The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-10-12
NET cHAHGESSLIGHT
BEARS SOLD STOCKS DOWN AND
THEN BID THEM UP
AGAIN.
PUBLIC KEPT OUT OF 1T.
NO OUTSIDE INTEREST EITHER IN
THE RISE OR THE
DECLINE
AT THE GOLD IMPORTING POINT.
Another Fall in the Actual Rates
for Sterling Exchange-Bonds
Rather Dull but Firm.

NEW YORK, Oct 1.-THE bear campaign
on the stock exchange today finds its prototype
IN that Of the illustrious monarch who led
MS army up the hill and then led them down
again. Only the vancouver on the part
OF the stock exchange bears was that of
pretended retreat, in all the panoply of woe
sounding aloud their lamentations and
alarms over the dangers that beset the
values of stocks. In their acute apprehen-
sion over the prospective decline in prices
they sold numerous stocks which they did
not possess and induced some few other per-
sons to sell their holdings. But the large
Part of the selling proved to be confined TO
the professional reactionists. The failure to
induce any large liquidation, and the news
Of widespread rains in the West, breaking
the long continued drought, admonished the
bears to secure stocks with which to fill
selling contracts they had made. Their buy
ing to cover carried the market back over
about the same course it had followed, so
that net changes are very narrow in almost
all cases. This was true even of Chicago
Cas- which ranged over more than points
in a very erratic manner, and on large trans
actions. 1t was true also of consolidated gas,
whick took one of its characteristic tumbles
of points and then recovered. The marked
declines in the Southwestern stocks and in
the grangers were also largely recovered,
many stocks. particularly the grangers, ris-
ing above Saturdays level.
Statements of railroad earnings for the
first week in October received during the day
showed continued improvements. Actual
rates for sterling exchange fell again to
$4S4A for demand, and to s4.S2A for sixty
days. This is said to be at the gold import
point, in spite of the fact that the Bank
of England today advanced its price for
American eagles to 76 shillings 7lad against
76s, 61ad at the time last weeks engage
ments were imported. Rates for time money
continue easy and there was good demand
for commercial paper, which was also In
good supply. Notwithstanding the cessation
of the bear attack on the market and the
subsistence of the apprehensions that have
recently beset some of the traders, the buy
ing was as much confined to the bear ele-
ment as the selling had been, and there was
little Indication of any assumption OF wide
spread interest in the market. Omaha's net
gain exceeded a point and losses of point
or over were shown by Cotton Oil, Chesa-
peake & Ohio, Colorado Fuel, Illinois Steel,
Consolidated Gas, Pullman and Oregon Navi-
CATION; points in Rio Grande Western pfd,
9A in Iowa Central pfd, and g in oregon
Navigation preferred.
Bonds were rather dull but generally i'm
proved before the close Tota sales, $l60o'-
00O United States old As were 1sc higher
bid and the new As sold at $1.267s, the high
record. go.
Total sales of stocks today were $50, 500
shares, including: Atchison pfd, 1855 {; ooS q
O., $3.50; Burlington, 27,O35 Louisville, 500;
Manhattan. 4.O15: Missouri Pacific, 19, 420: NJ.
K. & T. pfd, 4s25; n. Y. Central, 6349;
Northern Pacific, 1900; do pfd, 1s,20s; Read
ing, 1920; Rock Island, 12,495; St. Pau, 100 40;
49S; Union Pacific, 12,17o; D. & g., NV;
Wabash pfd s,45o; Tobacco, 4,6S9; Bay state
as. $50; Chicago Gas. 7O,225; PACIFIC Mali
3,025; Sugar, 1885; Tennessee Coal q iron
4110; Western Union, 4,1eo; chicago Gfe@t
Western, 1850.
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 Doard
of trade: