The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-03
STOCK MARKET UNEVEN
NET LOSSES, CONFINED TO FRACTIONS,
THE AVERAGE RESULT
Great Northern, Manitoba, Mipne-
sofa Iron and Other Usually In
active Stocks Notably Strong,
While Speculative FavOrites Suf-
fered From Liquidation.

NEW YORK. Feb. 1.-The stock market
was under liQudating pressure today, but the
manipulated advances of others made the
market extremely uneven. There were nu-
merous halts in the liquidation during the
DAY end partially successful attempts to
achieve rallies so that the day was of
constant changes, some stocks mounting up
ward strongly, while the market was tending
downward.
There was every evidence OF continued
heaVy selling to take profits in some of the
most prominent favorites in the recent move
ment, notably Northern Pacific, Union Pa
cine and the Vanderbilts. Quite a large ele-
ment of the professional traders sold the
market with great deal of vigor and con-
hdence. Nevertheless, offerings were very
we'll absorbed. and most of the net losses of
the day are confined to fractions There was
quite large volume Of buying orders from
commission houses also during the day.
The new securities of the Union Pacific
company in the unlisted department of the
exchange advanced with something of a rush
over the opening prices and impaired
OHIO advanced IA over yesterdays high
point With the execution of accumulated
buying orders the bearish tendency of traders
grew and obtained the ascendancy. There
were various reasons given to account for the
decline. Among them was the cutting of
rates between Minneapolis and Chicago and
the apparent hopelessness of agreement as to
rates on the expected Klondike business
The grangers showed themselves especially
sensitive, and were hurt also by a growing
apprehension over the outcome of the Ne
praska maximum freight rate case, which is
awaiting decision by the supreme court
Great Northern preferred added s more
points to its advance of yesterday and its
SUBSIDIARY company, Manitoba Minnesota
iron and number Of other inactive stocks
showed marked advances. The Reading stocks
were strong on rumors of the sale in London
OF about $6,OOO0OO of the companys bonds
Norfolk & Western preferred gained sharply
on the dividend declaration
NotWithstandlng these exceptional elements
OF strength the general tendency of the mar
ket was towards weakness Rumors of losses
sustained by local bank through iniudicious
loans encouraged the reactionists
Inc rates for exchange hardened a shade
on investment demand, induced by the low
rates for money, which continued to work to
an easier basis. The days exchanges at the
local clearing house went to the enormous
total OF 1904 %, s25, rejecting some very
heavy financial operations The details Of
these could not be ascertatned
Inc bond market continued strong on a
large volume of dealing. The Kansas Pa
enc consols We're decidedly unsettled, first
advancing a fraction, then reacting to 106
Iotai sales, &, 600 600. United .ates As new
declined q bid, but there was an actual sale
OF the coupons at an advance of 4.
IotaI sales of stocks today were 400. 900
IA l 5 V6O z O., $40 c. & g., $40 Burlington,
$3.50 D. r. G. preferred, 8.905 I, r. n
ITO Manhattan, N,13O Reading preferred
4,15O Missouri Pacific, 1853 n. Y. C., $50
NOroaerh n Taclhc 1925 Northern Pacific pre-
ferred IL, 125 Ontario & Western, 1852 Read
ing 1887 R. l., Is 30 st. Paul, II $50 Tobacco
$40 chicago Great Western 694O People's
Gas, ABB General Electric, Il SO Sugar 4 GO0
Western Union. INV
The following were the fluctuations Of the
leaolng railway and industrial shares fur
nished by c. Fl. F. Smith & Co. members
New YORK stock exchange and Chicago board