St. Paul daily globe., 1892-05-21

NEW YORK, May 90 The stock market
teday continued to show fair volume OF
business, but as usual of late, the greater
portion of the trading was directly the re-
snlt of the bearish operations, and while
prices were for the greater part of the day
firm to strong. the impression grows that tie
short interest is again rather unwieldy, and
the activity is due TO efforts TO cover without
losS The belief that the market is largely
oversold aids materially in creating resist
ing power, which prevents material losses
despite The very aggressive position taken by
the bear leaders of late, and while the public,
in view of the late developments in both
Northern Pacific and AtchisOn, are inclined
to be still more cautious in their purchases,
the evident manipulation having for its OBJ
ject the sinking of the weak holders and un-
doubtedly of depressing prices TO enable GOV
ering, gives encouragement to holders that
revival of interest is not far i'll the future.
This sentiment prevents the lears also
from hanging on 100 long. and while drives
at particular stocks have become more fire.
quent of late the rally follows closely, and
periods of depression are therefore of short
duration. Today's efforts were again con-
.centrated upon Northern Pacific preferred,
and later on the Erie stocks. and the pre-
fefred stock of the latter road was carried
down rapidly for time. The grangers also
suffered to some extent, but the efforts in
most of them were believed to be for the
purpose OF covering, and the prices were held
firmly. while Lake Shore and hooking Valley
were among the weakest stocks. The low
priced shares were more largely dealt in, but
made no movement of importance, and the
strongest points in the mlrket were as TIN
the lnduStria,S.
After noon. following in the wake or
general rally. the granJers, especial
ly the Rock Island and the Burlington.
were made to bear The brunt OF the pressure.
The floods were brought forward as the eX
cuse for this drive, but no one thought of
sellingeither until The bears discovered that
great damage was being done along the lines
of the roads. The result however. was TO
depresS the prices of these stocks about per
cent each. and the general list at last gave
way in sympathy. so that the late dealings
had very weak appearance despite frequent
rallies in The list.
The close was active and weak. with The
leading stocks at or near the lowest of the
day. The trading was 374.075 listed and
272J unlisted Erie contributing 46,2l0;
and 1850; Burlington, $3.50, and Atchison
g., ,4S0.
Ine Post says: There was a violent attack
Oh prices this afternoon which signified the
extraordinary confidence on the part of the
bear operators or else the courage Of deSper-
alton. 1t may be that both factors contrib
uted to the raids of the afternoon. tor they
were undertaken in the face of very large
outstanding short interest, and with the OBJ
vious intention of catching 'stop orders
placed in the market by speculative holders.
In measure, the operators for low prices
were successful in this purpose, and their
achievements of today simply emphasized
the fact, which has long been apparent, that
whatever the cause, the pluck and aggressive
ness all along has been on the side OF the
hears