The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-16
SLUMP, THEN RALLY
STOCKS SOLD OFF, BUT RECOVERED
TO CLOSE AT NET
GAINS.
FOLLOWED FOREIGN LEAD.
LONDON SET THE PACE FOR THE
EARLY DEALINGS AT NEW
YORK.
UPWARD MOVEMENT ANIMATED.
General Tone of Assurance Carried
Average Prices to the Highest
Of the Day.

NEW YORK, Feb. 15.-There was a larger
volume OF trading on the stock exchange
To-Day than for good many days. The
activity was practically confined to the first
few minutes after the opening, when the
whole list tended downward and to the last
hour, which saw a smart rally and general
net gains on the days transactions. The
drop In prices at the opening wholly
due to the influence of the panicky condi-
ton of mind reported on the continental
bourses and to the fall of consols and other
were affected alng with the others and the
opening prices here were on a level with
London quotations. The opening of hostil-
tiles reported to have occurred between
Greece and Turkey indicated to the minds
Of the traders that an embodiment Of the
European powers was inevitable conse-
quence and they sold accordingly. The
bears were not slow to press the advantage
thus offered and they found still further argu-
ments for lower prices in the hearing of the
legislative inquiry into trusts. London also
was selling in this market at the opening.
Although the selling only lasted few min
utes, the industrials and the international
stocks all registered material declines while
1t lasted. Sugar declined 7s; Tobacco, q !;
Chicago Gas, 1; General Electric, 1B and
American Spirits preferred, IL. The coal
and iron companies were also susceptible to
the bear efforts. Colorado Fuel lost 211 and
Tennessee Coal and Iron IA. Illinois Steel
was notable exception to the depression,
closing with a gain of 2 points.
OF the railway list, the international stocks
were most notably affected by the early de-
cline, the range being: Atchson preferred,
IA; st. Paul, B; Louisville & Nashville, q;
Reading, IL; Northern Pacific preferred, y.
The volume Of the sales fell off at the lower
level and period of stagnation and almost
utter apathy ensued, quotations only being
registered at long intervals 1t was not until
the closing hour that the rally set in, which
proved more general and animated than any
movement of stocks for many days and
which carried the average prices to the high
est OF the day, due doubtless to the more
favorable aspect of affairs in Europe as re-
fected from the various bourses and from
London. London bought heavily and a gen
efal tone Of assurance pervaded the market
The most notable gains recorded were in
Sugar, 2; Tobacco, 21s; Chicago Gas, IL :;
General Electric, |; Leather preferred, 2h;
Iron, 2%; st. Paul, l; Kansas & Texas pre-
ferred, ~; Atchison preferred, "a, and North
ern Pacific preferred, IA. Manhattan was
feature of the market, showing a decline
Of per cent.
The bond market fell off in sympathy with
STOCKS ard the subsequent recoveries were
for the most Part trivial. The dealings were
mostly confined to the low-priced issues, with
Atchison adjustment fours and Kansas &
Texas, seconds registering the extreme losses
market displayed some irregularities in the
late session and Reading f1rsts and Atchison
adjustments rallied sharply. The general
Tone, no. yer, was heavy and the closing
weak t. sales were 81, 450,0G0 Governments
were in brisk request with some improve
ment in prices on purchases by prominent
banking interests. The sluggishness of the
general speculation is forcing considerable
amounts of investment capital in these secur-
tiles which fails to secure adequate employ
ment in the stock market
The total sales Of stocks today were 191 500
shares including the following: Tobacco
lO,5OO; Atchison, AGO. Sugar, 81, 500; Burling-
ton, II 400 Chicago Gas, 5000; st. Paul, IT, 500
Northern Pacific preferred, $780,
The following were Ii. fluctuations Of the
leading railway and in 1ustrial shares, fur
nished by c. H. F. Smith & Co., members
New York stock exchange and Chicago board
of trade: