The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-11-09

NEW YORK, Nov. 8.-The stock market
started off this morning on an apparently
prosperous and animated career of rising
prices, but before the trading had ceased
this afternoon early gains were practical
ly all wiped out, and a level of prices
lower than Monday was established. Va
rfous considerations connected with pol
tiles were an influence In the early rise.
Thus the London market was encouraged
by the more cheerful news from the be-
leaguered British forces In South Africa,
and prices Of stocks were bid up in that
market. The Berlin market was pleased
with the report that Great Britain had de-
cided to relinQuish her claims in Samoa
to Germany, and one result OF this was
to prompt Berlin to buy some American
stocks. In this country the relief from
the uncertainties of election time and the
hope of an easier money market prompt
ed some large buying of stocks, which
lifted prices at the outset. But there
were large holdings by professional opera
tors, which had been bought last week
IN the faith that an outside demand for
stocks would develop, and the first hour
of trading was devoted to the selling of
these holdings on large scale to take
profits. When 1t was seen that the buy
Ing demand was not continuing in force
the sagging tendency set In.
Efforts were made to sustain prices by
manipulation of special stocks, members
of the iron and steel group, and the
prominent high priced industrials being
conspicuous. The violent break in
Leather and the heavy selling Of Man
haitian had an unsettling influence on
the whole market, and the stiffening Of
money rates and uneasiness over the fu-
ture Of the money market completed the
encouragement of the bulls. The organ
lied support which has pushed up Leather
for several weeks seemed entirely with
drawn, and 1t was allowed to drop by
successive stages to 28, compared with
40 at the close on Monday. A sudden
rally in the closing dealings brought the
price back to 81. Manhattan had risen to
111as when the statement for the fiscal
year made its appearance, showing a fail
ure to earn the increased dividends paid
on account Of the additional stock by a
margin Of 1926. $50. This carried the price
down to 1071a, with a final recovery Of
only H. The industrials showed marked
sympathy in this break, and the level Of
the whole market fell below Monday, the
general rally being but feeble.
The fall in sterling exchange rates was
a reflection Of the hardening money mar
ket here, but 1t gave no hope Of relief by
gold imports, owing to the urgent money
need, not only in London, but at all Con-
tinental centers. There was evidence in
addition Of renewed pressure upon New
York from interior points, New York ex-
change at Chicago falling from 10c
premium to par. New York exchange at
New Orleans also fell to an additional
discount. The last hour of the market
saw an active liquidation of stock hold
ings with very little demand to meet 1t.
Prices of bonds were better sustained
than those of stocks, but the days
changes were mixed. Total sales par
value, $2,4S0,0O0. United States new As
and the IS advanced Is in the bid price.
STOCK QUOTATIONS.
Furnished by Charles H F. Smith &
Co., members of the New York stock OK
change. Pioneer Press building. who have
direct wires to Chicago and New York
Closing prices are bid: