St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-11
TONE WAS CHEERFUL
STOCK SPECULATION YESTERDAY
CHARACTERIZED BY GREAT
STRENGTH.
LONDON CHANGES FRONT,
AND EVERYTHING CONTRIBUTED
TO ENCOURAGE THE LOCAL
DEALERS.
SUGAR CONTINUES TO LEAD
In Point of Activity, While Tobacco
and ST. Paul Are Not Far Be-
hind.
LONDON CHANGES FRONT,


NEW YORK, Feb. 10.-The speculation today
was characterized by pronounced strength.
The volume of business exceeded any total
since the stormy days following the Vene-
Zueian message. The dealings were very wide
ly distributed, and took in number of usually
neglected shares. Higher prices for American
securities in London, purchases for that ac-
count in this market, stimulated by a fuller
appreciation of the improved outlook on this
side, as defined by the success of the govern
ment bond issue; an easier condition of the
time money market and weakness in foreign
exchange rates, all contributed to encourage
the local dealers. The change Of front on the
part of London, which had previously been a
persistent and fairly large seller was consid-
cred particularly encouraging. Leading COM
mission houses reported an influx of orders
and a decidedly cheerful tone prevailed. The
news of the appointment of a. number of banks
government repositories for the new bonds
was regarded as tending to prevent extreme
disturbance Of the money market. The pur-
chasing movement carried Manhattan railway
up Az per cent to 113. variety of favorable
reports and rumors regarding the property
that have recently been current were again
made to do service, but all as yet lack official
verification. Tobacco fell off fraction and
then, on heavy purchases. jumped per cent
to 79h The movement was chiefly based Oh
the covering operations of the professional
bear dealers. The attending story was the old
one Of a truce between the company and the
opposing plug tobacco manufacturers. Lack
OF confirmation of the report resulted in a
slump of per cent to 771z, but in the late
dealings the up tack resumed, and the
stock advanced to sou.
Sugar maintained its leadership of the mar
ket in point of activity, despite unusually
heavy totals in number of shares, notably
Tobacco, which figured for Sc, 600, and St. Paul
for 10000 shares. Sugar gained per Gems,
but the Improvement was not sustained, as
Washington advices that bill had been in
troduced providing for the repeal Of the diff
ferential on the staple encouraged raid on
the part OF the traders, and provoked liquida-
ton by outsiders The stock fell 3 per cent,
but recovered partially afterward, and it
closed unchanged the day. The general
list rose 1Q2A per cent, with the grangers,
LOUISVILLE HIi & Nashville, Western Union, Con-
solidated Gas and General Electric the lead
ers Leather preferred conspicuous ex-
ception to the movement, recedng 25s per
cent on reiterated statements of the improba-
bility Of action on a dividend at the coming
meeting OF the directors. Around l p. m, the
execution of realizing sales on a liberal scale
unsettled the market. Manhattan lost u Of
the RISE and important recessions occurred
prices again took strength under the lead
ership of Tobacco and Sugar. The closing was
active and strong at general fractional con-
cessions, from the best prices, but with ma
terial net gains the rule.
The bond market displayed considerable ir-
regularity today, but the undertone was firm
The sales were $2,O76000. Governments stiff
fened slightly on purchases Of $780,, 900.
Sales of stocks today included: American
Sugar, 1900; American Tobacco, So, 700; Atch-
ison, 17,700; Burlington, IA 100; Chicago Gas,
1900; Consolidated Cas- 1900; Distiling, 10 100;
General Electric, $500; Kansas G Texas pre-
Manhattan, $500; Missouri Pacific, $780,
Northwest, $500; Pacific Mall 200; Reading,
l1SO0 Rock Island, $4,000; st. Paul, 40 OO0
Southern scout eod preferred 54oo; Tennessee Coal
1880; Wabash preferred, $500; Western
Union, $500; Wheeling G Lake Erie, 400
The following were the fluctuations in the
leading railway and industrial stocks yester-