St. Paul daily globe., 1896-03-06
WASEVENLY DIVIDED
RAILWAY SHARES AND INDUS
TRIALS no AN EVEN DAYS
BUSINESS.
ALL EYES WERE ON B. & 0.
EXCEPTIONAL WEAKNESS CAUSES
EXTENSIVE LIQUIDATION OF
THE STOCK.
GAIN IN NORTHERN PACTFICs,
Which Is Lost Later On-Duluth &c
Iron Range Advances Nearly
Three Points.
GAIN IN NORTHERN PACTFICs.

NEW YORK, March 5.-The stock market
today fell about 20. 900 shares below Wednes-
days record and business was about evenly
divided between the railway shares and the
industrials In the first class, Baltimore G.
Ohio, though not ranking first in point of
activity, attracted the greatest attention on
exceptional weakness. The total of the
transactions was also fairly large. Anticipa-
tion of radical treatment of the securities In
any scheme of rehabilitation of the property
caused renewed extensive liquidation of the
stock, resulting in an extreme decline of
per cent to 15!a, the lowest point on record.
The news of the additional power interests
to the reorganization committee failed to
exert any permanent rallying influence, and
rumors were current of probably as high as
80 per cent assessment on the stock 1t
should be added that the reports bore no
Official authority. In the industrials, To-
bacco held first place in volume of trading
and extent Of iuctuation. The primary
cause OF the animation in this specially was
the varying gossip in relation to the contest
between the company and the outside manu-
Iacturers. The rumors OF probable I'M
pending issue OF new preferred stock also
per cent was followed by a rally of IA duo
ostensibly to the announcement of an ad-
vance OF L cent per pound in the price of the
company's standard brand Of plug tobacco.
subsequently raid was made on the stock
which resulted in a slump of 2% per cent.
The final sale recorded a net loss Of point.
Liquidation by insiders was also believed to
be indiscernibe. London operated in
small way on both sides of the account.
Comment is getting to be general over the
fact that the apparent dealings in this mar
ket for foreign account recently have failed
to be reflected in the exchange market, and
the inference Is drawn that the original
source of the alleged foreign orders is in
Wall street. The initial prices were irregu-
lar, with the changes unimportant, but
downward In tendency.
The London cables reported lower prices at
that center The early course of the general
list was erratic, but tending toward a lower
level, and the volume of business was light.
subsequently, improvement occurred, under
the leadership Of a covering movement in
Burlington. That stock rose 16s, partly on pur-
chases by speculative organization. Boston
buying advanced General Electric l per cent.
The balance of the list was without feature,
aside from drop Of ~ per cent in Rubber,
on sales attributed to powerful interests that
have withdrawn from the board Of directors.
Later the loss was recovered, but renewed
selling caused a net loss of Is per cent. In
the final hour a general selling movement
started, in which declines of 1@2 per cent
from the best figures were scored. The mar
ket closed weak in tone at general net losses,
extending in some instances to point.
The railway bond market was dull but firm.
The distribution Of business was fairly good,
and in some cases decided improvement was
noted. Northern Pacific thirds were active
and rose 2 per cent but subsequently lost
most Of the gain. The dividend scrip extended
Jumped to 20, and reacted to 65. The net gains
in the other issues ranged between 1 and 2%
per cent, the last in Duluth & Iron Range
firsts. The total sales were 81 409 900. Gov
ernments were quite active, and slight i'm
provement occurred In the price of the new
fours. The transactions footed up $911 800.
Sales of stocks today included: American
Tobacco, AZ, 800; American Sugar, 14700; Balti-
more & Ohio, 14,So0; General Electric, 1900;