The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-10
SUFFICIENT IN THE CLOSING HOUR
TO SHAKE OUT SOME WEAK
HOLDERS.
MARKET LOOKED PANICKY
UNDER THE WEIGHT OF THE
HEAVY OFFERINGS WHICH
WE'RE MADE.
CHANGERS SUFFERED SEVERELY.
Their Rapid Advance Had Largely
Been the Cause of the Mar
ket's Reaction.

NEW YORK, Aug. 9.-Quite violent liquid
alton set in in the stock market in the last
hour and a half of trading today, and
prices came tumbling from their high places,
the declines from the high point being in
many cases very wide. What the profession
al traders have been predicting for some
time came to pass, namely sufficient decline
in many stocks to uncover stop-loss orders by
weak holders of stocks. 1t looked for a
time as though the market was going to
pieces under the weight of heavy Offer
ings to realize. But after it was over a TAX
ing account of the day revealed that the net
changes of Importance were confined to a
comparatively few stocks. 1t was the stocks
that had enjoyed sensational advances in the
morning, notably the grangers, that suffered
most severely in the afternoon. The selling
to realize started in the grangers and as the
market is more sensitive in the influence
of this group than any other, the selling
movement soon broadened by sympathy until
it included pretty much the whole list. 1t
was noticeable that the grangers steadied
and rallied even while other prices were still
falling, Burlington recovering point from
the lowest and there were exceptions all
through the list to the weakness, some prom
inent stocks holding firm in the midst of the
heaviest settings of other stocks. The buying
proportions, exceeding in volume that for
a whole day of ordinary trading There was
a large falling off in the early period of the
decline which was hopeful indication that
prices would resist the pressure and resume
the trade. But faint heartedness took in
creased hold on the minds Of holders and the
selling movement developed into something
like a throwing overheard of securities Sales
for the day exceeded 757, 900 shares. The en-
ratio movement of Manhattan was an unset
Ting factor in the market. The short inter-
est in the stock continued in manifest distress
and covered heavily at rising prices. The
short interests in this and other stocks are
believed to have been largely eliminated dur
ing the early buying, thus withdrawing an
important sustaining factor, and the stock
fell accordingly toward its normal level The
same condition OF affairs was present in the
case OF other stocks and the first decline
uncovered stop orders, which, of course &C
CELEBRATED the declines. There was no news
of the general situation to account for the
don buying as well as selling stocks the
price of sterling exchange registering a still
further decline and crop news all continuing
favorable. The early advance carried many
stocks up over points, notably Burlington,
Rock Island, Chicago Great Western, Tobacco
Colorado Fuel LackaWanna, Western Union
and New Jersey Central large number of
other active shares showing gains of over
point But the slump in the market wiped
out all but a small fraction of the advance
in nearly all cases and carried some below
last nights close Rock Island and Leather
preferred each losing IL net. Some of the
notable losses of the day were Consolidated
Gas, 612; Manhattan, 33s; Laclede Gas, 3B;
Brooklyn Transit, 2h; Illinois Central, 21s.
and over point in Sugar, Spirits pfd North
western, Southern pfd and Leather pfd. On
the other hand, net gains reached important
proportions in the case of Fort Wayne 8;
Pennsylvania, 2; Nickel Plate first pfd 3;
Lackawanna, "a: Illinois Steel, Norfolk and
Western pfd and Colorado Fuel
The bond market sympathized with the
share speculation in general tendency but
the variations we're exceedingly narrow. The
transactions were enormous in volume with
the demand very keen for the lower grade
liens. The aggregate sales were S4.515, 600.
Governments were dull but firm. The tran
sactions were So, 600.
Total sales of stocks today were 1876, 500
shares including: Atchison, 1900; Atchison
pfd, 2SS00; Canadian Southern, $500; D., L.
& W., 4,200 Erie, new $500; Illinois Central,
1920; Missouri Pacific IA, 800; Northern Pa
cifc $780, Northern Pacific pfd, 49, 700; North
western, 1850; st. Paul, SO 800; St. Paul &
Omaha, 4,600; Union Pacific, IL 900 American
Spirits, 1890; American Tobacco, 81 600; Amer
lean Tobacco pfd. 1000; Bay State Gas. 6,100;
Chicago Cas- IA 200; Sugar e. 1920; Western
Union, $500; Chicago G. W., 1880.
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 trade: