The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-23
STARTED OUT WELL
NEW YORK STOCKS OPENED WITH
A TENDENCY TOWARD HIGHER
PRICES.
A REACTION SOON SET IN.
NEW JERSEY CENTRAL HEAVY
ENOUGH TO DEPRESS THE GEN
ERAL LIST.
PRICES sTEADIER AT THE CLOSE.
Covering by Shorts stopped the De-
line Before the Day Was at an
End.
PRICES sTEADIER AT THE CLOSE.

NEW YORK March 22.-The stock market
opened with tendency towards higher prices,
the steadiness for American securities on the
London exchange being reflected here. The
strong demand for New York Central tended
to improve values in the Vanderbilt proper
ties more Immediately, but to some extent all
through the list. This demand was stimulated
by reports of the early PRONUNCIATION Of the
refunding plan. Chicago Gas had numerous
supporters and heavy orders for the purchase
of the stock were executed, the aggregate of
the shares sold reaching over %, 0O0 making
it the leader of the days market involving
the business. The bright seasonable weather.
with it's encouragement to revival of trade in
some lines, was also a factor in giving
strength to the opening market. But in the
course of trading other features soon deveI-
oped which over-rode the encouraging eIe-
ments and prices were depressed. New Jer-
sey Central proved too heavy for any buoy
ancy to sustain and was the decisive factor
in impeding the advance in the market and
in working a decline. Well defined rumors
were in constant circulation though with no
authority given for their basis of an inten-
ton on the part Of the directors to reduce
the dividend. The we'll known depression ex-
listing in the coal trade tended to a ready ac-
ceptance of these rumors and the lower price
of the Lehigh Valley stock in Philadelphia
Jersey Central. The other coalers seemed
little affected by sympathy and the decline
IN them was only fractional as against the
fall of 919 to IS in New Jersey Central.
The grangers were lacking in buoyancy
from the first, the bad condition of the roads
in the Northwest and the prospective falling
OF in the traffic returns, which is likely to
result, weighing on the stocks of these roads
The statement Of Northwestern showing de
crease in gross earnings in February of
$177,340, aggravated the weakness of the group
and robbed Northwestern itself of advantage
1t has hitherto enjoyed from the common
advance of the Vanderbilt properties.
The news of the decision of the supreme
court at Washington reversing the decision
or the court below and upholding the conten-
ton OF the government @against the Trans
Missouri Freight association, formed to fix
rates of transportation in the Northwest that
it was for the unreasonable restraint of
trade under the Sherman antitrust law
affected the grangers more Immediately than
otherWlse but on account of its far-reaching
possibilities it depressed the whole of the
list. The legality of the Joint Traffic associa-
tlon, under which the trunk lines fix rates
ana 8pporton business, being in litigation and
on the way to appeal to the supreme court
today's decision is felt to have very important
bearings on traffic agreements. The fact
also that the decision was rendered undar
the Sherman antitrust law heretofore some
what discredlttd as weapon Of Offens2 against
trusts, caused some uneasiness amongst hold
ers OF the industrial securities
The heaviness in the market was somewhat
cCunteracted for a time by the steady de-
mand for New York Central and Omaha the
former touching 1902, the best price vet reached
IN the present improvement. Illinois Central
canada Southern, c., c., c. & ST. L., of the
VanderDlltS, also showed gains the others
OF mat group sharing in the days decline.
Manhattan and Western Union also deVeIoDed
rather conspicuous weakness in the late deal
lngs, the former losing IL. with a rally of 81
at the close. Leather preferred also fell off
"A ana the whole list eased off, but a move
ment to cover by shorts steadied prices lust
at the close.
New Jersey Central recovered a point. The
oeclslon at Toledo of the ArbuckIe suit in
favor or the sugar company ONLY sIightIv
affected Sugar shares as the Prosecution 81
me coffee war which the Arbuckles sought
10 enJoln has been rather depressing in
fuence in Sugar.
The bond market fuctuated irregularly. but
the changes were not wide, except in few
instances, and the undertone of the marker
was falrly hrm. Brooklyn warehouse IS were
marked by a decline of Pc per cent on re-
ports cfluc!sng the earning capacity Of the
company. Lehigh Il Wikesbarre coal As an
the other hand moved up 2 per cent in striIs
ing contrast to the decided depression in the
securities of other anthracite coal companies
The sales were 81, 354 000. Governments were
a traction lower Tor the 5s and new As on
dealings of $35, CO.
The total SAFES of stocks today were 163 257
shareS, including: Sugar 20 700 Burlington
1880: Chicago Gas, $4,000; New York Cen
ITal, l2WO; Northwest, 300; st. Paul 12 900;
New Jersey Central, Is 700.
me following were the fluctuations of the
leading railway and industrial shares. fur
nished by c. II. f. Smith e Co.. members
New York stock exchange and Chicago hoard
of trade.