The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-25
STOCKS CLOSED OFF
FINAL QUOTATIONS FOR THE GEN
ERAL LIST WEAK AND FRAC-
TIONALLY DOWN.
EARLY TREND WAS UPWARD.
EVERYTHING PROMISED DAY OF
ACTIVITY AND OF RISING
PRICES.
BUYING MOVEMENT SOON PASSED.
In the Reaction Only n Few Special
ties Escaped the Losses That
Were Scored.
BUYING MOVEMENT SOON PASSED

NEW YORK, Feb. 24.-The outlook was
very encouraging this morning for a day
OF activity and rising prices when the deal
ers in stocks made their appearance on the
exchange. The market took an upward trend
from the start, the industrials proving to be
the leaders. The tone reflected from the
London market was not calculated to dis
courage trading and prices of some of the
international stocks went above the London
equivalent. The railway list shared in the
upward movement, though the range was
confined to fractions. The favorable state
ment of st. Paul earnings for the third week
in February, showing an increase of STOP,
gave an impetus to the increase in values Of
railway stocks and especially of the grangers
1t was evident that the Tobacco shares had
friends on guard while the company was un
der investigation by the legislative commit
tee and the progress of the inquiry was not
attended by decline in the price of shares
but rather by an increase. Leather was a
special feature in the market owing to the
expectation of the giving out of the annual
report The preferred stock rose at the open
ing IA, but the price receded on the rumors
Of the character Of the annual report and
the recession was not Immediately checked
on publication of the balance sheet which
showed changes in the form of a statement
that proved somewhat puzzling to some OBJ
servers. The early advance of IL was fol-
lowed by reaction Of l1s, but the stock raj
lied again 11s near the close against the
current of the general market, which was
downward and closed with a net gain of
Ia on the day. Minnesota Iron opened ~
higher and continued to advance without in
terruption on the belief that TIE meeting of
IRON producers would result in benefit to the
company. The net gain for the day was Az
IN the general market there was lapse into
apathy by II o'clock, the buying movement
having apparently expended itself. Suisse
quently, react.cn set in which extended
through the general list There were various
contributory factors to this movement The
report Of the senate foreign relations commit
tee IN favcr Of demanding the unconditional
Teease of Julio Sanguily, held in a Cuban
PRISON by the Spanish authorities awakened
some apprehension that values would be af-
fected by a resulting strain in our relations
with Span. There was some selling by arbi-
TRACE brokers, attracted by the higher level
CT prices in this market which encouraged
a reaction. The anthracite coal group held
us own against the announcement that the
iegls .ative committee would undertake an ex-
tensive investigation of the affairs Of those
companies, but succumbed later to the gen
a decline of 11a in New Jersey Central and
renewed fall in the price of Lehigh Valley
IN Philadelphia. The announced suspen-
sion of member of the exchange w 6 AL
ley, also had a dampening effect, though it
was subsequently explained that the sus-
pension grew out Of an old partnership set
t-ement and had nothing to do with recent
operations on the exchange. The decline was
general, some of the active specialties, be-
sides those already noted, being the only ex-
ceptlons Hooking Valley again receded on
renewed rumors of recivership, falling IA to
5. the IS losing to so. The 5s however
on which interest natures on March l. were
steady. Manhattan f1uctuated irregularIy on
doubts of action Of the directors on the next
Q1VlOon0 the nnSSih1Q orviy1
OF the proposed change in motive power The
closing was weak, fractional losses being gen
erai throughout the list.
Inc Improvement in bond values continues
almost interrupted owing to the heavy de-
mand for investment mortgages by the banks
and other leading financial institutions In
dlvlduai capitalists are also represented and
although considerable amounts of middle prade
bonds have been attracted from abroad ow-
ing to the high prices current here the
influence Is not apparent in the general spec
ulation. The demand embraces wide variety
OF issues and transactions are being registered
in lfens which have been dormant for sew
eral years past. The st. Paul bonds were
conspicuous In today's dealings and re-
coroed gains OF one to two per cent Kan
sas Pacific conso!s fuctuated considerably
owing to the Importance attached to the bond
holders meeting to consider the revised al
iotment under the Union Pacific reorganiza-
was announced and the bonds left off with a
gain of 11s per cent. Some weak spots were
noted, but the general tone was good with
material gains In numerous instances. The
sales were s., 464, 900.
The total sales of stocks today were 70. 724
shares, including: Tobacco, II, 800; Sugar
=, 900; Burlington & Quincy, 1920; Chicago
800; ST. Paul, 900; silver certificates. 1000
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.