The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-10-07
TO SHAKE THEM
OUT.
SUCCESSFUL IN A MEASURE.
WHOLE LIST DEPRESSED IN THE
FACE OF VERY FAVORABLE
NEWS.
GOLD IMPORT MOVEMENT BEGUN
Eagles Drawn From the Bank o.
England for Shipment to the
United States

NEW YORK, Oct 6.-The bulls maintained a
waiting attitude for the most part in today's
market, and the bears were successful in
shaking out further stop-loss orders and de-
pressing the general level of the market a
further sharp fraction. There seems to be
long stock to sell, and the bears are thus en-
couraged to continue their efforts. Whilst
there is evidence of realizing, they apply pres
sure by short selling, and so precipitate the
decline to point where stop-loss orders are
added to the weight on the market. The con-
sequence Of this policy was some very sharp
declines in special stocks during the day,
Sugar, Chicago Gas. Manhattan. Bay State
Gas and the grangers being the objects of
most aggressive attack. The lowest prices Of
the day were made early in the final hour,
but the last half hour of trading saw a steady
hardening of prices, which materially reduced
the net losses.
All the factors in the general situation in
dicated continued increase in actual values
and there was no assignable cause for the de-
cline, except the exaggerated level of prices
which had been attained. One of the features
of the day was the large buying in Pennsyl-
wanna, and a sharp rise in the price of the
stock.
The announcement Of the withdrawal from
the Bank of England of $780, 900 in American
eagles for shipment to New York had only
momentary effect in steadying prices. This
was the more notable. as the movement is
considered the beginning of a steady i'm
port of gold. Sterling exchange sold at 4.S4A
today, that price being offered at sellers OPP
ton for the rest of the month. The ample
supply of gold at present in the country must
be accepted as accounting for the small eff
feet produced by the impending gold move
ment. The New York clearing house banks
now hold $92, 1865, 100 in specie, compared with
$55, S01, 600 year ago. The last of the first
lot Of gold engaged in Europe for import two
weeks ago has arrived from Genoa, and has
been deposited to the account of importers.
Although the New York banks have lost the
last two weeks SIC, 6O5, 300 of their deposits,
the specie in the cash reserve has shown
actual increase in the same time. The United
States treasury reserve has also been increas-
ing at the rate of 100000 day for several
days past. The rates for money in New York
show no further tendency to harden. If all
these circumstances are taken into account
it will not seem surprising that small i'm
portance is attached to the movement of gold
here. London was a buyer of stocks in the
market today and statement of railroads earn
ings still continued to show increases. Never
theess the result of the irregular days trad
ing is the showing of net losses extending
from fraction to over point throughout
the list.
The dealings in bonds were somewhat larger
than those of yesterday and prices declined
in sympathy with stocks. Total sales. $780,,
COO. United States cd As registered and new
As both registered and coupon, were ad-
vanced rs bid today. There were sales of the
old As at 112@1121a, and Of the 5s coupon at
lis.
Total sales of stocks today were 335, 500
shares, including: Atchison preferred. $3.50;
Burlington, 10, 465; L. & N, IA, AS; Manhattan,
1852; Missouri Pacific, 1880; Northern Pa
cific, 1855; Northern Pacific preferred, TO-,
425: Northwest, 6,462; Ontario & Western,
1900; Reading, 10,S2O; Rock Island, &c, 40; St.
Paul 26,5s5; St. Paul & Omaha, S,a15; Union E
bacco, S,OS2; Chicago Gas, 52,S26; Western
Union, $3.50; Chicago Great Western, 9,270.
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:
Closing are bid prices