The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-11
DIVIDEND RUMORS KEPT THE
STOCK UNSETTLED DURING THE
WHOLE SESSION
BEARS READY FOR A RAID.
THE GENERAL LIST WEAKENED
BY FREE OFFERINGS TO RE-
ALIZE PROFITS.
LOSSES FOR MOST PART FRACTIONS
Covering of Shorts at the Close Re-
duced the Net Declines for
the Day.

NEW YORK, Dec. 1O.-Todays market was
a renewal Of the contest between the reac-
tionists and the combined interests which
have embarked On a bull campaign. The
bears were encouraged by the stress under
which the bulls labored yesterday in trying
to sustain values at weak points, and they
were prepared for vigorous measures to
break the market. Although they had the
advantage at the outset of quotations from
London, the earliest deals here showed ad-
vances Sugar leading. But that stock, to-
gether with Manhattan and the coalers, was
soon weakened by liberal offerings to realize
and the reaction soon attacked the whole list.
There were very heavy dealings in Northern
Pacific preferred which has been sharply ad-
Vanced recently on rumors- OF liberal d1Vl-
dend to be declared today. The action on
the dividend was timed for about the hour
Of the closing of the market, and the street
was kept busy all day with contradictory
rumors on the subject. One Of these had 1t
that action on the dividend would be post
poned altogether and the resulting decline in
the stock uncovered stop-loss orders. Cow
ering of shorts in the final dealings and
early information of the decision Of the di-
rectors to disburse the first dividend OF l
per cent caused rally of nearly point in
X,
ton.
The bears made vigorous attacks on all
of the stocks of the local corporations which
have been recently advanced, the transit
companies on talk that the underground
transit plan was about to fail and the gas
companies on alleged assurances Of political
favoritism. These stocks al reacted over 1
point, and up to 8 points. The stocks of the
transit companies recovered partly on the
postponement of a decision on the under
ground plan. The break in this group, how
ever, broke the market and precipitated de-
clnes all through the list. Many leading
stocks lost 1 per cent or over, and some as
much as per cent. The covering of shorts
at the close and at the rally in local transit
stocks reduced net losses in most cases to
fractions.
The stocks Of Southern and Southwestern
railroads were comparatively firm and show
the smallest losses. Union Pacific showed a
tendency to rally, though it weakened some
what later upon a denial Of the story that
the reorganization committee had offered the
government the full amount of principal Of
it's claim for settlement of the Kansas Pa
cific controversy. Business through commits
sion houses showed alarge falling off today
and sales for London account continued on
day and statements of railroad earnings. which
were favorable, were disregarded, and the
course of the market was due almost entire
ly to the contest between professional trad
erS.
The feature of the bond market the de-
cline of points in the Kansa Pacific consols,
due to the apprehension that the possible
purchase of the property by the government
may debar the holders from a share in. the
Union Pacific reorganization plan. The de-
mand for high grade bonds continued good,
and number of gains from 1 to 2 per cent
was shown. The speculative bonds reacted
somewhat in sympathy with stocks. Total
sales, So, $50, 900. United States old tours reg
istered advanced today Is bid and the fves Is
bid
Total sales of stocks today were S43, 500
shares, including: Atchson preferred, 1882
C. & o. $780, Burlington. 24,505; l.. & NJ,
16, S55; Manhattan, 22,57O; Missouri Pacific, 49,
$40; N. J. c., 7,723; N. P, AGO; do pfd, 49,
us; Rock Island, 1SO4O St. Paul, $3.50;
Southern pfd, l2,431; Tobacco, .6,S92; Chicago
Great Western, 17,722; Peoples Gas, 1920;
Sugar, Sc, 12O: Western Union. $780,
The following were the fluctuations of the
leading railway and industrial shares fur
nshed by C. H. F.. Smith & Co., members
New York stock exchange and Chicago board
of trade.