The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-26
STOCKS STlLL Low
MARKET sTAGNANT IN SPITE OF
CONFIDENCE IN AN INDUSTRIAL
REVIVAL.
DAYS CLOSE AT BOTTOM.
GENERAL LIST LEFT OFF WEAK
WITH FRACTIONAL LOSSES
THROUGHOUT.
CUBAN CRISIS THE PRIME CAUSE.
Traders Afraid of the Effect the
Tension May Have on Share
Values.
CUBAN CRISIS THE PRIME CAUSE.

NEW YORK, Feb. 25.-The remark is heard
sometimes in Wall street by disguised
traders that there might as we'll not be
any stock exchange considering the small
amount of business being DONE The sales
of stocks today were only $4,000 shares
which is small but no much below the aver
age for many days past. This figure is
great contrast with that of former times not
very long ago, when the number of shares
dealt in would all the way from 500, 900
to over 100000 shares in a day. The stagna-
ton in today's market held in face Of
many encouraging factors in the general
situation, including an undoubted confidence
in the minds of most business men that m
dustrial revival is iminent in the country
and has actually set in in several branches
Of business. Out of seventeen reports of the
earnings of railways for the third week of
February, published today, fourteen showed
an increase. Prices rose on the London eX-
change on the promise Of peace in Europe
yet the confidence Of the traders in the
Improvement Of values lasted only a short
period after the opening of the exchange,
when stagnation and heaviness again domin-
ated the market and held 1t to the close.
The small volume of trading left wide gaps
even in the list of usually active stocks.
An immediate cause of the apathy in to-
days market was without doubt uncertainty
regarding the extent Of the tension in the
relations between this country and Spain,
and fears of the effect on values Of the ardent
discussion reported to be in progress in
congress over the maltreatment of American
prisoners in Cuba. There is undercurrent
of feeling in the street that possibly the
authorities at Washington are holding off
complications to give the new administration
opportunity to shape it's own policy upon
them. The near approach of the new admin
istration naturally leads to attitude of
waiting for information on questions of
policy generally. These considerations soon
gave check to the moderate buying move
ment with fractional advance which opened
the day. A decline followed, which was, in
most cases of equally narrow proportions.
Indeed the undertone of frmness in the
market is notable and falling market finds
the offerings quickly exhausted.
The expected happened in the appointment
of receiver for Hooking Valley, and there
little effect on the general market
Strangely, the stock advanced sc upon the
first announcement of a receiver after an
81 and closed at SIS. The IS opened I'M
changed at 90 and advanced to 55A on the
announcement of the proposed reorganization
The investigation of the coal agreements by
the legislative committee, together with
O,cline Of Lehigh in Philadelphia, were the
factors in decline in New Jersey Central
Of Ia, with subsequent recovery Of u, the
net decline for the day being Is. Sugar,
Manhattan and Tobacco were also conspicuous
in the decline that became general. There
was a slight rally about l o'clock, but the
fall Of values set in again, some shares clos
ing at the lowest. Sugar dropped to ia The
market left off weak with fractional losses
throughout. Omaha was more actively dealt
in than of late. and advanced fractionally,
the preferred stock also jumping ~ to 1875,
and closing at 1876 bid.
favorable symptom of the general conf
dence in the financial outlook is indicated by
the growing demand for bonds which are rel
atively more active than stocks. The ease
with which large amounts of municipal mort
cages are f1oated and the ready acceptance
OF considerable amounts Of refunded rail-
way issues, at largely reduced interest rates,
reflects plainly the vast amount of money
awaiting profitable investment in securities
yielding a reasonable return on capital dis
bursed. The inquiry emanates from all quar-
tiers, with the foreign interests the most
eager bidders for the guaranteed liens The
semi stagnation witnessed in the stock mar
ket is forcing the banks, trust companies and
other large lenders Of money to employ idle
capital in purchases Of fair grade issues,
particularly those undergoing reorganization.
The market exhibits broader tendency with
the securities of standard properties assuming
greater prominence. The speculative bonds
are comparatively less active and more mar
row. The general undertone was strong, but
the improvements did not exceed fractional
proportions as a rule. The sales were ST.
283 600. Prices Of government securities con-
tinue to advance toward higher plane, with
the new coupon Is at 1925 on a purchase
of block Of $100, 900.
The total sales of stocks today were 81 OO9
shares. including the following: Tobacco
5000; Sugar, 1920; Reading, $500; 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.