The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-05-19
HAMMERED THE STOCK MARKET
AT WILL, AND CAUSED MANY
HEAVY RECEssIONs
THEIR ATTACK WAS FIERCE
It's Effect Was Felt All Along the
Line, and the Stocks That Have
Been Held Highest by the Recent
Bull Movement Suffered Most
Holders of specialties Realized
Handsomely ON Dealings,

NEW YORK, May 1S.-Today ended on
the stock exchange with bears apparent
ly unopposed and in complete possession
OF the market. They had a fierce attack
Jon prices along the whole line, in the
final hour after evidences of realizing at
various points In the list had become
quite palpable. The largest volume of
proht-taking sales came upon the mar
ket after quite an extended list of rail-
road stocks had been taken in hand and
passed up to a decidedly higher level.
This movement in the railroads continued
after the leading specialities had begun
to go down and gave a suggestion of
shifting of speculation by taking out
profit from the specialties and putting
them into railroads. But the railroad
list succumbed to the late attack, many
stocks losing between l and points,
and Burlington dropping "a below the
high point of the day. Practically all
the earlier gains in the railroads were
wiped out, though small net advances
remained in a very few cases.
Prices were marked up at the opening
to accommodate the outside public. who
were coming in to buy after yesterdays
notable advance. The demand from that
source was soon satisfied, and prices
yielded and the market fell into dizziness
at the decline. Losses were sharpest, of
course, in those stocks which have been
rushed up during the last few days.
Railroads showed q pretty good resist
ance and Manhattan was notably strong,
touching Ia, Minneapolis, st. Paul and
Sault Ste. Marie, which had not moved
in q long time, because briskly active,
the common stock rising 10A. AS the
day progressed a large demand sprang
up for Atchiscn preferred, the grangers,
Union and Northern Pacific and other
standard railroad stocks. Very heavy
blocks of Atchison preferred were taken
on the rise, and the price in q number Of
cases advanced over a point. Anaconda
Mining also enjoyed a gain of 3A points.
1t was under cover Of this movement in
the railways that the realizing of profits
in the specialties was in progress. Near
ly all the Flower specialties, Sugar and
Tobacco began to sag under the weight
of the sales. In the fierce attack which
the bears were thus encouraged to make
on the market, Sugar and Metropolitan
Street railway dropped over points,
Brooklyn Transit AZ and number of
other specialties 2 points OF over. There
was momentary rally. but prices
plunged downward again. and the clos
Ing was very weak and unsettled. Sugar
alone rally1ng over a point on taking Of
bear profits. but the prices ending at the
lowest Of the day.
There was nothing in the general news
OF the day which seemed to influence the
trading, unless it might be a further
hardening in the rate of exchange which
continues to rise and is near the gold
import point, in spite of the. continued
ease of. money and apparent! abundance
of funds both here and in the interior. .
! There. was no diminution In the heavy
demand for the new, bond issues of some
OF the railroads; notably. the Central Pa
ciffc reorganizs ton issues. Prices of
railroad bonds held notably firm In face
of the late, weakness of stocks. Total
sales, $5.000.000 United States. IS advanced
"; La the, bid price. - .ai.5, Z.
s,i1ss sz''5, STOCKS. fsz lsi:'z'5 p
Furnished by, Charles H. B. Smith &
Co, members OF the New York stock ex-
change, Pioneer Press building, who have
special wires to Chicago and New York.
CLOSING prices are bid: