The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-24
TURNED ON RUN0R
PROFESSIONAL STOCK TRADERS
SPENT THE DAY LOOKING
FOR NEWS ITEMS.
TRADE VOLUME WAS LIGHT.
EARLY THE INDUSTRIAL GROUP
GAVE THE MARKET A WEAK
TURN.
MOVEMENT NOT LONG CONTINUED.
On the Rally, I'm Spite of Profit TAX
ing, the General List Scored
Gains.
MOVEMENT NOT LONG CONTINUED

NEW YORK, Feb. 23.-The professional
traders spent today on the stock exchange
watching for rumors of events, however triv-
1al, that could in any degree affect the prices
Of securities. Barely 100, 900 shares were dealt
In, and of these nearly half were the indus
trial stocks, Tobacco, Sugar and Leather.
Each one OF these was Influenced by a spe-
cial cause, and each had a marked effect on
the general market by reason Of the small
volume OF trading. Leather occupied a posi-
ton of special prominence In the eyes Of
dealers in stocks, owing to the interest felt
in the meeting Of the directors and their
probable action on a dividend. Rumors were
circulated that the forthcoming annual re-
port would show a most discouraging condi-
ton OF affairs to have existed in the trade
during the last year, and the alarm cloud
caused a decline in the preferred stock of 2.
Tobacco also took part in the decline which
followed the brief upward movement at the
immediate opening in sympathy with the
prices Of American securities in the London
market. The decline in Tobacco was acceler-
ated by the fact that the president Of the
company was to go on the stand during the
DAY TO undergo examination at the hands of
the trust Investigating committee. Sugar also
declined in sympathy, and also on rumors of
unfavorable legislation in New Jersey against
industrial corporations. The movement Of
Ihio 6loup il SlcCkS DccdIl0 the decisive IN
huence in the market, and the downward
movement received further impetus from the
persistent rumols that Consul General Lee at
Havana had resigned. The authoritative de-
Mai by Gen. Lee to the Associated Press was
a factor in the rally later in the day. But
for the time the decline in the industrials
proved an irresistible factor in depressing the
whole market.
The selling movement was not long con-
tlnu6Q, and received its check from tho on
nouncement of the declaration folio wing quar-
terly dividend Of l per cent in Leather lre-
ierred: Inc upward tendency of prices thus
lnaugurated became very pronounced as u
Gay advanced, and was not interrupted unul
just at the close, when profit taking caused
a decline which was only fractional, except
IN the case OF Leather preferred, which had
recovered the early decline, but now sold off
IA again on apprehensions of tomorrow's an
nual statement. Tobacco led the rise with a
gain OF 212, apparently on the conviction that
the legislative inquiry was not calculated to
DO it any harm. Sugar likewise advanced
!12. The anthracite coal stocks, after an early
decline in Delaware G Hudson and Reading.
came In for a share of the Improvement. The
final prices in the coalers about euuaied those
OF Saturdays closing. Of the soft coal roads,
Hooking Valley rose ~ on a belief that
means had been found to relieve the prop
erty OF financial difficulties. Wheeling &
Lake Erie preferred ALSO advanced a fraction.
Fhe railway Est advanced, notably the
grangers, and were benefited by the reported
increase in the tonnage of east-bound ship
ments. was not affected un-
favorable by the reported decrease of 1851 233
IN us earnings gross. The encouraging pros
poets of the iron and steel trades were in
dicated by an increase in value of Illinois
Steel and Minnesota Iron, other stocks of the
same character showing a fractional advance
New haven gained ~, and Manhattan IL
retaining all but a small fraction.
Inc volume of bond trading showed a. de-
cloed ammunition compared with recent ay-
erages, but the strength continues undated
win decided gain in many issues. The mar
ket displays a broadening tendency desnite
the apathy of the stock speculation and pur-
chases of foreign and out-of-twon Investors
are renected in the high prices being at
talnea In the gllt-edged securities. The trad
ing IN these lines is limited only to the
amount offered. and round blocks Of lower
grace mortgages are being taken for specu-
tatlVe account The ususually inactive bonds
nuctuate narrowly, but issues which have
become prominent through recent develop
ments are conspicuous for wide changes. The
sales were 81 ,235, COO. The government bond
market was irregular with a generally easier
lone on large dealings, aggregating SIS. 0OO.
Inc coupon 6s were conspicuous for a single
transaction of $100, 600 at 1885,. The to6aI
safes or stocks today were I01 600 shares
including Tobacco, $500; Sugar. 19. 500: Rnr,
lngtoa. LOGO; Chicago Gas, $780,; Reading
300; st. Paul, 300. ~ s
me following were the fluctuations Of tha
leadlng railway and Industrial shares fur
nlshed by c. H. F. Smith & Co.. members
new York stock exchange and Chicago board
of trade. Oo~o