The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-10-11
In All of the OTHER Grain Centers
Advances in Prices Were the
Rule.
MARKET SUMMARY.

NEW YORK, Oct 9.-The bears renewed
their raid on the stock market to such good
account today that few stocks escaped with
less than point net loss. The course OF
the market yesterday, in the face OF extra
ordinary dizziness, had led many to sup
pose that the bear campaign had come to an
end and that the market would probably sink
into hamilton for a time. The usual and
week covering Of short contracts was ex-
pected to stiffen prices slightly. Quite the
contrary occurred. Prices did improve a
fraction In the first hour on very light
volume of dealings. Weakness then devel-
oped In Chicago Gas and checked the rise.
The room traders soon afterwards detected
selling by houses with Washington connec-
lions and bears seized upon this as proof
of inside information of a mysterious some
thing impending in Washington that might
play havoc with values when 1t becomes
known What the mysterious something was
was not disclosed. The stock market Is
peculiarly sensitive to intimations from
Washington at this time, owing to con-
viction in many minds that it is only
question of time when the Cuban question
shall lead to a rupture with Spain. Much
stress is laid also by traders in stock upon
the pending decision of the supreme court
upon the Nebraska maximum freight rate
association. The market was evidently UNI
protected by supporting orders and the ag-
gressive short selling by the bears led to
rapid decline on light transactions. Only
two stocks in the list show sales as high
as 10000 shares. These are Chicago Gas and
Burlington. Chicago Gas, Omaha, Manhat-
tan, Missouri Pacific and( Burlington were
conspicuous in the decline. Consolidated Gas
fuctuated in it's characteristic way, breaking
9h points at one time but ending with
recovery of points. IThere were slight re-
coveries in some stocks just at the close but
most stocks closed at the lowest, the pre-
vailing tone being very weak.
Probably a superficial view of the weekly
statement of the New York clearing house
banks had something to do with today's SELL
ing movement of stocks: The professional
trader usually accepts decrease in the sur
plus reserve as a specific admonttion to sell.
Today's decrease is s2,064,900 in that item,
and was, in fact, something of a surprise. in
view Of the rather strenuous efforts by the
banks in the last two weeks to prevent a
further shrinkage in their surplus. But the
small decrease in loans reported this week,
$262, 800, indicates that the banking author
tiles view with equanimity the decline In
their reserve surplus, confident In the
strengthening force of the Sc, $50 600 in gold
now in transit to New York from England
are reflected in an increase In specie of
81, $3.50, AGO. but are more than onset by the
decrease In legal tenders OF S5.5VZ, 5Uo. ne
demand for legal tenders is very keen and
the best efforts of the banks and the United
States treasury are not equal to fully pro-
viding supply. The New York sub-treasury
has been obliged to refuse to supply legal
tenders in return for gold except for tele-
graphic transfer of currency to other sub
treasury points.
Prices in bonds were relatively firm some
small gains being shown. Transactions T were e
light compared with recent averages. Total
sales, IS, coo, OO0 Government bonds are Is
to x higher, the latter the new As coup. This
issue sold during the week at 1.26A, new
high record. ~
sba ne 'o inc,ndne. Atchison, 1900; Burling-
ton ~; l. E; NJ o4 45s5 oA Msnhatt an
cific, s., S25; Northern Pacific pfd, $3.50; Read
ing, $780, Rock Island, s,515; St. Paul 70 90 o.
Chicago Gas, 28,420; Sugar, 6,319; Chicago
G. W.. 1850.
The following were the fluctuations of til. 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.