St. Paul daily globe., 1896-03-14
UNFAVORABLE LONDON QUOTA-
TIONs CAUSE A SETBACK AT
THE OPENING.
FOREIGNERS SOLD ST. PAUL
BECAUSE, AS THEY ALLEGE. OF
FAILURE TO GIVE A LARGER
DIVIDEND ON COMMON.
MARKET WAS DULL AT THE CLOSE,
But Steadier in sympathy With To-
baccO, nt Fractional Ad-
Vance.

NEW YORK. March 1S-The stock market
today displayed decreased activity as a
whole, and the dealings for the most part
reflected adroit manipulation. The general
tone was easier. and only three stocks de-
served special comment in regard to activity.
These were American Tobacco, General Elec-
trio and St. Paul. The bulls received a set
back at the outset from the unfavorable
character Of the London quotations for Amer
lean stocks, and moderate sales were made
for that account in this market chiefly of
Louisville & Nashville and the ST. Paul.
The basis of the selling of the last named
was alleged to be the failure of the directors
of the company to declare dividend of 2k
per cent on the common stock 1t is fair to
state that the action taken met the views
of the best informed operators, both here
and in the foreign financial centers. The
local traders put out lines of shorts in a
number of the more prominent shares. In
terest at the opening centered in General
Electr1c IN view of the agreement entered
into by the managements of the General
Electric and Westinghouse companies regard
ing the division Of territory and other essen
tlal points. The stock was variously quoted
IN the initial dealings at 391a to 3S% on
5000 squares, as against the closing figure of
yesterday, 97ss. Subsequently free selling,
particularly by Boston houses, depressed the
at 3f%, The sagging tendency in this spe-
clalty had depressing effect on the general
market, and some substantial declines oc-
CURED. Louisville & Nashville lost 1h Kan
sas q Texas preferred l, and St. Paul Den
yer & Rio Grande preferred and Northern
Pacific preferred 7s per cent. The selling of
the last named was most marked, and was
lnnuenced by reports purporting to forecast
the plan of reorganization, and including
alleged assessments of $40 on the stock pre-
rerred and $l5 on the common stock. The
safe arrival of the steamship Dio de Janeiro
Of the Pacific Mail line, Influenced an ad-
vance of l3s per cent in the stock in the
early dealings. Subsequently the improve
ment was lost, but renewed purchases caused
another advance of s per cent at the close.
Around 1870 heavy purchasing orders were
distributed which sent Tobacco up per cent
from the lowest. The stock closed at about
the top level, and 2 per cent higher on the
day. 1t was rumored that the manipulation
was to compel a belated short interest to
cover. The general market steadied in SYM
pathy with Tobacco, and some slight gains
resulted. The closing was dull and steady
at general fractional net concessions. Busi-
ness in railway and miscellaneous bonds was
restricted to $S74, 900. This market was SYM
pathetically affected by the share specula-
ton, but the losses scored were light and
mainly confined to speculative issues.
Governments ruled firm, and slight gains
resulted on purchases of $50, 000
Sales of stocks today included! American
1900; Distiling, 6,400; Louisville, 1890; Pa
cific Mail, $780, st. Paul, Il, 300: Wheeling G.
Lake Erie 4,S00.
The following table shows the fluctuations
of the leading railway and industrial stocks
Yesterday: