The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-02
"c0ALERS" 4 DRAG
HEAVINESS IN THE GROUP A DE-
CISIVE INFLUENCE ON STOCK
PRICES.
UNDERGONE WAS STRONG.
IN THE END THE MARKET THREW
OFF THE ONLY INCU-
BUS.
CLOSE GENERALLY AT THE TOP.
The Changers, IndustriaIs and the
General Railroad List Scored
Fractional Net Gains.

NEW YORK, April 1.-Today's market
might be pretty comprehensively summed up
IN one Word-"Coalers.' The heaviness in
THESE stocks, which persisted through the
greater part of the days trading, was the
decisive influence on the course Of prices and
the effective instrument Of the bear faction.
They also brought to their aid as yesterday
raid on the Gould properties. Out of a
total of 212, 900 shares sold, over So 900 shares
were of the anthracite coal group. The
group was the incubus on the market which
restrained the undercurrent of strength that
threatened to break out from time to time
Finally the eoalers and the Gou shares them
selves broke through the depression and
jumped to a higher level of prices. Prices
generally throughout the list, at the same
time, rose to the highest of the day.
The course of prices of the coalers was very
irregular, an improving tendency struggling
constantly with the bear pressure. The i'm
provement at the opening carried New Jer-
sey Central up IL and Delaware & Hudson
rs. In the subsequent decline, worked by
the bears ON rumors that New Jersey Central
would pass the next dividend Lackawanna
fell 1, Delaware & Hudson, New Jersey Cen
trail, 2; Susquehanna & Western preferred
IA and Reading preferred IA When these
stocks began to fuctuate the bears opened a
raid on the Gould stocks Rumors were cir
culated of heavy damage to the ST. Louis
Southwestern by floods and of probable en-
Darrassment of the company in meeting i'm
minent bond obligations. The ST. Louis
Southwestern common stock sold off 13s, the
preferred 212 and the first and second mort
gage bonds 81. Western Union lost 2, Man
haitian 1 and Missouri Pacific l. Vice Presi-
dent Edwin Gould met the attack with a
statement that the st. Louis Southwestern
had not lost anything of value by floods
that the floating debt was not troublesome
that there is no liability pressing at present
and that there would be no trouble in meet
ing the coupon payment coming due May l.
This was supplemented by a statement from
President Fordyce that the May interest was
already provided for.
The depression in the meantime had spread
from the coalers and the Goulds through
the list and the grangers and railroads gen.
orally fell a fraction, the bitumnous coal
roads being especially affected in sympathy
There was undercurrent of strength in
the railroad list, owing to the systematic
efforts making among Western roads to de-
wise plan for sustaining the existing rates
and the action in the supreme court on behalf
OF the Joint Traffic association to advance
the nearing of their case. The heavineSS in
the coalers and the Gould stocks, however
weighed upon the list, and in consequence re-
stricted the dealings somewhat in the gran
gers.
When a brisk demand for the coal stocks
set In, the shorts hurried to cover and the
Gould shares also recovered on the state
ment Of Edwin Gould. AS a consequence
the coalers recovered all of the loss and
more, New Jersey Central showing a net
gain OF rs and the others fractional except
LackaWanna, which closed unchanged. The
recovery in the Goulds left the net changes
In them only fractional. The grangers and
the general railroad list also enjoyed frac-
tional net gains The industrials were not
heavily dealt in except Chicago Cas- and
were generally depressed in the early part Of
the day owing to special causes. Sugar suf-
fered from the retroactive clause of the tariff
bill, as the company was expected to make
large profits on sugar imported before the
tariff goes into effect. Chicago Gas felt the
reports Of unfriendly legislation to be at
tempted. General Electric was the victim
Of reports Of bad business. Sugar and Cen
eral Electric lost rs each and Chicago Gas
Ia. In the final rally the stocks recovered
all but fraction Of their loss, the improve
ment extending to a fractional net gain in
General Electric. Tobacco rose rs, a net
gain Of a fraction. Mobile G Ohio sold up to
20 and closed at 2014 bid, as compared with
IS at yesterdays close. This rise was note
worthy coming in face Of the suit instituted
yesterday to restrain the building of the
contemplated Montgomery extension. The
closing Of the market was strong and gen
orally at top prices.
Inc 81 LOUIS OoutnWeStern issues were the
feature of the limited bond operations, and
were alternately advanced and depressed ac-
cording to the tenor of the news in circu-
lation in the street regarding the properties.
Considerable liquidation has been apparent
in these securities of late and a re ion of
312 to SO was effected in the frsts in - early
dealings, but a recovering ensued to 63A on
statements by officials Of the company de-
timing the financial and physical condition of
the property. Profit-taking induced a recess
sion to SPA at the close. The general mar
ket was featureless, but maintained a firm
tone throughout with values of the more