The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-10-05
OUT BY A LATE BEAR
RAID.
NET LOSSES FRACTIONAL
SHORT SELLING, WITH LIQUIDA-
TION, TOO MUCH FOR STA
BILITY OF PRICES.
NEWS OF DAY FAVORED LONGS
Railway Statement of Increased Net
Earnings Helped in the Opening
Advance-Bonds Active.

NEW YORK, Oct. 4-There was little more
in today's market than a running contest
between the bulls and bears, in which the
bulls were successful during the early part
of the day, but in which the bears turned
the tide latter, and put their opponents to
rout, wiping out all the gains of the earlier
trading. There was everything in the bulPs
favor in the early market, the lively buying
on Saturday having apparently treasured
foreign capital, that prices of American
securities on the London exchange were al
vanced before the opening here. Prices OF
the Internationals opened about on parity
with London's higher level The masses
of orders in the hands of commission houses,
which were put into execution Immediately.
showed that the home public, as we'll as the
foreigners, believed that the market mad
turned again and that the reaction had come
to an end. The sensational jump in Man
haitian at the opening of over seven points,
also stimulated the rise, though the small
volume of purchases on which the stock was
carried up and the heavy offerings imme-
diately invited by the advance quickly show
ed that the jump was purely manipulated.
The pinched shorts having covered, the price
quickly receded and transactions in the
stocks proceeded on a normal basis and still
belief that movement was developing for
the absorption. of the property by surface
railroad interests. Consolidated gas was also
on hand with its regular Sensation and rose
51b points on the opening sales.
The railroad statements for the day, all OF
which showed a continuance of the heavy
increase of earnings, famed the fame of the
bull enthusiasm. Of these, the most notable
were the fourth week or month statements
of ST. Paul and Rock Island, the former
showing an increase for the month of $3S2,
III. and the latter of 1914, 023 Southern Pa
ci1c's August statement made the remark
able showing of a gain in the net earnings
of $455 AL. The advance of the market un-
der these influences and under aggressive
leadership extended from one to two points.
The higher prices invited heavy realizing
sales and the bears added the pressure OF
short selling under which the advances melt
ed away in most cases, the net losses being,
however, for the most part fractional. Union
Pacific was notable exception. its loss ex-
tending to rs, quite a number of the less
active stocks escaped the later liquidation
and retained net gains to point or over,
but the level of the market as whole closed
decidedly lower. Sugar was an active feature
all day and its later weakness was ma
terlai factor III breaking lHe mai hel.
The bond markets showed a decided ac-
cess of activity and prices held steady for
the most part against the late weakness in
the stock market. Total sales were $3.50,
OOO Government bonds were strong and were
bid up Is to Ac for all issues. There were
sales Of registered tours of 1907 at 112B to
112A and of the fves coupon at 115
The total sales of stocks were 49, 900
shares, including: Atchison pfd, 6,72S; c. &
O., 4,S70; Burlington, 2S,220; l.. & N, 1S,s40;
Manhattan, 1880; Missouri Pacific, 1911; M.
K. T. pfd, $3.50; N. Y. Central, 9,735;
Northern Pacific. 4,975; do pfd. %, $50; North
western, 3,71; Reading, 1888; Rock Island,
II 101; st. Paul, 44,120; st. Paul & Omaha,
$50; Southern pfd, $3.50; Union Pacific, 26,
$50; U. P. D. & g., 1850; Wabash pfd, 1910;
Cotton Oil, 3,1S5; Tobacco, $3.50; Chicago
Gas, 28S50; Consolidated Gas, 1905; General
Electric, 3645; Pacific Mail, $500; Sugar, 80,
26O; T. C. & l., 5,160; Western Union, 1921;
Chicago, Great Western, 1850.
tie following ~ele 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:
Closing are bid prices.