The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-05
GAINS WIPED OUT.
A SUDDEN SELLING MOVEMENT
LATE PULLED DOWN STOCK
PRICES.
PROFIT TAKING IN VIEW.
EARLY THE LEVEL WAS ABOVE
THAT OF THE PREVIOUS
DAY.
LONDON LED IN THE MOVEMENT.
Northern Pacific Was the Chief Suf-
ferer, In This Respect, of the
InternatiOmaIs
PROFIT TAKING IN VIEW.
LONDON LED IN THE MOVEMENT

NEW YORK, Aug. 4-The great majority
of the sal,s Of stocks en- tie exchange today
were made at prices very substantially above
last nights closing. But one market sue
cumbed in the last half hour to a sudden
selling movement induced by profit taking.
The effect was to wipe out nearly all the
earlier gains in most stocks and to leave the
average level Of the market but little changed
from yesterday. The dealings in the last half
hour were all at lower prices and the only
stock to escape the effect of the fall were
those not included in the later dealings.
Except for the final decline, the market was
almost a repetition of that of yesterday,
copious purchases being made of pretty much
every stock in the list. A notable feature Of
the trading was the heavy selling for foreign
account and the readiness with which these
sales were absorbed and their sentimental
effect disregarded. Northern Pacific preferred
was the chief sufferer in this respect, as yes
terday, but all of the international stocks
were sold by London to some extent. 1t is
estimated that the total of London's. sales
reached $4,000 shares for the day. This was
almost without effect on prices here, and
failed to check the further fall in sterling
exchange, which was affected by heavy offer
ings of grain bills. London Is apparently
eager to realize on American securities, and
s.teadfastly declines to enter the tempting field
for speculation offered by the New York
market. The industrial group and the gas
stocks were conspicuous again today for
strength, Consolidated Gas leading and show
ing further net gain of 5 points. The
grangers were heavily bought, and advanced
at one time nearly a point. The final de-
cline left the net gains in the active stocks
only fraction. The Erie stocks, VanderbiIts
and the coalers were also notable for some
sharp gains. Sugar at time IN,
but closed with only fractional gain. Other
net gains of point or over were Tobacco
312; Hooking Valley preferred, 6; Erie first
preferred, 81; Erie second preferred, 2s;
Illinois, Steel, A. Oregon Short Line, ~; st.
Joe and Grand Island, 2; Buffalo, Rochester &
Pittsburg, 2; Laclede Cas- 2H; New York
Central Norfolk & Western, Oregon Naviga-
ton. Reading, ST. Paul & Duluth, Omaha,
ST. Louis & San Francisco first preferred.
Sugar preferred, Tobacco preferred Bay
State Gas, Illinois Central and Iowa Cen
trail preferred. Losses of a point or over
were sustained by Susquehanna & Western
preferred, East River Gas and Ice.
Operations in railroad bonds were attended
by violent fluctuations, in some cases, with
Georgia Pacific irsts and Union Pacific 41@s
trust receipts. conspicuous for advances of
S1a and per cent, respectively The market
exhibited very strong tone throughout with
DEALINGS on n "a h heavy scale The aggregate
safes were 9o,o4o,oOo. government DondS were
heavy moderate sales.
Total sales of stocks today, 517, 200 shares
including: Atchison preferred 9,345; c. &
O.. 10, 10; Burlington. 1885; Erie new,
1875; Erie first preferred, 1920; L. & N, TO-
375; Manhattan 1850; M, K. & T. preferred,
1885; N. Y. Central 10000; Northern Pacific
preferred, q. 220; Northwest, $3.50; Ontario &
Western, $500; Reading, 1850; Rock Island
1920; St, Paul, $1,000; st. Paul & Omaha,
$780,; Southern Railway, $50; Southern
Railway preferred, 11,O5O; Spirits Il, 1856;
Spirits preferred, 1906; Tobacco, SO, 720: Bay
State Gas. $3.50; Chicago Gas, 81 420; Con-
soiidated Gas, $500; General Electric, II 1850;
Laclede Gas, 5,4S6; Pacific Mail, $780, Silver
Certificates, 5000; Sugar, 26, ITO; Sugar pre-
ferred. 4,210; T., c. G l., 1870; Western
Union. II 1870; Leather preferred, $50; Chi
cago Great Western, 1885,
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: