The Saint Paul globe., 1897-10-13
NET LOSSES TO THE ACTIVE LIST
FROM TWO TO -FOUR
POINTS.
AN EFFECTIVE BEAR RAID.
THE FINAL PRICES THE LOWEST
AND THE CLOSING TONE
FEVERISH,
SPANISH WAR SCARE WORKED UP.
Nominal Cause for the Break Fear
of Rupture in Foreign
Relations.

NEW YORK, Oct. 12-Much parade was
made yesterday of the alleged conversion Of
some of the leading bear operators on the
exchange to the bull side of the market To-
days developments prove that there is a
very large and aggressive bear contingent
stlll left in the market. The operation, known
III wall street parlance as testing the mar
ket has for several days failed to cause any
marked movement in either direction That
is to say, short selling by the bears failed
to induce any large liquidation and pur-
chases by the bulls equally failed to invite
any large followers. Skilled observers had
arrived at the conclusion that the market
was due for period of dullness barring the
development of some markedly significant
news. Ihe hardening of prices last night
and the further advance this morning looked
like termination Of the bear campaign
Yet In the two final hours of the market
the bears succeeded in working sharper
decline throughout the whole list than has
been accomplished any one previous day
OF their campaign They had no new event
which could influence the values of stock
to aid them, and there were no reports of
any cessation in the improvement of the
earning power of properties, the shares OF
which are dealt in on the exchange. The
nominal motive of the selling was the fear
that relations with Spain were in danger of
rupture as an outgrowth of the policy which
Gen. Woodford was ordered to pursue at
Madrid. The dispatch from Madrid carrying
the semi-oficial announcement of the sub
stance of Spain's reply it was feared would
force President Mckinley to take action that
would lead to declaration of war. Appre-
hension on this point became so acute that
large amounts of long stock were offered and
numerous stop loss orders were uncovered
which gave success to the bears. Several
Intellectual attempts were made to stem the
decline, but rallies were only momentary and
fresh heavy offers kept up the liquidation, to
the close of the day. Last prices were, in
many cases, the lowest and the tone of
the market at the last was very feverish.
Losses on the day extend all the way from
fraction to over four points, the range in
the leading active stocks being from 2 to 4
points. Chicago Gas and the grangers were
most heavily dealt in and showed the sharp
est declines
The bond market showed increased activity
and shared in the weakness of the stock mar
ket though to a less extent Total sales,
81, 2,450,OOO. United States new As were ad-
vanced b bid.
The total sales of stocks today were 49S, 800
shares, including Atchison, 3,S1O; do pfd, 15,-
420; c. & o., 6,400; Burlington, $3.50; Louis
vile, 1920; Manhattan, 6O,4OO; Missouri Pa
cific, II, 500; NJ. X. & T., pfd, $500; New
Jersey Central, $500; New York Central, $500;
Northern Pacific, $500; do pfd, 26015; Read
ing, 1885; Rock Island, 10, ,62O; st. Paul, 81
$50; St. Paul & o. 5000; Southern pfd, APO;
Union Pacific, 1910; U. P. D. & G., 4,5OO;
Wabash pfd, $3.50; Spirits. 1850; Tobacco,
65 5720; General Electric, 4S30; Standard Rope
and Irvine, 3,4OO; Sugar, 2s,200: Tennessee
Coal & Iron, $500; Western Union, 5,2lo;
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.