The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-12
FIRWEESS IN TONE
IN THE FACE OF SPECIFIC DULL
NESS NOTABLE ON THE STOCK
EXCHANGE.
CONDITIONS ARE FAVORABLE.
TRADERS WAITING TO SEE WHAT
THE COMING EXTRA CONGRESS
WILL DO.
THE CLOSE FOR THE DAY STRONG.
st. Paul Dividend Gave n SembIance
of Animation to the General
Share List.
THE CLOSE FOR THE DAY STRONG.

NEW YORK, March 11.-Today's market
was remarkable for its irmness of tone in
the face of the specific dizziness of the pro-
ceedings. With the exception of a slight
awakening to animation about the delivery
hour the trading was almost dormant. The
volume of the dealings was not only small,
but distributed very meagerly, few lead
Ing shares absorbing all but small pOr-
ton of the trading. There are about $50
shares whose prices are quoted and trans
actions in which are recorded on the stock
exchange. OF this number there were only
"a in which there were dealings in full share
lots today The total number of shares sold
numbered little over 100000 and over $4,000
of these were shares of fifteen leading stocks.
In view of the very favorable conditions
on the foreign exchanges today, and the
subsistence of uneasiness lest the Cretan
question should embroil the powers it is
necessary to look for some other explana-
ton of todays stagnation than a European
war scare. There are doubtless several causes
still operating to restrain speculation, the
most potent being the cautious conservatism
born of a long period of reverse and de-
preston. There is also a disposition to wait
for the assembling OF the new congress in
extra session, and for it to manifest its
character and intentions. There is a feel
ing in Wall street that the extra session may
prove to be long drawn out, and the senate's
attitude toward a tariff bill is felt to be an
uncertain quantity.
Manhattan was the leader of the market
and showed decided strength, which was
probably due to covering. Quite a large
short interest has recently been formed in
this stock, probably on the theory that the
reduction of the dividend rate to 4 per cent
was bound to result in a fall in prices. The
fall proved inconsiderabe, and the shorts have
been seeking cover today. The price rose 21s
to S5%, which is about the level before the
announcement of the reduction of the divi-
dend. The Vanderbilt shares were some Of
them in good demand, Omaha advancing 1A
and Lake Shore u. Sugar gained point in
the face of Washington advices indicating
a probable reduction OF the amount of pro
lection on refined sugar under the new tariff.
The rise in the price Of the staple and rumOrs
of large stocks of sugar in the hands
of the company which will be increased in
value by contemplated tariff changes were
contributing causes. Consolidated Gas showed
an improvement of "a on the prospects
that reGulative legislation at Albany will
not conflict with the companys interes s.
The ligh price attained by Tobacco brought
out some realizing sales with a reaction in
the price of 13s, but the stock subsequently
the increase in earnings shown in the first
week Of March. There was a buying move
ment developed in the anthracite coalers also
about delivery hour, due to rumors of fur
Their consolidation of coal interests. The an
nouncement of the st. Paul dividend at about
the same time awakened activity in the
grangers, and some semblance of animation
was impaired to the whole market. New
Jersey Central and Delaware & Hudson each
rose IA; Reading Il and the grangers and
Southwesterns a fraction. The International
shares fuctuated narrowly in sympathy with
the London market, which first bought and
then sold. New York and Harlem jumped to
300, compared with 293, last nights closing
bid. The undertone of frmness, which was
a feature of the market all day, was mani
fest at the close, which strong.
The bond market was more active with
some of the usually inactive liens rising
sharply, notably Houston & Texas Central
debenture 6s, which gained @ and Chesa-
peake Ohio, r. & A. division firsts con-
soils, 11a per cent. The general market ruled
firm with the speculative issues a shade
higher Governments were quiet, but decid-
eddy firm. The sales were $36,000
The total sales of stocks today were 100 529
shares, including: Tobacco, $500; Sugar, 49,
200; Burlington, $500; Chicago, 1900; Missouri
Pacific, 3,400: Omaha, 4, 200; St. Paul $500.
The following were the fluctuations of the
leading railway and industrial shares fur
nished by c. H. F. Smith & Co.. members
New York stock exchange and Chicago board
of trade.