The herald., 1897-04-02
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, April 1..-Today's market
might be pretty comprehensively summed
up In one word. "coa!ers." The hsayiness
in these stocks, which persisted through
the great part of the days trading. was
the decisive influence on the course of
prices and the effective instrument of the
bear faction. They brought to their aid
as yesterday, a raid on the Gould proper
ties. Out of a total Of 212.00) shares sold
over 5000 shares were of the anthracite
coal group. The GROUP was the incubus
on the market which restrained the under
current of strength that threatens to break
out from time to tim.. Finally the coalers
and the Gould shares themselves 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. ali
improving tendency struggling constantly
with the bear pressure. Rumors were cir
culated of heavy damage to the st. Louis
Southwestern by floods and probable en-
barrassment of the company in meetins
imminent bond obligations. Vice-Preside-.t
Edwin Gould met the attack with a stat=
ment that the St. Louis Southwestern he'd
not lost anything of value by the floods and
that the floating debt was not troublesome.
that there is no liability pressing at pres
ent and that there should be no trouble IN
meeting the coupon payment coming due
May 1st. This was supplemented by a
statement from President Fordyce that the
May interest was already provided for. The
depression has spread from the coalers
and the Goulds through the list and grang-
ers and railroads generally fell fraction.
the btuminous coal roads being especially
affected in sympathy. There was an un-
dercurrent of strength In the railway list
owing to the systematic efforts making
among western roads to devise plan for
sustaining the existing rates and the mo-
ton in the supreme court in behalf of the
Joint Traffic association to advance the
hearing Of their case. The heaviness in
the coalers and the Gould stocks weighed
upon the list and In consequence restricted
the dealings somewhat in the grangers.
When 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 the loss and more.
The grangers and the general railroad list
also enjoyed fractional net gains. The in
dustrials were not heavily dealt in except
Chicago Gas, and were generally depressed
in the early part Of the day, owing to spec
troactive clause Of the tariff BILL as the
company was expected to make large
profits on sugar imported before the tariff
goes into effect In the final rally stocks
recovered all but fraction of their loss
The closing of the market was strong and
generally at top prices The general mar
ket was featureless but maintained a firm
tone throughout, with values of the more
prominent speculative issues apprecating.
slightly. The sales were 1851, 600 Govern
ments held firm with the new fours con-
spicuors for an advance to 124. the best
price recorded in some time. The sales
were S1e0o. The rise in the price of silver
certificates today to 62h cents Is attributed
to continental demand for covering in a
reaction from the recent decline.