The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-09-30
SWAY OF THE BEARS in THE
STOCK MARKET ALMOST UN-
DISPUTED.
IRREGULAR NET LOSSES RULE
FROM ONE TO FOUR POINTS EX-
IRENE RANGE AMONG ACTIVE
SHARES,
WEAK ELEMENT ELIMINATED
Speculative Holdings, Subject to
Bear Raids, Reduced by Long
Side Selling.

NEW YORK, Sept. 29.-Today's stock mar
ket still further demonstrated the changed
character of the speculation and the entire
subsistence of the recent rampant bull spirit
Inc bears were aggressive than at any time
hltnerto, and met with scarcely any opposi-
ton. They seemed somewhat apprehensive
over their late success, and bought quite
steadily during the afternoon of the same
stocks that had been sold short in the morn
ing. The result was to make net changes
quite irregular. But the largest figures were
on the side Of the losses. The bears sue
ceeded in dislodging a number of stop-loss
orders of weekly margined speculative hold
ings, and there seemed to be more selling
than has been the case heretofore. The de-
clines extended from 1 to points, and with
very few exceptions affected every active
stock on the list. The bears were apparently
leave accounts open even over night 1t was
a notable fact, however, that whatever anil
nation was shown was during the decline,
and the recovery slow and hating and
on much diminished volume of trading. The
centers of bear attacks stocks of such
uncertain value as Sugar and Chicago Gas
and the local gas stocks, which have lately
proved so easily subject to manipulation.
The evidence of reactionary tone of the
speculation was shown in the ready credence
given to all rumors of an unfavorable nature.
In the same way as the improvement in bust
ness was early discounted in Wall street, flu
ture possible contingencies are now largely
taken account Of The cessation of the late pool
buying on large scale, calls attention to the
large amount of stocks which are specula-
sue from any untoward incident that would
precipitate a sharp decline and bring a flood
of selling a falling market Such occcr-
rences as those today do much to eliminate
these elements of weakness and are creating
a short interest which would be a stimulant
upon any recurrence of a bull movement
Meantime prices are necessarily in course of
adjustment to the advanced money rate which
means lower prices even for substantial in
vestment stocks. The speculative properties
which had been advanced to unreasonable
prices must also submit to a REIMBURSEMENT
more in proportion with their actual value
There was no change today in the charac-
ter OF the news bearing on the general Stu
alton. London continued to show a DISPOSE
ton to put money into American securities
on any decline. Railroad earnings continued
to show improvement. c., c., c. & st. l.. re-
porting an increase of $25, 522 for the third
week in September. An incident of the day
was the lowering of the actual rates for ster-
ling exchange Ac and fall in the Paris rate
of exchange on London. Each of these Incl
dents indicated a recurrence of the pressure
of the demand ON London for gold. Near
the close Of trading on the exchange it was
reported that offers were made of call loans
at 1 per cent. Slight significance was attach
ed to the offer as having any bearing on the
money market, in which rates continued firm.
Owing to the late rally prices of the grang-
ers, the Vanderblts and most of the other
leading stocks show the Insignificant net
changes, losses, however, predominating. Cot
ton Oil and Metropolitan Traction showed
gains of over point, the largest losses were
5A in Consolidated Gas, in Brooklyn Union
Gas, Lake Shore and National Lead preferred,
in Chicago, Indianapolis Louisville pre-
ferred and Manhattan, and 21a in New Haven.
The bond market did not yield so readily
as stocks, but prices of the most active is
sues declined sharp fraction. United States
As coupon of 1907, advanced Is bid. Total
sales, 1000 600.
shares, including: Atchison, $3.50; Atchison
preferred, Il, 2O3; c. & O., 1855; Burlington,
32,720; L. & N, 1889; Manhattan, 10,7S0;
Missouri Pacific, $3.50; NJ, K. & T. preferred,
$50; N. ]. c., $40; N. Y. c., - ,005; North
ern Pacific, 1880; Northern Pacific preferred,
1900; Northwestern, 8, 635; Ontario & Western,
7,150; Reading, 1860; Rock Island, 29,S13; st.
Paul, ex-dividend, $50; st. Paul & Omaha,
$3.50; Southern preferred, 7,465; Union Pa
cific, 81 $50; U. P, D. & c., 1925; Tobacco,
- ABS; Bay State Gas, $3.50; Chicago Gas, 81
205; General Electric, 1915; Lead, 4,S10; Sugar,
1885; T. c. & l., 4,S07; Leather preferred,
1896; Rubber preferred, 1914; Western Union,
10, $50; Chicago Great Western, 1856.
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: