The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-15
WALL STREET NERVOUS
SHARP SLUMP IN STOCKS ALL
THROUGH THE ACTIVE LIST
Few Issues Escaped a Net Loss of a
Point or More-Cuban Rumors
Seized Upon by the Bears as an
Excuse for an Aggressive Raid
Bonds Weaker.

NEW YORK, Feb. 1.-THE weakness of
stocks was pronounced today and permeated
every department of the market. The decline
was quite uniform in the general list and
verely. There was little to report in the way
of buying orders at any point, and prices went
on easily and rapidly The market steadied
at intervals and rallied rather feebly but
pronounced dullness followed every symptom
of recovery. Few of the active stocks es-
capped net loss Of point or more and many
prominent securities are over two points
lower
Higher prices at the opening resulted from
the confidence with which prices Of Ameri-
cans had been sustained on the London ex-
change during Saturday holiday in New
York. This confidence was still in evidence in
London before the opening here and the In
ternationals showed sharp advance in sym
pathy, reaching nearly point in the case of
Union Pacific
These advances were of the most ephemeral
character, some of them being almost wiped
out in the running sales at the opening. This
was particularly the case with Union Pacific
stocks in which the reorganization commit
tees agreement with the government over
the Kansas Pacific sale seemed to bring real
izng.
The days movement in Metropolitan Street
Railway covered a range of 141a points, the
slump from the high point to the lowest be-
ing continuous and very violent, the price
was quick rally of S1a, but the stock fuctu-
ated widely and closed with net loss Of
5 points. Third Avenue was at one time
624 points above last Fridays close, ana
though it reacted sharply in sympathy with
Metropolitan Street Railway, it retained a
substantial advance.
Much talk was heard of the Cuban ques-
ton during the day. but there was no spe-
cifc development that offered new motive
for the selling The bears took advantage
of the over-bought condition of the market
and the rather long sustained effort to sup
port prices to make an aggressive raid. the
stock dislodged by uncovered margins IN
cluded quite heavy liquidation. The bears
had difficulty in covering at the decline
without any marked rally in prices Special
weakness was shown by Northwestern, Kansas
& Texas preferred. New York Central and
Pullman. The rubber stocks and Third ave-
nue. were practically the only prominent Sc
curites in the list to resist the weakness.
The reactionary tendency in stocks affect
ed the bond list throughout for the first time
since the recent advance was checked. Prices
of bonds did not yield at once, some issues
showing strength in the early part of the
day, but declines general before the
close Dealings continued on a very heavy
scale. Total sales, 81, $780, 600. United States
new As coupon were "A lower bid, and the
new registered As and the old As registered
Total sales of stocks today We're 4O4,9OO
shares, including: Atchison pfd, 1894; C.
& o., 3,411; Burlington, 40,3S5; Lake Shore,
$3.50; L. & NJ, 10,14O; Manhattan, 1895; Met
ropolitan, 4O,6sS; Michigan Central 1885,
Reading pfd, 1000; Minneapolis & ST. Louis
5000; Missouri Pacific. 1885, M K & T.
pfd, $685.; n. Y. c., 27,949; Northern Pacific,
$3.50; dc pfd II, 800; Rock Island, II, s96; st.
Pacific, $780, Union Pacific, 1887; Tobacco,
6 512; Peoples Gas, 1880; General Electric,
1856; Sugar, 5000; Leather pfd, 3,4O0; Rub
Der, $3.50; do pfd, $50; Western Union, $50.
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