The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-06
PRICES CARRIED UP To NET
GAINS IN THE FINAL
HALF-HOUR.
A HEAVY TONE TO START
DESPERATE EFFORTS BY THE
BEARS TO BRING ABOUT
A REACTION.
SHORTS ARE FORCED TO COVER.
Shares Sold In the Morning Bought
Back After Noon on a Rising
Market.

NEW YORK, Aug. 5.-Today's market was
an inversion of yesterday, in that it dis
played heavy tone during most of the day
and rallied strongly during the last half
hour. The days net gains were almost all
achieved in that last half hour, while only
a half hours profit taking at the close yes
terday wiped out all the earlier gains. There
was a feverish tone to the trading today
and erratic variations. which, coming after
yesterdays freedom Of speculative buying,
was pointed at as significant of the culm.na-
ton of the bull movement. There were evil
dences of powerful manipulation in the mar
ket to further this unsettling tendency and to
cause a reaction. But the heavy short sell
ers Of the day apparently lost confidence in
their theory of reaction and started to buy
back their stocks on fast rising market.
This short covering was the main cause of
the strong rally at the close, but there were
special causes also at work to defeat the eff
forts of the reactionists. There was nothing
unfavorable in the general situation which
they could avail themselves CT, the crop pros
poets and the decline in foreign exchange
continuing to favor a rise. In addition to
this some of the reports of railroad earnings
for the fourth week and month of July,
especially those Of Southern roads, were
strong influences for an advance. Thus Louis
vilIe's increase in earnings for the fourth
week, over the corresponding period Of last
year, was sos, 139 The stock responded to
the statement. which was published after
noon. rising over point and influencing the
whole market. Other increases for the fourth
week were: Chesapeake Ohio, $69, 694; Mis-
souri, Pacific, $1,000, and Kansas & Texas,
$780, 82, the latter figures being also COM
pared with the largest previous July week
in the company's history. The buoyancy dis
played by some of the individual stocks,
such as Tobacco Laclede Gas and Spirits, also
operated against the efforts at reduction. On
the other hand the reaction in the wheat
market, due to proft-taking, affected the
Western railroad stocks alphabetically.
The heaviness in some Of the most active
industrial stocks made the vulnerable points
of attack by short stocks. Sugar was at
tackled with especial vigor and receded to
27s from the high point. Consolidated Gas
suffered from fear of obstruction to the
scheme of amalgamation of gas companies
and slumped points. The average decline
in the market world by the bears was
nearly 1 per cent and in Chicago Gas and
Northern Pacific pfd was more the latter
being especially affected by continued London
selling London sold during the day about
% 600 shares of all stocks. Early declines
were almost all recovered and net gains
achieved although hey Wee for the most Fart
small. Changers and Vanderbits responded
to the rally in conspicuous degree. Inn
portant net gains were shown by Tobacco, 3;
do pfd, 2s; La Clede Gas, 31a; do pfd, 6;
Michigan Central, 2; Starch, 8; do first pfd,
3a4 New York Central and st. Louis, second
pfd, Q; St. Louis and San Francisco. first
pfd, 2A; Burlington and Chicago & Eastern
Illinois, 2; Chicago Great Western. Delaware
& Hudson. Duluth, South Shore & At
lantic, Lake Erie & Western pfd, and
Oregon Navigation pfd. OF the active stocks
Omaha. Chicago Gas. Erie, frsts pfd, and
Manhattan were off an important fraction.
Liberal realization impaired heaviness to
the dealings in the speculative mortgages,
with the losses. however, restricted to mod
crate fractions. The middle grade lines were
notably firm with some material advances
registered. The aggregate sales were 2,970,
600. Governments were fairly active and
generally firm.
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: