The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-10-03
The Stock Markets.

NEW YORK, Oct. 1.-The stock markets
during today's short session gave striking
evidence that the power of the bear faction
had not diminished in effectfng lower prices.
Inc break in Tobacco was the more sensa-
tionai, in view Of the half holiday. No new
developments concerning the speculation in
TINS stock were announced and the bears
pursued the same diligent tactics that have
been responsible for the tremendous drop
this week. New spots of weakness have ap-
peared every day and todays feature was
Consolidated Gas. Consolidation Of the e:ec-
trio lighting plants and rival gas plant
furnished the basis for break of 81 points
The railway list had an interval of strength.
but the influence OF the specialties was too
oyerpowering and losses resulted. The bank
statement exceeded the favorable expecta-
tons and its publication checked the break
IN a discussion OF the financial Developments
Of the week, the industrial group must re-
ceive first consideration. Rumors regarding
the status OF industrial properties were cir
culated freely and the operations by the bear
faction were conducted with marked bril-
iancy. Liquidation in the group was uni
versal throughout and the volume of sales
reported exceeded any previous authorizing
Difficulty in protecting holdings caused sacri-
noes in the standard railway stocks, and the
nectlon was responsible for the curtailment
OF the outside demand. Tobacco was the
dominant feature and the deluge of stock
which accompanied the break colored re-
ports that insiders were unloading. Gossip
had 1t that the recent jump above $50 was
Tor the purpose Of squeezing a powerful short
incident
closed the downward course received acquies-
ence from the manipulative interests in con-
troll
The magnitude of the trading in the sne
cialties naturally served to promote a SYM
pathetic tendency in the railway list. but
Developments there included many favorable
factors, which stemmed the reaction. In
fact, standard issues as a whole exhibited
remarkable resisting power and moved in
dependeHtly, at intervals. But the persistent
ralos elsewhere robbed the list of monetary
bears followed q ST
course and diverted their efforts from one
stock to another until the entire Industrial
group was hammered. Losses for the week
ranged up to 80 points in Tobacco, with con-
solldated Gas, Rubber, New York Air Brake
Manhattan, Cotton Oil and Leather next An
order. Sugar encountered supporting orders
at various times and covering elsewhere
impaired occasional steadiness. Holders of
Industrial securities were alarmed during the
campaign as knowledge regarding thy next
point Of attack was not availble and the
prominence of the interests engaged in the
movement impelled conservative operators to
withdraw on the first indication of weakness
Railway earnings, embracing all the leading
lines, were In the main encourag ng but
returns from some sections showed heavy
decreases, owing to well known conclusions.
The bond market moved in sympathy with
stock fluctuations and showed more activity
on the easier money conditions Cove, nment
bonds were remarkably well held throughout
the week, concessions being confined to one
half per cent in the Is and II on the 3s and
Is.
Total sales of stocks today were 22s. 400, in
Guiding: Manhattan, 1924 N p, 800: r.
l., 1920; U. p, 4,785; St. Paul, $3.50: u p.
pfd, 4,2SS; Tobacco $500; c. G. w. 0l0:
Peoples Gas, 6,546; Consolidated Gas, $500:
Der. 5.195.
The following were the fluctuations Of the
leading railway and industrial shares, fur
of the New York stock exchange and Chica 90
board of trade: