The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-12-23
AVERAGE NET Loss OF ONE PER
GENT SCORED BY
STOCKS.
OPENING PRICES IRREGULAR.
FIRMER TONE DEVELOPED UNDER
THE INFLUENCE OF HIGH
PRICED SHARES.
ADVANCE SUDDENLY CHECKED.
Free Selling Precfpitated for Both
Accounts and the Close Weak at
the Lowest.

NEW YORK, Dec. 22-The early stock
speculation today was dull and practically
without feature, aside from a slight sagging
tendency on realizing and a change Of front
to the selling side on the part of London.
The market soon developed a frmer tone
under the influence of advances in the high
priced stocks. Sugar, Illinois Central New
York Central and Lake Shore rose per cent,
the last mentioned stocks being favorably in
fuenced by the anticipated declaration of the
regular Vanderbilt dividends for the quarter
and half year. Covering was noted in q few
of the more active properties, but the advance
was checked around midday by raid on Man
haitian and the chilling announcement of a
reduction of u per cent in the semi-annual
dividend on Canada Southern to 1 per cent.
The statement for the year ending December
81 showed a deficit after dividends of S39 800,
reducing the previous surplus to SO, 500. The
stock was freely offered by the traders and
fell 212 per cent to 45k. Manhattan lacked
support from the interests that were prom
inent in the rally yesterday and dropped "a
per cent
The general market weakened and selling
for both accounts was precipitated by the
news of the suspension of the Bank of Min
nesota, of ST.. Paul, and of runs upon the
Chicago Savings banks resulting in re-
course by those institutions to the sixty-day
option on payments to depositors. The bears
made use of their opportunities to depress
prices, particularly in the specialties. To-
bacco, after a rise Of per cent to 1914, los
ing half of the gain in the general slump
towards the close. Sugar was offered freely
and lost IL per cent. The leading RAILROAD
shares dropped 1Q115 per cent. The anthracite
coal shares were conspicuously weak, ow-
ing to the depression in the industry. Della
ware & Hudson displayed acute weakness,
declining 57s percent to HTS, and closing st
the lowest. The selling was mostly in one
hundred share lots, and the aggregate deal
ings amounted to only 3,400 shares. The
decline was attended by rumors of a probable
reduction in the companys rate Of dividends
for 1897. The Delaware & Hudson is regarded
as one of the most conservatively managed
! corporations in the country and many influ-
entail business men are numbered in Its
directory, the Vanderbilts holding a large
interest. This interest Is represented in the
board by Cornelius Vanderbilt and Chauncey
M Depew. The policy of the management for
many years inaugurated by President Dickson,
had been to reduce the bonded Indebtedness;
that in the event of coal war the Delaware
& Hudson could fight it out without danger
of a reeeivership. The company has only
900 of bonds outstanding. The dividend
paid out of earnings of the previous year,
so that the stockholders know just what they
are going to receive for the whole year. In
1895 the company realized on $500, 600 par value
of Rensselaer, & Saratoga stock and Including
this operation showed ga per cent earned on
its own stock.
A QlTeCLOr INFORMED a representative OF the
Associated Press that, although owing TO the
dullness in the coal trade, the company had
sold less coal than last year, 1t had secured
better prices Earnings this year will show
a failure to earn the Z per cent dividend
only by about per cent, and as the company
has a surplus of over sc, COO goo. and the out
look for anthracite ccal trade is encoura cling,
it would only be reasonable to make good the
deficit out of the surplus. The democrat
ization in these stocks Influenced further
weakness in the general market. Long Island
exceptionally broke 5 per cent. The closing
was weak at the lowest at net losses aver
aging per cent.
The bond market 1apsed into dullness, but
the prices were well maintained with material
improvement In some Instances. Towards
the close, an easier tone developed, in SYM
pathy with the heaviness of the stock market
The sales were $S09, 900. The principal de-
clines were Northern Pacific thirds ia; Utah
Southern general trust receipts, ~ Stand
ard Rope IS, IA per cent. Government bonds
showed strength on investment purchases ag-
gregating sos, Geo. State securities were active
and higher on dealings of $10S, 600. Silver
certificates were in request and touched
651ac on transactions of 5000.
The total sales of stocks today were 155 1872
shares. American Tobacco, 500; Sugar, 25,-
300; Burlington, 25, 300; Chicago Cas- 4 600 Del
aware & Hudson, 8, 400; l.. & N. 3700 Man
haitian, 14s60e Reading, 1900; Rock Island,
1890; st. Paul, 1890; w. & l.. E. 5000:
Southern, 3,100; silver certificates 49, 00
leading railway and industrial shares, fur
nished by G. H. F. Smith & Co., members
New York stock exchange and Chicago board
of trade.