The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-10-10
MARKET SUMMARY.

NEW YORK, Oct 9.-The bears renewed
their raid on the stock market to such good
account today that few stocks escaped with
less than point net loss. The course OF
the market yesterday, in the face OF extra
ordinary dullness had led many to sup
pose that the bear campaign had come to an
end and that the market would probably sink
into hamilton for a time. The usual and
week covering of short contracts was eX-
pected to stiffen prices slightly. Quite the
contrary occurred. Prices did improve
fraction in the first hour on a very light
volume of dealings. Weakness then devel-
oped in Chicago Gas and checked the rise.
The room traders soon afterwards detected
selling by houses with Washington connec-
lions and bears seized upon this as proof
of inside information Of mysterious some
thing impending in Washington that might
play havoc with values when it becomes
known. What the mysterious something was
was not disclosed. The stock market is
peculiarly sensitive to limitations from
Washington at this time, owing to con-
viction in many minds that 1t Is only
question of time when the Cuban question
shall lead to a rupture with Spain. Much
stress is laid also by traders in stock upon
the pending decision Of the supreme court
upon the Nebraska maximum freight rate
case and the case against the Joint Traffic
association. The market was evidently I'M
protected by supporting orders and the ag-
gressive short selling by the bears led to
rapid decline on light transactions. Only
two stocks in the list show sales as high
as 1O,CC0 shares. These are Chicago Gas and
Burlington. Chicago Gas, Omaha, Manhat-
tan, Missouri Pacific and Burlington were
conspicuous in the decline. Consolidated Gas
fuctuated in its characteristic way, breaking
with
recovery of points. There were slight re-
coveries in some stocks just at the close, but
most stocks closed at the lowest, the pre-
vailing tone being very weak.
Probably superficial view of the weekly
statement of the New York clearing house
banks had something to do with today's sell
ing movement Of stocks. The professional
trader usually accepts decrease in the sur
plus reserve as a specific admonition to sell.
Today's decrease is So, 064, 800 in that item,
and was, in fact, something of a surprise in
view of the rather strenuous efforts by the
banks in the last two weeks to prevent a
further shrinkage in their surplus. But the
small decrease in loans reported this week,
s262, 800, indicates that the banking author
tiles view with equanimity the decline IN
their reserve surplus, confident in the
strengthening force of the $6,350,000 in gold
now in transit to New York from England
and France. The gold arrivals of the week
are reflected in an increase in specie of
81, 5S3 400, but are more than OFFSET by the
decrease in legal tenders of $3.302 800. The
demand for legal tenders is very Keen anu
the best efforts Of the banks and the United
States treasury are not equal to fully pro
has been obliged to refuse to supply legal
tenders in return for gold except for tele-
graphic transfer of currency to other sub
treasury points.
Prices in bonds were relatively firm. some
small gains being shown. Transactions were
light compared with recent averages. Total
sales So, Geo. coo. Government bonds are Is
to Is higher, the latter the new As coup This
issue sold during the week at 1.26$, a new
high record.
The total sales CT stocks today were liz, 400
shares. including: Atchison,- 1900; Burling-
ton, 1921; L: E. & ~, 4,5S5; Manhattan,
cidc, 81 ,825; Northern PACIFIC pfd, $3.50; Read
ing, $3.50; Rock Island, S,515; ST. Paul, IS 095;
Union Pacific. S1OO; Bay State Gas, 1866;
Chicago Gas, 2S,42o; Sugar, 6,Sls; Chicago
G. W.. $3.50.
The following were the fluctuations of the
leading railway and industrial shares fur
nished by G.. H. F. Smith G. Co., members
New York stock exchange and Chicago board
of trade:
Chasing are bid prices.