St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-03-09
STOCKS ARE VERY ACTIVE,
Pronounced Weakness I'm 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
$500 shares out of an aggregate for the day
OF 900 shares. Liquidation by insiders
was noted, and the professional traders were
active, depressing the stock to 712s. In the
late speculation recovery Of 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 I'M
satisfactory trade conditions, which 1t was
alleged might affect the dividend prospects,.
1t seemed little early to discuss the pre-
ferred dividend. as it is not due until next
June. director of the company informed
representative of the press that for the
hrst hve. months Of the fiscal year. up to
Feb J., the earnings had been in excess of
those for the corresponding period of last
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 per
cent. The general list was devoid of features,
aside from General Electric, which advanced
IA on manipulation by a new pool in the
stock fractional concessions occurred in
number OF instances, in sympathy with the
depression in Tobacco but in the last hour
a. general upward movement carried prices to
the level OF last nights final figures The
closing was dull and firm. The speculation
OF the week has again been Influenced to
large extent by outside considerations nota-
Dly the political unrest abroad and the
cuban belligerency resolutions. Except in
one or two instances, the bulk of the opera
tons have been conducted by the profess
sional 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 appointment Of receivers for the
property. For q long time previously ex-
had expected such a contingency. strong
reorganization committee has undertaken
the work of rehabilitation and it is under
stood 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, 10, and the net loss for the
week is 7ss per cent. The reports of rail-
road earnings have been favorable in most
cases. Money, both on call and time has
been easy, indications pointing to broader
market for mercantile paper. The impress
sion prevails in well informed financial cir
cles 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-
1zation for the Oregon Short Line e.
Utah Northern and Memphis G. Charleston.
IL is believed that controlling interests in
Northern Pacific securities have practically