The Saint Paul globe., 1897-08-18

rHE AVERAGE Loss OVER A POINT
Northern Pacinc,, and Burlington
TWO of the Conspicuous suffer-
ers of the Session.

NEW YORK, Aug. 1.-THE bears must be
conceded to have won the honors of the day
IN today's stock market Prices were never
more than fraction above those of last
plght's close during the day, except in few
cases, and most of the days sales were made
at level quite sharply below last nights
close. The holders of stocks kept one eye on
the wheat market all day and were keenly
alive to the heaviness manifested in that
market, and the nota Bile decrease in the ex-
port demand for wheat account of the
nigh range of prices reached for that cereal.
The first effect of. this was to impart dull
ness to the stock market owing to the de-
termination Of holders not to sell at the low
range. This dullness settled upon the market
soon after the nights accumulation of COM
mission house orders had been worked off
But the bear traders took possession of the
market, in the absence of active buying
demand, and sold it down to catch stop Or
ders They were hampered in their efforts
py the existence of buying orders on a scale
down which have been placed in various
stocks. But the buying ceased on any marked
advance, and this encouraged the bears to
persist with the result that they finally sue
ceeded in shaking out large amount of
weakly margined stock and precipitated heavy
offerings on stop loss orders. These were
quite readily absorbed without rallying the
market. There was noticeable falling off
in commission house buying and the total
sales fell off another 20, 600 shares below yes
terday,s record, and considerably over hun
dred thousand shares below the record of any
full day last week.
The average net decline in the prominent
railroad shares was over a point and in in
d1vidual cases considerably more The fall
was assisted by reports of damage to the
spring wheat crop, and prices for Americans
IN London were decreased on these reports
ana on the belief that the minimum rate Of
discount would be raised above 2 per cent
by the Bank of England. The grangers, the
coalers, the international stocks, and, in fact,
all Western railroad stocks were notable
sufferers. Northern Pacific preferred
drug ON the market ali day. Louisville &
Nashville, Atchison preferred, Missouri Pa
cltic and Union Pacific were active in the late
selling movement. = Notable declines were
shown in Sugar and Tobacco. Lake Shore
Jumped two points in the early dealings to
l7S1a, which is a new high-price record, but
the gain was mostly lost in the final trans
actions. Burlington, shows a net decline of
15s, the heaviest loss in the grangers. Lake
Erie & Western preferred lost 2, New Jersey
Central 2%, Reading list preferred IL, Erie
lst preferred 1%, and many other stocks a
point or less.
The bond market was moderately active and
displayed considerable irlnness. Some of the
usually neglected issues fuctuated quite wide
ly, but the variations in the speculative liens
were restricted to narrow limits. The ag-
gregate sales were 1,425,O 900. Governments
eased off slightly for the new As The other
issues were fairly steady. The transactions
were $35, 900.
Total sales of stocks were 437 100 shares, in
clud1ng Atchison, $3.50; Atchison preferred,
$780, Burlington, 80, 4S4; Missouri. Pacific
1880; Northern Pacific, $500; Northern Pa
cffic preferred. % 22O; Northwestern, 300; st.
Paul, 3S790; Union Pacific, II, $40; Spirits,
5,096; Chicago Gas, $50; General Electric
$3.50; Sugar, %, 7o6; Western Union $500;
Chicago Great Western, %, 250.
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
~ trade. -