The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-07-02
KET INCLINED TOWARD A
REACTION.
STRONGER TONE DEVELOPED.
FOR THE MORE ACTIVE
STOCKS.
SHARP FAILING OFF IN ACTIVITY.
The Ease With Which Prices Were
Manipulated the Feature of the
Entire Session.

NEW YORK, July 1.-Todays market was
somewhat erratic, the earlier hours of the
day inclining to reaction, but stronger tone
developed after noon, which carried prices
all through the list above last nights clos
ing level. There no news regarding the
general situation to account for the early
decline, and it must be attributed to a gen.
eral apprehension among the professional
traders that the advance in prices has out
stripped conditions. The late strength did
not develop until after a period of feverish
uncertainty, and a hesitating and somewhat
timorous effort on the part Of the bears to
take control Of the market. There was a
decided falling off in activity and in the out
side interest in the market all day. Nor was
there any general heavy selling to realize ap-
parent. The decline gave every appearance
of being purely manipu.ative in character,
the bulls seeming to assent to it as prom
Using benefit to the tone Of the market 1t
was not of a character to invite aggressive
short sales, and in fact the sales that were
made for short account were covered before
the end Of the session, and were largely re-
sponsible for the rally.
A feature of the market all day was the
ease with which prices moved both up and
down on small transactions The late rise
was accomplished without any very heavy
buying, rejecting the disposition on the part
of heavy operators to- nurse the reaction for
the purpose of recuperating the market and
preventing its too rapid advance. London
already reflected increased confidence in
the stability of vaiues here, and bought quite
freely during the day. General news as to
the outlook for business continued favorable
The transfer of 5000, 600 in currency from the
sub-treasury to New Orleans is considered
an indication of increasing business activity
in that section.
An order from Europe for $4,000 in gold
went begging in Wall street, there being no
adequate profit in the transaction at the
ruling rate of exchange. The governments
good showing for the fiscal year with de-
felt of less than $19OOO,OOO, against an estl-
mate year ago of over $64, 600, is
looked upon as a favorable factor. Louis
vile & NaShvilses good showing for May
of an increase of $50, Cpl in gross earnings
and of SCI, PAS in net, helped that road to
maintain it's price above yesterdays close
or near the level all day. This was true of
the internationals as group, with one or
two exceptions. Manhattan was also strong
all day on rumors that surface railway in
terests were about to acquire an interest in
the property. With these exceptions, the
whole list declined below yesterdays cose,
the loss reaching IA in Sugar and over a
point in Tobacco, Chicago Gas and North
west. The recovery was complete in all
prominent stocks but Bay State Gas, and
net gains attained point over in Manhat-
tan (23s), Adams Express, Cotton Oil pre-
ferred Brooklyn Rapid Transit, St. Paul,
Illinois Steel and Louisville Nashville,
Leather preferred, Rubber preferred and Ice
preferred, Bay State Gas s-umped 242 on
rumors of a receivership, and rallied rs.
Chicago Eastern Illinois preferred also
lost Y.
The pond market displayed a good tone on
moderate transactions, which were largely
restricted to the leading mortgages. Fluc-
tuations were quite narrow, but there were
fairy uniform fractional gains. The mar
ket showed some irregu.arity at times, but
ended with the principal liens showing ad-
vantages. The aggregate sales were 1872, Coz.
Governments were dull, but hardened frac-
tionally. The transactions were S., 600.
The total sales of stocks today were 216 446
shares, including: Tobacco, 1900; Sugar, "a,
7OO Burlington, 27.eoO; Chicago Gas, 30,7Oo;
L. G N, $500; Manhattan, 1900; Missouri
Pacific $500; Northwest, 1890; Omaha 5,lC0;
Reading, 1900; Rock Island, 1O,000; St. Pau,
43, 500; Union Pacific, 300; Western Union,
AGO; N. J. Central, 5000
The following were the fluctuations of the
leading railway and industrial shares fur
nished by G. ii F. Smith d Co., members
New York stock exchange and Chicago board
of trade: