St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-14
THE PROFESSIONAL
BEARS.
NOT MUCH BUSINESS DONE,
BUT THE MARKET EXHIBITED A
SURPRISINGLY STRONG UN-
DERCURRENT.
TOBACCO MAKES A BIG JUN
On the Favorable Exhibit of Earn
tnEs Shown In It's Annual
Report.

NEW YORK, Feb. 13.-Business after
the holiday started under stimulating
influence of higher prices for American
stocks in London and buying orders
for that account in this market, chiefly
for ST. Paul and Louisville & Nashville
This condition of affairs was mainly
attributable to the conciliatory tone of
the queens message in relation to the
Venezuelan imbroglio. The local mar
kets, while somewhat less active than
on Tuesday and irregular at times,
exhibited an undercurrent of strength
the was as surprising as it was I'M
palatable to the professional bears and
the bulls without stocks. Influences
bearing upon special stocks were the
annual report of the American Tobac-
CO company, the decision at Albany
favorable to the Chicago Gas company,
In the Pitt Barrows case, and strong
and higher market for domestic and
foreign sugars. In the late dealings
the market was stimulated by Wash
1ngton forecasts Of a decisive free
silver defeat by the house committee
or the whole. Railroad earnings that
came to hand were, as a rule, favor
able and experienced judges of the
commercial paper market predicted an
easier turn provided money rates con-
tlnued on about the present basis. In
purely speculative circles a pessimistic
tone prevails on the subject Of the
probable actual result Of the new gov
eminent loans and predictions Of a re-
sumption of the outward movement of
gold, within six weeks or less, are free
ly made. The market opened fairly
active and strong with Tobacco con-
splcuouS by an advance of 8 per cent
on the favora bic exhibit of earnings for
the past year, In the face Of the Sc
we're contest that has so long been
Waged with the plug tobacco manu-
facturers. The report, however, did
not make clear the reason for the
gloomy stand taken by the manage
ment in regard to the last dividend.
Other important but less material
improvements occurred in Sugar, Chi
cago Gas, General Electric and Louis
Vile & Nashville. Tobacco led the en-
tire market In point Of activity and the
extreme rise in 1t as compared with
Tuesdays final sale was 4 per cent.
Offerings by insiders and realizing by
the traders were responsible for re-
cession to 80A. A covering demand by
the shorts sent prices up to 821a at
the close. Manhattan was we'll sup
ported, gaining 2R per cent, with a
subsequent break to 1O9h@11O. The
manipulation of this stock for some
time past has baff1ed all reasonable in
depreciation. Up to midday, the move
ments in prices had been somewhat err
ratio, but after that hour the entire
list developed decided upward ten
dency in which the grangers, coalers
Louisville& Nashville, Chicago Gas and
a few other shares made the greater
progress. New Jersey Central adj
vanced 3k per cent, presumably on
covering of shorts. The grangers and
Louisville & Nashville gained 1921
the last mentioned making the extreme
rise. Missouri Pacific declined ~ per
cent and subsequently recovered
almost all of the loss without explana-
ton. The stock Of the Brooklyn Rapid
Transit company, the successor to the
Long Island Traction company was
traded at 213s@211s. The closi.se was
moderately active and strong at the
best figures of the day.
Sales of stocks today included:
American Sugar, $4,000; American To-
bacco, 1880; Burlington, 800; Chicago
Gas, $4,000; Distilling, $500; General
Electric. $500; Louisville & Nashville
21,50O; Missouri Pacific, 11,2O0 North
west, 5000; Reading, 11,4OO; Rock
Island 5000; St Paul, 27,9OO; Leather
preferred, 7,400 .
The following were the fluctuations in the
leading railway and industrial stocks yester-