St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-29
DID 4 BIG BUSINESS
Yesterdays SALES ON ,CHANGE
NEARLY DOUBLE THOSE OF
THE DAY BEFORE.
MARKET WAS RATHER RAGGED,
AND DECIDED WEAKNESS CHARAC-
TERIZED A GREAT PART OF
THE DEALINGS.
HARD HAMMERING BY BEARS
Results in Heavy Selling of Leading
Stocks and Generally De-
pressed Prices.
MARKET WAS RATHER RAGGED,


NEW YORK, Feb. 2S-The volume of bus-
ness in stocks today about doubled Thursdays
record the total footing up 100000 shares as
against PIP. 900 yesterday. Decided weakness
characterized the trading during the greater
part OF the day. and at times the market took
on a ragged appearance. Wholesale Iquida-
ton was noted, and there was also vigorous
pounding by the old-time bear leader and his
following. The selling movement received,
It's chief original impetus from Washington,
and leading houses having wire connections
with that city threw over large lines on lead
Ing Broadway commission houses, putting out
4o,0VO to $4,000 shares of stocks for both ac-
counts, including Sugar, ST. Paul, Chicago
Gas and Tennessee Coal. The first mentioned
stock figured for nearly one-quarter of the
large aggregate transactions, and scored de-
cline on the day Of e5s per cent The ex-
IRENE decline was per cent and the closing
showed a loss as compared with yesterdays
hnal figures Of ~ per cent The greater
part OF the selling was for account of the in
side pool, which has for several weeks past
been active in advancing the stock. Leather
preferred was about half as active as Sugar
ana sold down an extreme 2A per cent to
osA. 1t left off at a net decline of about a
point. eIhe depression in this stock was due
70 the continued circulation of circumstantial
unfavorable criticisms of the annual report
and affairs Of the company. ST. Paul came
tnlro IN point OF activity, and only about
LOU shares behind Leather preferred In this
respect An unusually large business was
recorded in Louisville & Nashville The only
attempted explanation for the slump was that
large interests were apprehensive of possible
disturbance Of the market in the event of
the expected heavy vote on the senate in favor
OF the recognition Of the beligerency and in
dependence OF Cuba Nevertheless shrewd
observers have for several days past regarded
the market as top heavy, believing that stocks
had passed into weak hands The market
opened strong and higher in sympathy with
advancing London quotations and by liberal
foreign purchasing Of St. Paul and t. & N.
the gains at the outset extended to IL in the
active list, Manhattan leading. Baltimore &.
ONO rose ~ per cent on belief that q crisis
IN the affairs of the company had been avert
ed In the late dealings, however the price
saSged TO slightly below the last nights level
Inc upward movement soon eliminated and
depression succeeded and continued without
interruption until the last fifteen minutes of
business. The Northern Pacific shares COM
mon and preferred, made display of strength
at one time, in marked contrast to the other
market, and rose " and a per cent respec-
lively on the unfounded assumption that
reorganization plan had been officially formed
and even underwritten. The selling move
mem was In full force in the more prominent
snares around 2:30 and aside from the losses
ALREADY noted the extreme concessions from
the top level were Burlington and Tennessee
Coal 39s Louisville & Nashville and General
Electric, 3A: Consolidated Gas and Baltimor.
q Ohio, 3; Rock Island and Pacific Mail. 25s:
st. Paul. "a; Chicago Cas- 2as; Manhattan,