The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-09
sHAKE-oUT OF STOCKS
THE NEW YORK MARKET sue.
CUMBED TO THE WAR SCARE
London Ignored the Talk of
Trouble With Spain, but Local
Traders Lost Heart, and Sharp Net
Losses Were Scored.

NEW YORK, Feb. 8.-The stock market
succumbed to the Cuban scare today, in
spite Of London's Indifference to the fears
reflected by New York exchange. of rup-
ture between the United States and Spain.
The strength of American securities in Lon
don was partly accounted for by the prog
ress of the periodical settlement of accounts
on that exchange. Prices were bid up sharp
ly there before the opening here, and re-
suited in a sympathetic rise IN internationals
at the opening. Not only was this the case,
but when heaviness developed here London
was a liberal buyer at the decline, and a
very important factor in sustaining prices
during the forenoon.
Americans were in demand on other for
eign bourses, and from Frankfort comes the
report that they were the feature and sus-
tanning force of the market. Denver & Rio
Grande pfd was the favorite for London, and
1T was able to hold a substantial gain to
the close, conspicuous exception in this
respect
Quite number of stocks developed ag-
gressive strength at one time or another dur
ing the day Metropolitan rose at one time
points, but huctuated feverishly below that
in the final dealings. Michigan Central,
Northwest, Omaha Pullman, Lake Erie &
western ptd and a few less conspicuous stocks
were at one time over a point above last
nights close, but the gains were practically
eradicated.
Early weakness developed in the Union Pa
clfc stocks, and Norfolk & Western pfd was
keenly affected by proft-taking. Manhattan
also broke ~ points early in the trading
but showed better tone later General
Electric and P, c., c. & st. L. were also
heavy.
The earlier weakness of the market had
peen to large extent overcome by the
strength in special stocks, when the news
was received OF the resolutions proposing in
PREVENTION in Cuba, which were introduced
In the senate. This broke the market in the
final hour and resulted in the most severe
havana The covering of shorts made but a
feeble rally, and there was a disposition to
liquidation before the close.
The money market weakened appreciably
call loans being made at l per cent. Do
mest1c exchange at some interior points has
turned sharply against New York and the
withdrawal of an additional 10 per cent in
stallment CT the government deposit of the
Union Pacific payment is due tomorrow. But
these factors were unavailable to hold the
money rate. The sharp rise in the sterling
exchange of Ac in actual rates and 1ac in
posted rates is probay attributable directly
to the weakening of the money market Ex-
change bills are offered, however, at only &c
above the demand rate for delivery in April
ana at e per cent above the demand rate
for delivery in May. This indicates that
the present stiffness of exchange rates is not
expected to hold.
Dealings in bonds continued very large to-
day, but there was no individual tranSac-
tions of such magnitude as yesterday. There
was some disposition to realize IN the specu-
latiye issues, but the general tendency was
upward in the early dealings. Prices yield
ed to some extent with the break in stocks.
Total sales, 000 United States new
tours advanced "a bid.
Total sales of stocks today were 3S3, 400
shares. including: Atchison pfd 25,OSO; B. &
o., 1885, c. o., 5000; Burlington, 80, OBS;
Erie pfd, $3.50; L. G. N, 5000; Manhattan
11,75O; Metropolitan, 1885; Michigan Central,
5,6O3; Missouri Pacific, 5000; Rock Island pfd,
1927; N. Y. c., 21,07O; NJ p, $685. do pfd,
12,150; R. l., 5,120; st. L. & San Francisco
I'd pfd, 4,730; St Paul, 1850; St. Paul &
Omaha, 1855; Southern pfd, 6O28; Union Pa
cifc, 2,720; Tobacco, 6,216; Peoples Gas,
500; General Electric 15, 800; Sugar, II, 1853;
Leather pfd, $500.
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