The Saint Paul globe., 1900-10-17
NET LOSSES THE FEATURE
IA
SHORT INTEREST IN WALL. STREET
SEEMS TO HAVE BEEN
ELIMINATED
MARKET HEAVY AT THE CLOSE
Many Heavy Purchases fn North
ern Pacific, Which Closed I-sc
Down r-3Se1nc Stocks
Showed Gains.


NEW YORK, Oct. 16.-The stock mar
| ket today demonstrated eonvincingly how
| large short interest had been eliminated
| In the course of yesterdays wholesale
! demand for stocks and the supporting
| influence of this element deprived the bull
! pools of a very effectual source OF
| strength. The campaign for the rise was
by no means abandoned. On the CON
trary very powerful and resourceful ef-
/ forts were made towards continuing the
| upward movement of prices
The notable buying of the day was in
Onion Pacific, IN which transfers Of
! 1000, 200 and even 3.000-share lots were
| frequently recorded on the tape. It was
advance in the price that brought the Of
ferings and they Were confidently ab-
sorbed by the brokers having the ad-
vance in charge. On the frequent re-
actions the voiume of dealings. both in
this stock and on the others which were
| manipulated for a rise, fell away nota :
| bly,, leading to recurrent periods of dull
| gave most conspicuous evidence of con-
certed efforts for rise next to Union
Pacific. But these, movements by the
! bull party did not become prominent un-
/ been accomplished. The greater part
| of the first hour was given up to fu-
rious activity, and a somewhat wavering
| upward movement, marking the feeling
| of outside demand by those who had ae-
cumulated stocks at the lower. The
taking of profits during this period must
have been on very large scale The
subsequent efforts to resume the ad-
vance met with a number of drawbacks
and the heavy undertone of the market
| gained force as the day progressed. Tne
| closing was distinctly heavy. with prices
| below the best and net losses in some
| important stocks, while the striking net
| gains were confined to comparatively
/ few cases. Partly as a cause, and part
ly as an effect,ssthere was recurrence
| of some of the depressing sentiments re-
! garding the speculative features, which
| have long Overhung the market. The
| fact emerged With some clearness that
! the large short interest which was driV-
en- to cover yesterday had been actuated
| to take the bear lSide by drawing an
analogy with the.Icorresponding period
in the last presidential campaign when
| the stock market was violently disturbed
and rapidly declining. The sudden
Frightening in thesmoney outlook by rea-
| son of Saturdays bank statement and
the gold import moYement gave the bulls
| an opportunity for a swift turn against
their opponents There was some posi-
| tive weakness in. Peoples Gas as a result
| Of the proposition for municipal control
! of the selling price Of the product. and
some of the steel stocks gave evidence
of depression. There were recession5
| in the anthracite eoalers on the delay Of
the strike settlement. These and other
| like minor cOnSidera tions would have
| buy, but in the pause today they had add
F! ed influence. One large engagement Of
/ gold for import was announced, but there
| Is striking falling off in the number
of cotton bills offering in the exchange
market which promises to reduce the ac-
I cuTnulatiRg credits from foreign cotton
buyers The violent reaction in the price
tsof. cotton has checked the export de
mand, pending more settled conditions In
| the trade, but while this has diminished the
cotton bills of exchange there is cor
responding faiEnG Soff in the recent large
! demands from the South for money.
| Money market conditions in New York
| remained unchanged today. but there was
some renewal of an apprehension that q
later money strlngeney might not be
entirely avoided.
The bond market showed a. continuance
of Yesterdays ifnproyed conditions. nrines
generally advancing on an enlarged de-
mand. Total sales, par value, 81. 600.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &
Co., members of the New York Stock ex-
change, Pioneer Press building. who have
direct wires tos Chicago and New York.
Closing prices are sbld: