St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-18
VOLUME WAS LIGHT,
BUT THE TONE WAS FIRM AND
THE TREND OF PRICES UP
WARD.
IN WALL STREET YESTERDAY.
AN EARLY REALIZING MOVEMENT
SOMEWHAT DEPREssEs THE
GENERAL MARKET.
INDUsTRIALs WE'RE WEAKEST,
But Sharp Covering In the After
noon Results in Gains All
Round.
IN WALL STREET YESTERDAY.


NEW YORK, Feb. 17.-Speculation on the
stock exchange today was mainly confined to
the home account owing to the fact that the
London stock market was so narrow as to at
ford little opportunity for arbitrage opera
tons here. There were, however, some small
purchases Of St. Paul and a few sales OF
Louisville Nashville, Wabash preferred and
Ontario & Western. The local trading was in
lighter volume than Of late, but the dealings
were characterized by a decidedly firm tone
and the trend Of figures was upward. A fac
tor for strength was the lack of a pressure
to sell in any one of the pools, except that
during the morning there was prefes-
sIonal selling Of Manhattan, resulting in a
break in that stock of ~ per cent from the
closing price of Saturday. It was expected
that stop orders would be uncovered on the
way down, in view Of the unfavorable quar-
terly report published on Saturday but only
one such order was disclosed and substantial
ly took place, sending the price up to 1861,
a gain of 3B per cent from the low point
the closing being n per cent below the top.
The general market was somewhat depressed
in the early trading owing to the develop
ment of a realizing movement which quickly
spent its force, though assisted by lower
prices from London. The industrial shares
were weakest, but the only reactions exceed
ing fractional limits were in Sugar and
Leather preferred which yielded 1 per cent
each The declining tendency was checked
before midday by the appearance of pur-
chasing orders in the leading shares; and the
announcement that the government gold re-
serve had been increased to over 500 000, 600
helped the upward movement There was
some sharp covering in the afternoon, which
resulted in gains of 2A per cent in Sugar
21s in Leather preferred, in Tobacco, 11a in
Chicago Gas, 23s in New Jersey and a frac-
ton in the rest of the list. Pacific Mail was
an exception and fell off II per cent on a
rumor that misunderstanding had arisen
between that company and the Panama rail-
road to the amount of business turned
over to the railroad from San Francisco I'M
der the agreement between the two cOmpa-
MES. In the late trading, the market was
rather quiet, but was strong in tone, and the
closing prices were at or near the best OF
the day.
The bond market was quiet, but generally
firm. The Northern Pacific issues were con-
spicuous in the dealings and displayed pro-
nounced strength, the seconds gaining IA per
cent and do thirds and collateral trust IS, 2
per cent. Other important improvements
were noted as follows: st. Louis San
Francisco Trusts IS. 5 per cent; Duluth,
South Shore & Atlantic 5s,, 21z; Ann Arbor
Long Island IS, IL, and Chicago Gas lists
and Seattle, Lake Shore & Eastern, lists
trust receipts, per cent. The action of hold
ers of Oregon improvements lists combining
for mutual protection owing to a default in
the semi-annual interest, was reflected in
a drop in the issue Of 6la per cent to SPY
do consol 5S trust receipts also fell away 2
per cent to 80. The aggregate dealings were
81, 300 600.
The government bond market ruled strong
and higher, with continuance of the heavy
trading in the new As coupon at 116as q118&4.
The total sales were $3.50, 231. Sales of stocks
today included American Sugar, $4,000;
American Tobacco. 1900; Burlington, 6,4O0;
Chicago Cas- 500; Louisville & Nashville,
1900; Manhattan, 10000; New Jersey Central.
34OO; Pacific, Mail, 1900; Reading, 1880; Rock
Island, 400; st. Paul, is, 400; Southern, 900;
Tennessee Coal, 5000; United States Leather
preferred, IL, 200; Wheeling G. Lake Erie,
1000.
The following were the fluctuations in the
leading railway and industrial stocks yester-