The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-05-13
MARKETS WERE DEPRESSED
THE AFFAIR AT CARDENAs
THE PRIME CAUSE
Shedding of First American Blood
Had Depressing Effect Upon the
Speculative WOrId-MysteriOus
Fleet Also Had Disauieting
Inhuence-Sales for the Day.

NEW YORK, May 12-The natural reaction
from yesterdays buoyant tendency In Wall
street was supplemented today by some posi-
tive elements OF depression, as consequence
OF which prices generally ruled below yester-
days level all day. The speculative world
apparently took rather serious view Of the
affair at Cardenas In spite Of all assurance
that the loss incurred was trivial from a mil
itary standpoint, the shedding of the first
American blood had a depressing influence
which no amount of reasoning could destroy.
There was, besides this, an unsettling Of the
conviction felt yesterday that the Spanish
Cape Verde feet had certainly returned to
home waters reaction in Spanish fours
in London and Paris also dissipated some of
the opinion that their recent advance fore
Swallowed move towards peace by Spain.
The absence Of authoritative reports from
Admiral Sampson and his fleet induced some
hesitation among dealers In stocks There
was, In addition depressed market for
Americans in London before the opening here,
and there was a free selling of the interna-
tional stocks for London account during the
early trading.
1t was not surprising in view of all these
conditions, that some Of the recent buyers Of
stocks should have been inclined to take profit
and that the bears should be encouraged to
attack the market. Such stubborn resist
ance was shown, however, to the first dip of
prices, that extreme caution was developed
about putting out short contracts. The market
displayed an equal reluctance to advance
with any degree Of vigor. Covering by shorts
IN the late dealing overcame portion OF the
losses, but net declines are a point or over
in many of the prominent stocks.
There were special stocks scattered through
the list that maintained a show Of strength,
notably Consolidated Gas, which rose buoy
antly at one time eight points. The Union
Pacific, Denver G. Gulf securities, Rock
Island, the Cotton Oil stocks and some of
the high-priced investment stocks were nota-
bly, firm. The volume of business was much
reduced from yesterday and the market was
extremely feverish and irregular all day. The
bond market was also less active outside Den
yer & Gulf fves, and, with few exceptions,
displayed heavy tone. Total sales, $780,
Gnn.
United States new As advanced rs and the
old As registered u in the bid price. Oilers
were unchanged.
Total sales Of stocks today. were 4sS' 800
shares, including: Atchison pfd., 3d. 45; c; &
O., 3,5O5; Burlington, 1855; Erie pfd:, 4.Sls;
L. & N, 1920; Manhattan, 6,170 Reading
pfd., $500; Missouri Pacific, $40; N. Y. g.,
4 958; North American 1910; Northern Pacihc,
S,768; Northern Pacific pfd., 1928; ROCK
Island, AZ, 1862; st. Paul, 1895; Southern pfd,
6,69S; U. P, IS, 495; u. P, D. g., 300;
Wabash pfd., $3.50; Tobacco, S,W7; G. G. w.,
1880; Peoples Gas, 5,725; Consolidated Cas- 81
34S; General Electric, 1856; Sugar, 1885; I.
C. & Iron. 4.487.
The following were the fluctuations OF the
leading railway and industrial shares fur
nished by c. II. F. Smith Co., members
New York stock exchange and Chicago board
of trade: