneries over the
thanksgiving holiday. Consolidated Gas broke
712 to 1902 on disappointment over the non
realization of the recent extreme bullish Cos
sip regarding a probable 10 per cent scrip
dividend in addition to the regular quarterly
disbursement. The declaration of only 1 per
cent d1vident on Leather preferred prec.p-
itated decline of IL per cent in that stock
as previous reports of the improvement in the
companys financial status and in trade con-
ditions had led the street to expect a more
liberal policy. Aggregate dealings for the
week were 733, 500 shares, and the net average
loGS was about point.
contraction of business was noted in the
bond market, and prices eased off in sym
pathy with the downward trend in stocks, and
dealings were chiefly confined to the reor-
ganiZation issues, and narrow fluctuations.
An investment demand for government bonds
partly stimulated by the drop in money rates
to 2q21s per cent basis. carried the various
issues up sharp fractions, including the cur
rency bonds, which are usually inactive
Speculation in bonds during the week was
natHly unfnteresttng and lower prices pre-
vailed. Some Of the inactive issues fuctuat-
ed widely, but the changes in the active bonds
were slight. The sales were Sc. .305, ,000 Gov
ernments were higher and active on invest
ment buying. The sales were 1924 900. Silver
certificates were without notable change on
transactions of $23, 900.
The total sales of stocks today were "a, ,617
sbares including: Sugar, IL, 800; Burlington,
Is, s00i Chicago Gas, 4,900; st. Paul, $500
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