The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-10-08

NEW YORK, Oct. 7.-There were
many shades of sentiment in the stock
market today, but they all gave way
to acute depression in the late deal
ings, and the day shows substantial
losses throughout the list. Very large
pool liquidation was accomplished dur
ing the day under cover of the earlier
strength and in the heavy selling on
the break. The character of the man
ipulation and the special stocks which
were most affected by that and by the
liquidation pointed to the individuality
of the best known operator in the
street, who has espoused the long side
since recent return from Europe, and
who has been supposed to be intrusted
With the market interests of some of
the largest financial powers, including
the United States Steel stocks.
Southern Pacific was very conspic
uous in the dealings. A recent decis-
ion publicly announced to issue So
100000 bonds with a view to provid-
ing funds for betterments and allow
the Inauguration of dividends out of
earnings was the occasion of large
speculative commitments in the stock.
The directors have caused the an
nouncement to be quickly made this
week that the time is not now con-
sidered propitous for the Southern Pa
cif1c bond issue. This is believed to be
not in accord with the view of the large
speculative holder of the stock who
liquidated his holdings today.
Pennsylvania Heavily Sold.
Pennsylvania was also heavily Sold
presumably by the same large opera
tor. The early advance in prices of
fered excellent opportunity for this
liquidation. The upward rush of prices
at the opening was supposed to point
to the completion of the liquidation
necessary, and there was considerable
demand from shorts and from bargain
hunters, who have been watching for
ottom prices.
Much was made of the orders by the
governor of Pennsylvania to place the
entire militia of the state in the field.
strong influence was eXerted by the
announcement from Washington that
the secretary of the treasury would buy
government bonds if any were offered
at satisfactory prices. This was not
considered a very promising prospect
on further consideration, and it is be-
lieved that preparations being made
to offer a block of bonds to the treas
ury is designed to test the official idea
of prices, rather than with the hope of
effecting an advantageous sale. When
the market opened lenders of funds
were demanding II per cent for call
loans, and the market promptly took
a downward course.
Selling Pressure Great.
1t was not until after midday, how
ever, that the selling pressure gained
great force. The drop from the top
to the bottom level covered a wide
range, but the days net declines are
much diminished by reason of the early
advances and the final rally, which
made the closing steady. Money be-
came easier during the day, both by
reason of, the relief afforded by liqui-
dation of loans and by the reported
announcement of the arrival of 3d.
100000 Of Australian gold at San Fran
cisco, which can be made available in
New York by telegraphic transfer
through the treasury department.. 1t
is argued that the more liquidation has
been accomplished the nearer the end.
of the decline in prices must be at
hand. Money was easier both in Lon
don and Berlin today, and sterling eX-
change reacted here with the depar-
ture of a fast steamer for Europe and
a relaxation in the urgent demand for
remittance.
Bonds were weak in company with
stocks. Total sales, par value, $780,
900. United States IS registered adj
vanced ", the new As q and the old
4s and IS a per cent on the last CALL
Stocks.