The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-10-04
The Stock Markets.


NEW YORK, Oct S.-Today's stock market
furnished striking exhibition of the profess
sional character Of the trading. Developments
over Sunday did not invite change of tactics
by the leaders, and on the resumption of
business the raid against the industrials was
renewed. Tobacco, Consolidated Gas, New
York Air Brake and various other properties
OF this class gave way rapidly, and although
the reaction halted after the first half hour
declines in the meantime had been effected
ranging up to points in New York Air
Brake. Consolidated Gas figured for 6 points
and Tobacco points. the latter touching 113
The bulls then started in to retrieve stme OF
the ground lost last week, and. after jump
ing from one stock 10 another, finally sin
gled out Tobacco as leader. The strength
developed here soon permeated the entire list
and prices forged steadily upwards on ami
mated dealings. Interests which had been
responsible for the late decentralization in the
specialties also changed front and operated
for the long account. The action was taken
in order to shake off an undesirable 70 low
inE, the market showing signs of having been
oyersold. This circumstance rendered manip-
ulatiye tactics profitable, and vigorous ef-
forts were made to squeeze the shorts. The
traders were quick to take advantage of the
changed programme, and any effort to cover
large line was followed by vigorous bid
ding, with sharp changes between transac
ttons Contributory favorable influences de-
veloped as the day progressed. Arbitrage
houses contributed heavy purchasing orders
and decline in money rates induced more
general buying for the long account.
The market in detail presented features
and while realizations were extensive as the
rise assumed Roadway, the undercurrent of
strength was not affected and final prices
were well above Saturdays level. Some hes
itancy noted at the inception Of the rise
and the market became semi-stagnant the
traders apparently holding aloof until the
disposition of the leaders became more cl ar
ly defined. Extreme recoverieS from the low
point were 10 points in Tobacco to 123 in
New York Air Brake and in Consolidated
Gas. Sugar and Manhattan figured for 8
points and the balance of the list between
and 2.
The bond market opened with an easier
tendency, but an active demand for Atchi-
son adjustments, Wisconsin Central firsts,
changed the current Of prices and sharp gains
followed. The reorganization plan Of the lat
ter company was issued today, ard the dras-
tic treatment accorded the common stock
caused a decline In It's price to 4. Total sales
Of bonds, 50 0O0, 900. Government bonds show
ed heaviness the new As Welding * per cent.
Total sales Of stocks today, 449, $50 shares,
including: Atchison preferred, 4,425; Bur-
lington, 1888; Manhattan, 30,684; Northern
Pacific preferred, 1850; Rock Island, 1925:
Union Pacific. 1850; st. Paul, Is, 4O5; Union
Pacific preferred, 8,420; Union Pacific, D. &
G., Abs; American Tobacco. 1885, O4O Peoples
57,100; Leather preferred, $3.50; Rubber, $500:
Rubber preferred, $3.50.
STOCKS.
The following were the fluctuations OF the
leading railway and Industrial shares fur
nished by Q. H. F. Smith & Co., members
Of the New York stock exchange and Chicago
board OF trade: