The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-03
n. p. SHARES SOLD
SOME SUPPORT DEVELOPED, BUT
THE STOCK CLOSED AT THE
BOTTOM.
SPEClALTIES ALL WEAK.
BEARS ENCOURAGED BY THE DE-
CLINES TO MAKE GENERAL
ATTACK.
PRICES sAGGED IN A TIRED WAY.
Substantial Gains In a Few of the
Gilt-Edged Securities ON Good
Investment Demand,

NEW YORK, Feb. 2.-Heavness and dull
ness characterized the dealings on the stock
exchange throughout today, and prices sagged
in detected manner, apparently from total
lack Of interest in the market. The day was
without any special feature except as it
was in contrast with the activity and buoy
ancy of the latter part of last week, and
the comparatively large dealings Of yester-
day. The principal dealings of the day were
in Northern Pacific shares, as has been the
case for some time past. The report that
the underwriting syndicate had disposed Of
a large block of stock and other securities
OF this company to German capitalists, and
that an option for q further amount was
held by the same purchasers induced the
selling Of the preferred stock down IL per
cent to 373s. There was some support devel-
oped at the lower figure, and the decline was
checked, followed by slight rally. But in
the final half-hour, the preferred stock de-
clined again, and closed at 371s, the lowest
figure of the day.
In addition to the weakness in Northern
Pacific there were some special causes which
led to declines in a number Of h:gh-priced
specialties, the most notable example being
Western Union, which sold off a point and
half on fears as to the effect of the Ohio
state law, taxing telegraph companies, whose
constitutionality affirmed by the su-
preme court yesterday. Tobacco also afford
ed leverage for the decline falling off IL.
Sugar was sold on Washington rumors on inn
pending tariff legislation, which would af-
feet the differential in the tariff on raw and
refined sugar. Burlington was a depressing
factor and fell off Boston selling and an
apprehension Of unfavorable December show
ing induced by the delay in the Issuing Of
the statement.
The declfna in thoca STOOLS +brar, .o,,oa
thing of a damper on the market, and en-
couraged attack all along the line The
consequence was that prices showed a tend
ency to decline. The heavy decline in New
York, New Haven & Hartford was a feature
Of the day, the extreme decline registered
being II points to 160, with subsequent recov-
cry OF points The decline was attributed to
fears of q reduction of forthcoming quarterly
report and dividend. The Anthracite Coal
stocks moved in common with the general
list, the range, however, being less marked
than heretofore. Illinois Steel was a SUI
ferer by decline of points on the less ia
vorable situation of the trade.
In spite Of the general sagging tendency Of
the market there were substantial gains in
some Of the gilt-edged securities, showing a
renewal Of investment purchases and a good
supply OF money for use. London operations
were fairly large, mainly for the short ac-
count. Transactions in bonds were on q
smaller scale, prices yielding in sympathy
with the stock market. The bond market dis
played reactionary tendency on realiza-
ton by the traders, the dealings being largely
conferred in the speculative issues with irreg-
ularity noted at intervals. The losses gem
orally were restricted to fractions, although
decided gains were made in some instances in
the hight grade lines. The sales were s. 376, =
OOO. Government bonds were neglected with
bid prices showing some slight concessions.
The dealings over the counter, however were
very heavy On out-of-town orders from banks
and individual capitalists. State securities
were conspicuous for strength with Virginia
Centuries advancing to G219 on purchases of
$40, 900.
The total sales Of stocks today were liz, STA
shares, including: Sugar, $500; Tobacco,
7,400; Burlington, II 900; Chicago Gas, $500;
General Electric $780, Northern Pacific, $500,
Northern Pacific preferred 25,SOO; St. Paul,
4,500; Western Union, $500.
The following were the fluctuations of the
leading railway and industrial shares. fur
nished by G. H. F. Smith & Co., members
New York stock exchange and Chicago board
of trade