The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-12
MARKET WAS HEAVY
COMBINATION OF DEPRESSING FAC
TORS TENDED TO CHECK STOCK
SPECULATION.
lNDUSTRIALS MANIPULATED.
SHARP NET DECLINES SCORED FOR
THE DAY BY THE
GROOP.
RESISTANCE AMONG THE RAILWAYS
They Rose Early i'm the Session, But
Reacted and Closed Fraction
ally Lower,

NEW YORK, Feb. 11.-With an abundance
of money still to be had at cheap rates and
eagerly seeking an outlet for expenditure,
the trading the stock exchange continues
to be confined to almost insignificant proper
lions, and was further restricted today owing
to the fact that tomorrow will be a holiday
on the exchange. Aside from the dealings
of the professional element, the country seems
to be waiting for improvement in the general
trade situation. A number of depressing
influences combining, as was the case today,
is sufficient to put a stop almost entirely to
speculation. Much more than half of the de-
clines were again confined to the Industrial
shares, which invite manipulation by their
constituencies to the prevailing antitrust SEN
timent, as reflected in the acts of legislative
bodies. The market was heavy and dropping
almost throughout, under the combined inf1u-
ence Of the reflected uneasiness in London
and on the continent over the threatened rup-
ture between Turkey and Greece over Crete.
the sympathy with the decline in the wheat
market and the lack Of we'll defined opin-
ion of the effect of the rupture of the COM
bination among steel rail manufacturers on
general business. The prospect Of damaging
war Of rates among the steel makers rather
encouraged the bears, but there was the &C
companying belief that the railways which
would profit by the cheapness of rails. The ap-
parent volume Of the demand for rails devel-
oped by the cheaper prices gave hopes that
the stagnation in that industry has come to
an end thus contributing to the general awak-
ening of business to which all are looking
forward with expectancy.
The industrials showed a tendency to ad-
vance at times today, partly on covering by
shorts. Sugar at one time ralying to 1921
but later yielded again to the persistent ham
mering of the bears and sold off Rubber de-
Ginning IA, and Rubber preferred pa the
other industrials reacting in sympathy. A
raid on the general list in the closing hour
reduced the price Of Sugar ia and Leather
preferred rs from the high price of the day.
Inc group showed net declines on the day.
Inc general list also showed fractional de-
Cline though there were elements Of resist
ance among the railways. These rose early in
the day but fell on heavy London selling
Northern Pacific preferred led with a drop of
rs on liquidation induced by unfavorabIe
gross trat1c statement for January. The shares
OF the Illinois Steel company fell IL on the
steel rail complication. The other iron and
steel companies shares were but little dealt
IN. The anthracite coal shares were pressed
for sale on rumors that large investment
interests were disposing of their holdings on
account OF the unsatisfactory prospects of the
trade. The general closing of today's mar
ket was generally weak and about the lowest
Of the day. 10"
The bond market displayed heaviness on
.ASoSeiOiS WHICH were largely
confined to the low priced mortgages. The
sales were $1,735 coo. Governments were
more more active and sagged generally on realiza-
lons. The inquiry for these securities ema
mates principally from banks and individual
eeap1ahsts, who are unable to seek employment
Ior ther surplus funds in the stagnant stock
sSPP1H 1 The sales aggregated $l30, 900.
SILVER certificates were dealt in after a Ione
period of neglect at 64a4 for 10, COO ounces.
me total sales of stock today were 123 227
; nane including the following Tobacco.
t,JUU pIIn T;,,rx4
Pacific preferred. 1880; Reading 400: :ne 81
Faul 100; silver certificates, 10, 600.
me following were the fluctuations Of the
leading railway and industrial shares. fur
n Ms by Z. H. F.. Smith G Co., members
Of trade: 0N1U0so Ooaro