The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-13
BREAK IN WHEELING
COAL ROAD ATTACKED BY THE
BEARS AND ITS STOCK DE-
PRESSED.
GENERAL PRICE TREND UP.
ONLY FEW STOCKS RAN COUNTER
TO THE BULLIsH MOVE
MENT.
ACTIVITY WAS IN sPECIALTIEs.
Speculation I'm the General List Mar
row and Limited in Volume
The Close Strong.
GENERAL PRICE TREND UP.
ACTIVITY WAS IN SPECIALIZE

NEW YORK, Jan. 1.-THE stock specula-
ton today was narrow with the bulk of the
very limited dealings centering in a few Of
the specialties, which class, as usual was
affected by pecuniary considerations. The
general trend of prices was upward, the mo-
tive force being simply covering of shorts.
few stocks ran counter to the movement
notably Wheeling & Lake Erie and Baltimore
& Ohio. In both cases liquidation was clearly
evident. Wheeling preferred was unusually
active and made a sensational break of ~
per cent, to 1873, and the common fell IL, to
35s. The decline was due to the circulation of
rumors suggesting the probability of an i'm
pending receivershp as result of severe
losses by the continued decentralization in
freight rates and prices for btuminous coal.
This traffic forms one of the most important
items of the company's business. Officials
of the company denied the reports, and stated
that no such step had been contemplated up
to the present time. The denial caused
rally of 1% in the preferred. Baltimore &
Ohio was also depressed on the soft coal
fight, in which it is alleged to have been the
most aggressive Another influence against
the stock was a report that the reorganization
committee had decided that the reorganiza-
ton, to be effective, must involve a heavy
assessment ON the stock. The result was
action on the regular quarterly dividend of
u per cent had been deferred by the Long
Island directors was followed by recession
Of per cent to SO, in spite of the expecta-
ton of important developments in the extern
sion Of the company's facilities and re-
sources. The general market was superior to
the movements and considerations noted, eX-
cept for brief interval around midday, when
pressure against Manhattan and southwest
erns caused some recessions in price.
The AFTERNOON market lacked important
features until around delivery hour, when
support was given to some of the high-priced
industrial shares. Covering Of shorts was
noted in the grangers, Manhattan, Tennessee
Coal, Leather preferred, Delaware & Hudson
and Tobacco common and preferred, the last
two gaining a cent each. The closing was
strong and active at marked gains in many
instances.
The bond market continued to display
strength on investment purchases for local
and foreign account. The dealings today were
marked by increased trading on the usually
inactive mortgages at subsequent improved
gains over preceding sales. Long Island fours
were conspicuous for jump to IS, against
1872, the last sale. Other important gains
were: New York, Brooklyn & Manhattan
Beach frsts, 3A per cent; St. Paul & Omaha
consols, IL per cent; Equitable Gas of Chi
cago firsts, IL per cent; Chicago & Erie frsts,
IL per cent; St. Paul seconds, per cent.
Declines St. Louis & San Francisco Trust
fives, 212 per cent; Union Pacific, Denver &
Gulf frsts, 1 per cent. The sales were
81, 583, 900. Governments were dull but gen
orally higher. The transactinos were $2S0OO,
principally the new tours.
The local sales of stocks today were 1854
shares, including: Tobacco, $500; Sugar,
IS, coo; Burlington, $500; L. & N, $500; Read
ing $500; Rock Island, S,1OO; Tennessee Coal
& Iron, S,0OO Union Pacific, 1900; w. & L.
E., $4,000.
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: @t