St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-03-26
FINANCIAL.
New York.

New York. March 25-The stock market
today was under the hammer during most of
the time and material losses were sus tanned
in all the leading stocks, though the firm I'M
dertone of the speculation precluded the
selling of much long stock. The coalers and
grangers were well supported and in some
cases, as in New England and Union Pacific,
positive strength was seen, though no mate
rial advance could be made after the first
few minutes trading. The news OF the ac-
ton on the free coinage bill i'll congress
caused rush to buy at the opening, IN
W hich foreign houses, both English and
G erman. were conspicuous. Material rises
in quotations resulted. and in few instan.
ces further Improvement was made in the
early trading.
To counteract this influence, however, a
rumor which was put out last night after the
close OF business that MIR. Olcott, the chair
man of the Richmond d West Point re-
organization committee, had resigned from
the committee, caused a bad break in the
securities of that company and the common
lost per cent and the preferred dropped 512.
This drop put wet blanket on buying for
the long account in the whole list and the de-
cline becoming so marked finally dragged
the rest of the market down, only the
strongest stocks succeeding in holding any
portion of their opening advance.
Ali support was withdrawn from Lake
Shore and that stock became the leader in the
downward movement even when the Rich
mond d West Point shares reacted
quite sharply A counter movement
inO the industrials failed to help
the list much, though Reading displayed for
time marked activity and strength. The
the credit of the Northern Pacific company.
and material help was derived from them in
their attack upon the preferred stock, which
was made one of the leading stocks OF the
afternoon. The losses in the two leading
stocks, Lake Shore AMI Northern Pacific
preferred. were about per cent from the
best prices of the forenoon, but the general
list was still traded i'll within the narrowest
limits. and the undertone of strength which
prevailed throughout the day prevented any
marked decline, though prices were brought
in almost all cases below the level of the
opening figures.
The low priced shares furnished no marked
movement except sharp reaction OF about
3 per cent in Ohio Southern. The pressure to
sell was lifted from time 10 time during the
day. and at such times prices rallied feebly,
but i'll the last hour there was an effort to
cover the shorts put out earlier in the day.
and more substantial improvement was
made, Northern Pacific preferred espe-
cially moving up about per cent. The Gctiv-
ity in Reading was again one of the most
prominent features of the trading and it
also made material rally toward the close.
which carried 1t up to point which enabled
it to close with q substantial gain for the
day.
The market closed quiet and for the mo-
ment firm, but generally at small fractional
losses for the day. Northern Pacific pre-
ferred is down 1ls: Richmond and West
Point l; the preferred. ga; but on the other
hand, Reading is up is; distillers, 1ls, and
New England large fraction.
The Post says: The continued break in
Lake Shore excited uneasiness De-
spite its rapid decline, however. it
had excellent support in many quarters. The
same could not be said of Northern Pacific
preferred, and yet it is perfectly obvious that
in this heavy short interest must by this time
have been rolled up. For the greater part of
today's trading the Northern Pacific was
made the center Of a bear raid on the gen.
eral market. Precisely what this meant it
was perplexing TO say. There was some
ground for supposing the raid was designed
10 protect covering i'll other stocks The
relatively great strength of Reading sug-
gested this, and there was a suggestive re-
covery in prices during the last hour of bust