The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-31
STOCKS UP AGAIN
A NOTABLE RECOVERY OF CONFf-
DENCE ON THE NEW YORK
EXCHANGE.
THE SHORT LIMIT PRESSED.
SOME ANXIETY TO COVER, AS A
MEASURE OFF SAFETY,
MANIFEST.
WESTERN RAILS NOTABLY STRONG.
Closing for the General List Strong
and at the Best Prices for
the Day.

NEW YORK, March 3O.-There was nota-
BILE recovery of confidence and resumption
of market strength on the stock exchange to-
day, after the continuous weakness since
the supreme courts decision in the TRANSMITS
souri, case The improvement Of prices start
ed in London and was reflected here at the
opening, continuing in the general list and
especially the Western railways all day. There
were evidences that the shorts considered
that their lines had been extended to the limit
of safety and some pressure to cover was
manifest. The main factor in the market
was the subsistence of the fright over the
possibility of a rate war, which came with the
announcement of the dissolution of the West
ern traffic associations. The authoritative an
nouncement that the schedule rates of those
roads would be strictly enforced and news
of the efforts made by railroad officials to
devise means, within the law, to maintain
their agreements had a soothing effect on
the nerves Of security holders.
The meeting of the counsels of the various
lines in the Joint Traffic association was
watched with keen interest and the belief
was general and was subsequently confirmed
by an authorized statement that that associa-
ton would await the decision of its case by
the supreme court, which would be asked to
advance 1t, and that the association would
meantime continue to act. This association
has a legal status by reason of the decision
or the circuit court of appeals in it's case
On the other hand it is better understood
now IN Wall street, where the dissolution of
the western associations were at first re-
garded as precipitated, that the members of
those organizations were in some sort parties
to the Trans-Missouri suit so that the de-
cree OF the court might make them liable if
they continued as members of similar or
ganizatlon. The introduction in the senate
Oh Dill TO authorize railroad pooling agree
ments, subject to the approval of the inter
state commerce commission, also added to the
strength of the market, the dealers in stocks
apparently feeling confidence in the possibility
or the speedy passage of the bill The i'm
provement extended pretty generally through
out the list, being especially marked in the
grangers and the Western roads, and extend
Ing in the case of Rock Island to 2A Other
roads showed a gain of a point or over as
follows: burlington, ST. Paul, Northwestern
canada Southern, Omaha New York Central
Lake Shore, Cleveland, Cincinnati, Chicago
d ST. Louis, Atchison preferred, Erie first pre-
ferred, Louisville & Nashville, Kansas e.
Texas preferred. Northern Pacific preferred
and Southern preferred
Ihe bear element chose as resource
against this upward tendency an attack on
New Jersey Central and renewed the rumors
'hdt the ulvldend is to be reduced at the
meeting of the directors next Monday. The
stock reeeded to 37s to So but rallied a point
The bonds and those of the I,ehiqb ana
Wllkesbarre company were shown In Della
ware Hudson and the Reading stocks but
Che latter recovered, the first preferred show
ing net gain. The bears also systematical-
~, worked on the apprehensions of holders
VI al classes or securities as to the far
reaching effects Of the supreme courts do
neaui arguing tnat the plan of operation of
nearly every corporation whose securities are
oealt In would come within the scope of the
Gecree The notice given by the American
i ~ eco company that 1t had abandoned
lts factory agreement was taken as an
acknoWledgement that the company felt vuI
neraDle on that point. The stock lost IL
put put a o recovery left it unchanged on the
gay. Other industrials fuctuated irregularIv
sugar gained point, Chicago Gas TX, Con
SoIdated Gas IL, General Electric IL and
racine Mall ia. st: Louis and Southwestern
securities were sold freely in the late deai-
1ngs, the first mortgage bonds losing nar
cent 10 o.: The closing strong and
ee Tea n at the top prices of the day.
ha tne pong market responded readily to the
peter feeling evident in securities, and. al.
though some heaviness was noted in few
issues in which special influences oDerated
Tue general market moved steadily upward
ana snarp gains were registered in the more
prominent liens. The sales were 81 33o OOO
GoVeInments were dull, but the market dis
P pa frmer tendency with the fours gain
ing slightly on purchases of 100000
The total sales of stocks today were 9a4 oo5
spares 81 ares including; Tobacco, $500; Sugar,
n Y. Central 800; Northern Pacific MD
800; Omaha, $500; Reading, 600; Rock
Island, III. 400; st. Paul, 10, 800; New JERSEY
Central, q 800. "o'
The following were the fluctuations Of the
leading railway and Industrial shares fur
nished by c. H. F. Smith & Co., members New
trade.