St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-12
STOCKS DEPRESSED.
DOWNWARD COURSE OF VALUES
WITH INTERVALS OF REACTION
ON COVERINGS.
BOND LOAN STILL A FACTOR,
AND Is TAKEN INTO CONsTDERA-
TION BY SPECTATORS IN
THEIR DEALS.
FOREIGNERS SOLD FREELY,
BOND LOAN STILL A FACTOR,
FOREIGNERS SOLD
FREELY,
Were Received From European
Financial Centers.

NEW YORK. Feb. 1.-THE stock market
today was considered to reflect the absence
of support from prominent financial houses
whose interests In the new government loan
have been nQuidated. The course Of values
was downward, with intervals Of reaction on
covering by shorts. There was also liQuida-
ton by professional dealers, who are usually
disinclined to hold stocks over holiday.
Foreign selling contributed to the depression,
although reported expressions Of opinion
from the leading European financial centers
regarding our new government loan are en-
couraging. In local banking circles 1t Is now
beginning to be apprehended THAI the net gain
in gold to the treasury e result OF the
new issue, taking into consideration the prob
able drafts that may be made upon the sub
treasury to pay for the bonds viii not
coed above $40. 900. OF course this is only
e matter of conjecture, but some unfavorable
sentimental effect was attached to the theory
today. frmer market for sterling ex-
change at an advance Of I'd in rates for
tual business served as bear text, although
the call money market exhibited q fairly easy
condition. The speculation opened irregular
and fairly active, but sagging tendency
soon developed on liberal sales Of the grang-
ers, high priced industrials and international
shares. rally occurred about midday under
the leadership Of General Electric and the
Gould shares, in which the first named rose
"a, Manhattan ~. Missouri Pacific and To-
bacco, and other prominent shares, 191h per
cent. The purchases OF General Electric were
ON a large scale, and were for the most part
credited to Boston. The ostensible bull In
fuence is the reported activity OF the man
agement in extending its operations, as for
example in connection with the electrical
experiments on the Brooklyn bridge and the
reported change of motive power on the Man.
haitian Elevated lines.
Baltimore Ohio moved easily down
points on depressing reports as to the physie-
al condition OF the property. The street had
believed that the stock had fully discounted
any existing unfavorable conditions Suisse
quently officials Of the company charged the
circulation Of the rumors to London source
No definite statements are obtainable In rela-
ton to the expert report OF the physical con-
dition Of the property recently completed, bu'
In q general way it is declared to have been
satisfactory. It is understood that an expert
examination Of the companys financial cond1
ton is about to be begun The stock g, saDs e,
cent lower on the day. The final hour wa:
characterized by resumption OF pressure
| against the market and values receded to TINT
spicuously weak feature. declining ~ pei
cent to and closing at 10s&. Other importan
losses were in New Jersey Central and Della
ware & Hudson, IN: Sugar and General Elec
| trio, 1N; Missouri Pacific, IL, and the grang
ers, 1sg1A per cent, the last In Northwest
Among the specialtes Illinois Steel broke
per cent and Cleveland, Lorain & Wheeling
| preferred per cent. The latter, however
| recovered all but point Of the drop. Tn
| closing was fairly active and weak at the Low
| level.
Railway bonds were heavy in tone, AM
prices were shaded particularly for the specu
! Iatiye Issues The dealings were less active
| aggregating only s1,505, 900. reactionar.
| tendency was noted in governments and siigh
concessions were generally made in quotations
The trading was unusually brisk, footing VI
| s7o7. 600. The bulk of the business was in tn
new tours coupon, chiefly at seller twent,
| fat
| Sales of stocks today included: American
| Sugar, sc, 200; American Tobacco. Be, 500; At
Gibson, 5. 100: Burlington, 10000; Chicago Gas
5000 Distilling. 1900; General Electric, 10.
| tan CONSOLIDATED, 10 900; Missouri Pacific 4,100
Northwest. $500; Reading. 1900; Rock Island
LOO; St Paul, $500; Tennessee Coal; 400
4 United States Leather. 1900; Wabash pre-
4 ferred. 5. 500; Western Union, $500.
/ The following were the fluctuations in tn
! leading railway and industrial stocks yester
day.