The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-02
CHECK TO THE RISE
TRADING ELEMENT DISPOSED TO
OPERATE FOR A DECLINE In
STOCKS.
NET FRACTIONAL LOSSES.
I'm THE LATE DEALINGS THE
PRESSURE WAS TILE MOST
MARKED.
N. p. SECURITIES STILL FEATURE
HIPS Denial of a Traffic Alliance
the Cause OF Liberal Liquidation
and Declines.
N. p. SECURITIES STILL A FEATURE

NEW YORK, Feb. 1.-The upward move
ment In the stocks market, which marked
the dealing in the final days of last week,
received check today. Some of the factors
in this upward movement were the decided
case in the monetary situation, at home and
abroad, giving expectation on an early sub
stantial revival in legitimate trade through
the employment Of such capital 'as fails to
seek an outlet investment In prime securities
the constant absorption of gilt-edged Sc
curitdes at the high prices prevailing and the
limited offerings, which encouraged purchases
OF the middle-class mortgages, with loans on
properties undergoing reorganization. The
opportunities for profitable speculation in
these issues and the efforts of the various
underwriting syndicates engaged in financing
uhe properties, to secure as high a market
as possible for their holding has induced the
employment of funds in this direction which
would otherwise be available on call at re-
munerative rates. This contributed to in
crease commission house orders to an extent
which induced marked gains in some of the
inactive specialt1es, and was shown also in an
aggregate OF sales of bonds amounting to "a.
600. 600. The trading element however. were
disposed to operate for a decline, and re-
ceiVed effective aid today from the execution
OF numerous selling orders for foreign &C
count. The change Of front On the part Of for
elgners and the unfavorable construction
placed upon the changes In the arbitration
treaty by the senate led to the curtailment
OF purchasing orders by the leading interests
In the market, and although the market
steadfed at intervals, under covering and a
moderate inquiry for the long account the
nnal prices show losses of q fraction gen
orally.
Manhattan fell 1% On the reiteration Of the
recent rumor Of probable issue of bonds.
Northern Pacific stocks and bonds continued
aus the feature Of the general speculation
ana were alternately buoyed and depressed
on the various rumors In circulation in regard
20 the property. The announcement by Pres
i1ent !. }. Hill that there were no negotia-
tlons IN progress with the Northern Pacific
interests for traffic alliance led to Nb-
eraI reaazat1ons In the shares under which
the common yielded u and the preferred l.
The shares. however, were well taken at the
lower figures, and rallied sharply on intima-
IONS IONS that report OF a large foreign in
tefest IN the property was negotiating for g.
large block of the stock.
Inc dealings in the general list were fairly
wei distributed, low priced stocks attaining
prominence. The quarterly dividend of IL
per cent on Chicago Gas was without effect
on the stock. Coal stocks were practically
neglected, moving narrowly with the general
market LackaWanna was the exception, los
ing ~ The pressure against the market was
quite marked in the late operations, with
the day.
The railroad and miscellaneous bond market
ruled strong, and developed unusual activity
| on the execution Of heavy purchasing orders
for investment account. The dealings en-
braced a large number Of securities, with the
Northern Pacific Atchison and st. Louis &
San Francisco issues leading in point of ami
nation. Sales were So, 943, 000 Among the
more important advances were: st. Louis &
San Francisco general As, ~ per cent Ore
gon Short Line 5s and do IS, 11a; st. Paul
Terminal 5s, Chicago Gas frsts, IN Union
I Pacific sinking fund 8s< trust receipts, 1h !;
Union Pacific D. & G. frsts, I. Governments
were quiet but prices were sustained on
dealings Of $29,00o In state issues Tennessee
Settlement IS were conspicuous for an ad-
vance Of 21a per cent to 80 on transactions
Of $4,000. Silver certificates were weak and
lower in sympathy with the recent decline in
the foreign quotations. Sales were $1,000 at
64Bc.
The total sales Of stocks today were 1876, PIT
shares: including: Burlington, L, 200; Chi
cage Gas, 1890; General Electric ,3O0 L. &
N. $500; Northern Pacific, 1880; do pfd
465O0; Reading. $500; Rock Island, 3,4OO; ST.
Paul. II. 700; Southern pfd, $500; silver GER
tincates, 1000
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