The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-17
INTEREST IN THE STOCK MARKET
CONFINED TO THE ROOM
TRADERS.
LONDON A BEAR FACTOR.
NERVOUSNESS ABROAD HAS TEND
ED TO A DEPRESSION IN NEW
YORK.
SUGAR TRUST AND CHICAGO GAS.
Between Them the Two Stocks Have
Absorbed the Greater Part of the
Weeks Activity.

NEW YORK, April 16.-Bradstreet's to-
morrow will say: Interest in the stock mar
ket for the past week has depended entirely
on professional manipulation in few stocks,
principally in Sugar and Chicago Gas. TWO
important occurrences-the announcement OF
the New York Central refunding plan and the
closing of the deal by which the Morgan IN
terests assume control of the Lehigh Valley
stimulated the market temporarily, but had
no permanent effect Public interest Is at
a standstill, and one disadvantageous circum-
stance which the speculation had to contend
with was the renewed bearishness of Lon
DON resulting in heavy selling from that
quarter at the end of the week. This was
partly due to the nervousness OF operators IN
the foreign markets, IN view OF the extended
Easter holiday recess which is taken there,
and to the renewed feeling of apprehension
about the Eastern situation. The weakness
Of Kaffr mining stocks and reports that
prominent operators IN that field have be-
come involved, also Influenced London and
indirectly had bad effect here. Commission
brokers are idle. and transactions for the
most part represent the activity Of board
room traders or of few leading manipulate
ors. The market closed weak on Thursday
evening preparatory to the customary Good
Friday recess of the stock exchange), with
London, as already described, a considerable
seller.
New York Central was strong early in the
week on the expectation Of the refunding
plan. The other Vanderbilt stocks were COM
paratively quiet but firm. One of the features
Of the week was the heavy selling of new
Reading common, the price of which dropped
from 20 to 17B. 1t was understood that long
stock came out, and that holders who ac
qulred the new shares in exchange for the
old preference income bonds generally
disposed to liQufdate. 1t noticeable that
the new Reading preferred stocks were COM
parattvely firm. Jersey has been much less
of a speculative feature. Support appeared
nouncement that the papers transferring con-
troll of the Lehigh Valley to the Messrs
Drexel & Co. had been executed and that Mr..
Morgan is expected to place a new Lehigh
Valley loan in London.
Chicago Gas was extremely active 1t was
supported by the inside party and advanced
TO 1875 on inttmations that the law permitting
the companies to consolidate is certain to
pass the Illinois legislature. This was fol-
lowed by a decided bear raid based on the
or gas consumed by the municipality of Chi
cago to 6Oc per LOCO feet The general i'm
preston created by this was that it had
some connection with speculative manipula-
uon, and, after the stock had sold down to
o11s on II, renewed inside support appeared,
carrying it back to S43s. Sugar was the other
leading feature of the week It's position and
tnat or the inside party has been very uncer-
tain, and the course of the stock correspond
lngiy erratic. The other industrals were not
active.
WEEKLY BANK CLEARINGS
The following table, compiled by Brad
streets, shows the total clearances at the
or decrease, as compared with the correspond
ing week last year: