The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-08
ONLY CONSERVATIVE COURSE OF
BEAR LEADERS PREVENTED
OPEN DECENTRALIZATION.
NEW LOW RECORDS MADE.
SOME ACTIVE SHARES DROPPED
BELOW VENEZUELAN PROCLA-
NATION PANIC FIGURES.
CLOSE WAS FEvERIsH AND WEAK.
Net Losses Ranged From One to Six
Per Cent, Manhattan Show
ing the Extreme.

NEW YORK, Aug. THE stock market to-
day was unusually active, and displayed a
degree Of weakness that surprised even the
most uncompromising bears. The declines
were exceptionally severe, and only the con-
servatism Of the leaders Of the bear faction
prevented open Decentralization, as the only
support given was by covering purchases.
Liquidation was the order of the day in
all classes Of stock exchange securities, and
some Of the low records established in the
active list were considerably below the Vene-
zuelan proclamation panic figures. There was
no special news to account for the break,
extreme of per cent, following upon re-
newed disturbances in loans by the banks,
precipitated flood Of enforced selling orders
and gave the advocates Of lower prices a
clear field There was not the slightest indi-
cation of unusual excitement on the floor
of the exchange, but the complete absence
OF support was regarded as unfavorably sig
nificant Of the respondent feeling generally
prevailing. This condition of the Wall street
mind was further evidenced by suggestions
of the necessity of Issuing clearing house
certificates in order to protect collateral from
open Sacrifices The rumor is referred to
merely as having exerted decided unfavora-
bic influence in the market and was semi
of1c1ally declared to be premature. The
market opened irregular, but soon displayed
a decided saggng tendency, ignoring slight
fractional improvements In the London mar
ket for American securities. The losses in
the first hour were striking, a feature being
sensational shrinkage in the prices of high
grade investment securities. Purchases by
shorts resulted In partial recoveries of 102
per cent, but near midday the downward
movement was resumed on the advance in
money. The selling pressure appeared ex-
hausted, so far as the general list was con-
cerned, about l O'Clock, and although con-
cessions continued to be made in spots the
tendency was mainly to rally. The move
ment was very feverish and hinged entirely
upon the covering Of shorts The extreme
improvements were not retained. The clos
ing was feverish at net losses of los per
cent, the last in Manhattan. The bond mar
ket shared in the decentralization that was
apparent in the stock market with the spec
ulative issues bearing the brunt Of the liqui-
dation. The losses, however were the more
material in the high priced less active bonds.
ed fractionally all around on dealings of $685.
500.
The total sales Of stocks today were 353 800
shares, including the following: Tobacco,
1920; Atchison, 10000; Sugar, II 100 Bur-
lington & Quincy, $500; Chicago Gas, 16, 100;
General Electric, 5000; L. & N, 16, 700; Man
haitian c., 1920; Missouri Pacific, 5000;
Reading, $500; Rock Island $500; ST. Paul,
$4,000; Union Pacific, 1000; Wabash pfd,
5000; Western Union, 8,400; Western Elec-
trio. 800; Southern pfd., 4,400; N. ]. Cen
trail, $780,
The following were the fluctuations in the
leading railway and Industrial stocks yester-
day: