St. Paul daily globe., 1896-03-08
STOCKS ARE VERY ACTIVE.
Pronounced Weakness in Tobacco
Induces Heay Selling

NEW YORK, March THE feature of to-
days stock market was marked activity, at
tended by pronounced weakness In Tobacco
The operations in that stock accounted for
S1OO shares out of an aggregate for the day
or 1l6,OOO shares. Liquidation by insiders
was noted, and the professional traders were
active, depressing the stock to 71$s In the
late speculation a recovery of 2 per cent en-
sued, chiefly on covering by shorts. The old
argument against Tobacco is still applica-
withble, namely, the persistent policy of the
management to carry on the war against the
outside manufacturers, American Cotton Oil
stock attracted attention by rumors of un-
satisfactory trade conditions, which it was
alleged might affect the dividend prospects
1t seemed little early to discuss the pre-
ferred dividend, as 1t is not due until next
June. director of the company informed
a representative of the press that for the
hrst tiYe months of the fiscal year, UP to
Eeo. l. the earnings had been in excess of
those for the corresponding period of last
year, and had been fully up to the require
ments for interest on the debenture bonds
and the proportion of the dividend on the
preferred stock for the five months and that
the outlook was for improvement in the COM
panys business. The preferred rallied 3 per
cent The general list was devoid of features,
aside from General Electric which advanced
IL on manipulation by new pool in the
stock. fractional concessions occurred in a
number OF instances, in sympathy with the
NSPA O'SioAi III IOpdCCO, UuI III the last nOur
a. general upward movement carried prices to
the level of last nights final figures The
closing was dull and firm. The speculation
or the week has again been influenced to a
large extent by outside considerations nota-
bly, the political unrest abroad and the
cuban belligerency resolutions. Except in
one or two instances, the bulk of the opera
tions have been conducted by the profess
slonal traders in the industrial shares. In
the railroad list the most important develop
ment was the elimination of the financial
embarrassment of the Baltimore & Ohio rail-
road in the appointments of receivers for the
perlenced railroad men and financial experts
had expected such contingency. strong
reorganization committee mas undertaken
the work of rehabilitation, and it is under
stocd enjoys the cooperation OF important
foreign interests in the property
The stock, as a result of the developments
noted, sold down to the lowest point ever
recorded for it, 13, and the net loss for the
week is 7as per cent. The reports of rail-
road earnings have been favorable in most
cases. Money, both call and time, has
been easy, indications pointing to a broader
market for mercantile paper. The impress
sion prevails in well informed financial cir
cies that the bankruptcy of the Baltimore &
Ohio marks the end of a long list of rail
way receiverships. Further progress towards
strengthening out embarrassed systems is
noted In the publication of plans of reorgan-
lzatlon Tor the Oregon Short Line &
Utah Northern and Memphis & Charleston
II is believed that controlling interests in
Northern Pacific securities have practically
agreed on a broad, outline of reorganization
and this impression has been reflected In