The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-06-14
STOCK SLUMP A SURPRISE.
Cause of 1t Not Clear, Save in the
Big Decline in
Wheat.
FINANCIAL SUMMARY.
Prev.
Close. Day.
Bar silver, New York. 54A 57A /
Call money, New York.. Ia ~ |

NEW YORK, June 13-The slump in the
stock market was a surpr to the mot
speculative observers, who looked for an ad-
vance in prices after the apparent abandon
ment of last weeks persistent attempts to Sc
cure a reaction. The underlying cause OF
today's violent decline was not very Gle
and many suggested solutions Of the puzzle,
all more or less ingenious, found currency.
Specifically there was evident some SYM
pathy with the dropping of the bottom olt
of the wheat market, and there were very
heavy sales of securities on the New York
exchange on Geographic orders from Chicago.
A decline in the price of wheat does not
necessarily imply harm to railroad property,
as was seen in the notable advance in e
grangers last Friday on favorable gov
eminent report but so violent a daclire in
wheat as that of today rouses some question
whether the farmers will find a profit In the
sale of this years crop, and the railroad COM
panies are, of course, dependent for Their
prosperity on the prosperity of the popula-
ton they serve. Furthermore, such shrink
age in values as that in grain today i1voll es
large liquidation of colaterals, and it was
believed that caused the chief damage to
prices of stocks. Weakness permeated pretty
much the whole list, but was especially
marked in the grangers. Peoples Gas and
some of the high-priced specialties. This
acute selling pressure from Chicago gave rise
to some persistent reports of pending la J,
failure in Chicago in the grain trade. Blu.
there was also an ingenious suggestion to
the effect that a large speculative combina-
ton in Chicago was manipulating the mar
ket with view to going long of wheat while
going short of stocks on the prospect Of the
inevitable rumors of crop damage b:fore
harvest time. Damage to the crop or e, en-
widely creadited reports of damage wOul1
certainly result in a bulge in the wheat mar
ket and in sharp reaction in stocks.
Rates for time money were quotably high
err. Sterling exchange declined hc to &c
both for actual and posted rates. Prepa, "a
tons for the government bonds Issued were
thus manifest in the money market and may
possibly have made an impression also on
the stock speculation. London bought freely
of stocks here at the morning decline and
thus helped to weaken the exchange market
The rally In the last hour of the stock
market was plainly on covering by profess
sional traders. Today's activity In the bond
market was at the expense of values as
was the case in stocks. Sales, 81, 3o1, 900.
United States new As coupon advance y ard
the registered 49, both old and new, Il in
the bid price.
Total sales Of stocks today were e27, 400
shares, including: 4635 Atchison, 22,740 do
pfd 2,685 C. & O., 1888 Burlington, ,250 L..
& NJ. Is ,070 Manhattan, $3.50 Metropolitan, T.
720 M. P, 4,820 N. Y. c. Il, 553 N. P, o.
$50 do pfd 1920 R.. l., 40,S50 st. Paul A.
527 Southern pfd, 24.220 U. P. pfd, ESQ 4
Tobacco 1O,7SO C. G. w., 81 ,225 Peoples Gas,
IS, 1854 Sugar, 4,723 Tennessee Coal and Iron,
5,627 Rubber.
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
| of trade