The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-10-20
BEARS DRIVEN TO COVER AFTER
AN ATTACK ON THE STOCK
MARKET.
AN UNDERGONE OF STRENGTH.
THAT OF THE PREVIOUS
DAY.
LONDON WAS A GOOD BUYER.
by the Death of the Company's
President.

NEW YORK, Oct. 19.-The undertone of
todays market was of strength through
out. The volumpe of transactions not
large and there were prolonged periods Of
dullness, when trading practically stag
nant, but the operations of important inter
ests, which were prominent in the late bull
market were manifest. The tone of yester-'
days market had apparently determined large
professional operators to undertake move
ment for rise today. The break in the
price of Pullman due to the news of the
death of the head of the company, halted the
operations of this element for a time, but
the flrmness of the general list In face of
the break in Pullman and of marked weak
ness in Chicago Gas, and the strong sup
port which was offered the Pullman stock
encouraged the bull operators to renew their
campaign in an aggressive way later in the
afternoon. The result was that the shorts
were driven to cover and prices throughout
the list mounted strongly upward to point
mater; ally above last nights close.
The bears made the most of the sympathetic
effect produced by the opening weakness
in Pullman, but the moderate decline effect
ed in the general list failed to bring any
heavy liquidation to dislodge any great
amount of stop-loss orders. The manifest
irmness of prices discouraged them and their
rush to cover at the close was prec:pitate.
The strength of the market developed first
in the Vanderbilts Michigan Central was
the sensational feature in the group with
jump of SIS points, but nearly all of those
properties including Northwestern and Omaha
were quite buoyant and closed with net gains
of l to 2 points.
Sugar and Chicago Gas ranged over nearly
three points and the covering of shorts in
these stocks on the rise, an important
element in tho STRENGTH of he market Deal
ings in Pullman were on a very large scale
and over a range of tx points. In estimating
the significance OF this movement, it is to
be considered that the stock jumped yes
terday 81 points on a small transaction such
as often affects investment stock The
close tonight is only half point below
the prices ruling before yesterday.
All the news OF the day continued favor
able railroad earnings continuing to show
improvement. Louisville was notable ex-
cepton with decrease in earnings of $7,7oo
for the second week in October, due to con-
tinued interruption by yellow fever quaran-
tine. The adjustment of passenger rates by
some OF the Western railroad lines removing
a recent cause of apprehension. London con-
tinued to be a good buyer in the New York
market and in fact offered the principal sup
port during the early tracing. The exchange
market showed diStinctively frmer tend
ency, though the only announcement OF go!h
from Europe was of the withdrawal for lip
rnent to the United States of $4,000 i'll geld
from the Bank CT England. Gold however.
is in transit from Australia to San Francisco
The local money market continued easy ana
outside banks continued to take as large
amount of commercial paper in this market
Outside Of the cases above named, special
strength was shown by Louisville On Lor>
don buying, by the ice stocks, Missouri Pa
2ifc Oregon Navigation, p ttsburg, C., C., 4.
* st. Louis stocks, st. Joe & Grand Island
first preferred and Leather preferred.
A feature OF the bond market was the
sale of two blocks of $3.50 and $1G0, 900 re-
spectively of Union Pacific collateral rs at
unchang d prices Dealings in bonds we're
not on a large scale, but prices generally
showed improvement. The total sales were
4, $4,000. United States new Is registered
advanced Is bid and the IS declined a
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