The Saint Paul globe., 1897-10-14
STOCKS, AFTER A SLUMP IN THE
MORNING, SCORED NET
GAINS.
CAUSES PURELY TECHNICAL.
NOTHING IN THE NEWS OF THE
DAY TO EXPLAIN 1T
ALL.
REAcTIoN1sTs SEEMED SATISFIED.
Their Purchases to Cover Short Con-
tracts a Factor in the Recov-
cry In Values

NEW YORK, Oct. 13.-Todays stock mar
ket almost reversed the course traversed in
yesterdays market without any change in
the character of the general outlook of the
news. The bears made a further very sue
cessful raid during the day and found num-
erous weak spots, the decline in some stocks
uncovering further stop-loss orders and
spreading decentralization far and wide
through the list. But the aggressive mood
of the market disappeared during the after
noon, and the latter part of the day saw
steady hardening Of prices, which carried the
level of the market quite materially above
last nights close. The days range of prices
was very wide, net declines at one time run
ming from 1 to points, the latter IN Sugar,
which was very active and erratic all day.
AS the recovery left prices above last nights
Close the fluctuations for the day are seen
to be very wide. The liquidation during the
decline was very heavy, and the volume of
trading on the r-se showed marked di-
minution.
The operators for the reaction seemed to
be satisfied with the declines they had
achieved, and their purchases to cover short
contracts were instrumental in affecting the
recovery. But there were also evidences of
some buying for long account. Very firm
resistance was encountered in some of the
stocks which had shown greatest weakness
This was markedly true of Chicago Cas-
in which inside buying very large and
very prominent. The stock during the day
went as low as last nights close, but the
final sale showed a net gain of AS, show
ing yesterdays heavy decline more than
recovered. Sugar was the object of spe-
cial attack by the bears after an opening
gain of point and was forced down at one
time over points, but recovered to about
last nights level
The movement in the general list was, to
a large extent, in sympathy with that in the
specalties. The stocks of Southern and
Southwestern railroads showed less resist
ance than those of the general list, owing
to the decreased earnings disclosed by late
statements as a result of Interruptions from
yellow fever quarantine.
There were reports during the day that
further gold engagements were to be an
nounced toward the end of the week, but
none are known to have been made up to
this time. The actual rates for sterling
exchange showed decline of Ac from last
nights close, foreshadowing further gold
movement. Otherwise there was nothing in
the news of the day to change the general
situation and the striking movement OF prices
can only be ascribed to purely technical
causes. Net gains are near point in many
prominent railroad shares, and extend to
points in Omaha and Delaware Hudson,
and ~ in Northern Pacific preferred.
Bonds showed weakness in the early trad
ing, but recovered sharply in sympathy. with
stocks. Total sales, 81, 1OO, co., Government
bonds firm and unchanged.
The total sales of stocks today w were $500
shares, including Atchison 90! S,7sS; 90 pre- pre-
sc $50; Louisville, 15,24O; Manhattan, 1880;
Missouri Pacific. 1880; NJ. X; T; pre-
ferred, 5,455; N. ]. Central, S255; n Y
Central 123 800; Northern Pacific preferred
246O5; Northwestern, $3.50; Reading. 1OOs0;
Rock Island, 49, 42O; St. Paul, 46.7sS; St. Paul
G. Omaha 6,715; Southern, 4,321; do pre-
ferred. 6,Ss5; Wabash preferred, 5,110; Union
Pacific, is, ,s4S; Tobacco, 9,67O; Bay State Gas,
1866; Chicago Gas, 1o1 .5o2; General Electric,
4,911; Lead. $50; Pacific Mail, $3.50 Sugar,
73 800; Western Union, 1866; Chicago Great
Western, 1905.
The following were the fluctuations Of the
leading railway and industrial shares fur
nished by c. II. F. Smith & Co., members
New York stock exchange and Chicago board
of fr~d