The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-11-12
STOCK FREEZE OUT
PROMINENT OPERATORS SEEM DE-
TF7RMINED TO FORCE A REAC-
TION IN PRICES.
PYRAMID BUYING" BLAMED.
TRADERS ON SMALL MARGINS HAVE
BEEN MAKING TOO MUCH
MONEY.
THE N. r. SHOWED STRENGTH.
For the General List the Closing
Was Weak at the Lowest of
the Day.


NEW YORK, Nov 1.-THE volume Of
business in stocks was somewhat below the
recent average today, and the railroad list
still maintained its leadership in point Of
activity as a group, although the banner
record was made in American Spirits. The
course of prices evidenced clearly a con-
tinued disposition on the part of leading OPP
orators, until recently prominent in the up
ward movement. to force a reaction. Their
argument is that the rise has progressed in a
fashion and to extent that has encour-
aged what is technically termed pyramid"
buying by operators on small margins. In
other words, spectators with little money
nave used their profits as margins for fur
Their purchases, and have endeayored to pro-
tect themselves by stop orders. Conserva-
tive traders always regard this element in
the speculation a menace to the market
and usually apply heroic treatment to bring
out the weakly held stocks. The gossip and
news furnished the street was Conducive to
a moderate reaction, and, in addition, the
market was depressed late in the day by
| unfounded reports of the DEATH or at least
the serious Illness, of Cornelius Wander
bilt. London prices were lower, to the ex-
tent of sharp fractions. and arbitrage
houses offered stocks for foreign account.
number OF traffic reports for the first
week in November were unfayorable, in
Guiding that of the st. Paul, showing a de-
crease in gross earnings Of $780, 900. The
annual report of the Manhattan railroad was
fully as discouraging as had been expected,
and the stock was the weak feature of the
market. the publication of the report being
anticipated by decline of 81 per cent Some
disappointment was also expressed over the
d1sproval OF recent circumStantial theories
and rumors in connection with the election of
the new board of directors. The stock sub
sequently rallied per cent, but closed with
in a fraction of the lowest price. In view
temper no IN
OF the regular quarterly dividend On Burling-
ton, the formal agreement of the representa-
tlves OF the Ohio soft coal railroads to form
new organization for three years, and re-
vlVed indefinite rumors of a settlement in
the Tobacco fight, failed to affect prices.
On the other hand. sufficient number of
outside buying orders appeared, especially in
the low priced stocks, to moderate the DOWN
| ward movement in the general list.
In some stocks, notably American Spirits,
Chicago Gas and Northern Pac:ice preferred,
strength was displayed at intervals. Sugar
was the especial point of attack in the late
session, and yielded IA per cent, despite
tivity in the specialites, with Flint and Pere
Marquette making the widest fluctuations.
The closing was weak at about the lowest
prices, with net concession Of 10D1H per cent
fairly firm on lessened dealings. The usu-
ally inactive issues scored material gains.
Sales were 81, 318, 600. Governments were
dull, but firm, on sales of Sc, 600.
The total sales of stocks today were $685.
1913 shares. including: Tobacco, 5000; Atchi-
son, 800; Sugar, 200; Burlington, q, 500;
Chicago Gas, $1,000; General Electric, $500;
L. & NJ, 1880; Manhattan. IS, 800; Missouri
Pacific. 1000; Northern Pacific, $500; North
ern Pacific preferred, IS, 700; Pacific Mail,
1000; Reading, q 800; Rock Island, 1850; St.
Paul, 230OO Tennessee Coal G Iron, 400;
Texas Pacific, 400; Union Pacific, S,9O0;
Western Union, $500; w. C L. E., $500;
Southern, 300; Southern preferred, $500;
Cordage. 400; Silver Certificates, 5000.
The following were the fluctuations of the
| leading railway and Industrial stocks yester-
! day: