The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-24
BEAR SIDE RAMPANT
EVERYTHING ON THE NEW YORK
EXCHANGE MORE OR LESS DE.
PRESSED.
TRANS-MlSS0URI DECISION.
SUPREME COURT RULING THE DE-
CISIVE FACTOR IN THE DAYS
WEAKNESS.
ALL BUSINESS DONE ON DECLINE.
Stagnation Prevailed During the
Few Periods When Prices
Steadied.
ALL BUSINESS DONE ON DECLINE

NEW YORK, March 23.-The bears were
rampant today and were in absolute control Of
the market. Everything on the list was
more or less depressed and several of the
stocks which were most effective in sustaining
the market in face of the several efforts made
last week by the bears to raid it, were
foremost today in yielding to the pressure
on the market. The decisive influence IN
effecting the decline was the apprehension ex-
cited by the decision of the supreme court
at Washington yesterday, holding that the
Trans Missouri Freight association was il
legal under the terms Of the Sherman law.
There is doubt whether, under this decision
any agreement between railroads for division
of traffic and maintenance Of rates Will De
he'd lawful There are many properties
listed that have been sufferers from indis-
criminate rate cutting and competition for
business. The anthracite coal group is
notable example and the shareholders base
their hopes of improvement in the value Of
the properties in the restriction Of competi-
ton by agreement. The Ohio soft coal roads
have also been victims of unrestrained COM
petition to a degree that has brought about
a number of receiverships. Traffic agreements
are in, in fact, felt to be a very important
element in the prosperity of all railroad prop
critics. The Industrial stocks did not escape
the effect of the decision either, for its al
irmation, by influence of the validity of the
Sherman law, is felt to confirm an effective
instrument against some of the combinations
of capital. AS a consequence, there was no
support accorded the market. Contrary to re
cent conditions, business was all done on
the downward course of prices and when
prices steadied for an inter al, while owners
withheld their property for a rise, business
Immediately sunk into stagnation.
This weak condition of the market aggravat-
ed the effect OF special depressing causes, such
as the continued slump in New Jersey Cen
tral. There was enormous liquidation in
this stock and there seemed to be an entire
lack of support in it. There was much
long stock thrown on the market and stop
ofCerS were uncovered on the decline. The
eAereme tall of the stock was IA with sub
Sequent recovery of as on covering. The
other coa-ers were nor affected more than
the general list. Reading common and first
AID second preferred eacn losing l and Della
Ware & Hudson q. The only favorable feature
In the market was the increased strength of
foreign markets. The international stocks
We're in conse, uence, less depressed than
the average decline Chicago Gas seemed an
exception 10 the downward course for a time
Lut later yielded rs. The Vanderbilt stocks
when nave shown exceptional strength for
SEINE time past, showed the effect of ex-
tenslVe Fl oh,-taking, especially in New York
Central and Omaha. The declines in the
gloup were: Omaha, 212; New York Central,
Z1s; Canadian Southern, IA; c., c.. c. & St
L. IA; Illinois Centrai, Northwestern, 1as.
burlington led in decline in the grangers
with fall of PA. Rock Island lost ia and
st. Paul IL. Manhattan was unfavorably
affected by judicial decision upholdng the
rapid transit .aw, and fell 11a, recovering the
fraction. Sugar yielded to the unfavorable
Interpretation of the balance sheet as pub
lished for the last year and sold down 2k.
Consolidated Gas fell rs and American Spir-
It's preferred IL. Western Union showed ex-
ceptional resistance to the downward tendency
of the market and made a full recovery Of
It's loss Of a point. Minnesota Iron sod at
ave as against As at the preceding sale Some
covering and supporting orders in the final
dealings made the close irregular New Jer-
sey Central and Western Union achieving
their recovery at that time. The undertone
was, however, decidedly weak.
The bond market ruled lower in sympathy
with the depression in the stock market but
the losses were mainly restricted to a frac-
uonal limit. The sales were 81 553 O00 Gov
ernments continue to sag on moderate offer
lngs. The sales were $33, COO
The total sales of stocks today were ZIG. $40
shares, including: Sugar, 81, LOCO; Burlington.
2GlCO; Chicago Gas, Is, 800; L. & n. 1900:
Manhattan, 5,400; New York Central $500:
Northwestern $780, N. p, pfd., 500; Omaha
10000; Reading, 10 600; Rcck Island $500 ST
Paul. 20, 700; w. L., 8. 200; N. j. Central 26 500:
Silver Certificates 1900.
The following were the fluctuations of the
leading railway and Industrial shares fur
nished by c. H. T. Smith & Co. members
New York stock exchange and Chicago board
of trade.