The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-26
NET STOCK LOSSES
ON FINAL HOUR LIQUIDATION THE
CLOSE WAS WEAK AND
LOWER.
RAIDS ON THE CHANGERS.
ADVERSE TRAFFIC DECISION is
STILL A FACTOR WITH THE
TRADERS.
AN UPWARD MOVEMENT AT MIDDAY
I'm Recover ng the IndustriaIs Played
Conspicuous Part-BOnd Market
Firm.
AN UPWARD MOVEMENT AT MIDDA

NEW YORK, March 24.-Dealings on the
stock exchange today were in much less vol
ume than yesterday, and the great bulk Of
the sales were made in few stocks Out
Of total of 230 600 shares, the Changers alb
sorbed about 1900; Sugar sc, 600, and the
anthracite coalers nearly 5000 more The
Changers were obliged to suffer the largest
part of the selling movement, which has re-
suited from the decision of the supreme court
in the Trans Missouri case, because the as
sociations of which they are members have
been practically disrupted by the expressed
intention OF the Burlington and others to
withdraw. The decision itself continues to
be the topic of most absorbing interest in
Wall street, but the holders of securities
other than the Changers and Southwesterns
seemed disposed to await a competent legal
opinion on the official text of the decision as
to its effect on other traffic associations be-
fore throwing more stocks. The belief
was entertained also that even though the
existing rate and traffic associations should
all prove TO be illegal under the decision,
means might be found to maintain rates
and still remain within the law. If failure to
maintain rates was to work such disastrous
consequences to railroad values as was urged
In the arguments which induced holders OF
stocks to part with them, why should 1t be
could be legally enforced, as the only means
Of preventing them from destroying them
selves. The question suggested to stockholders
that the railroads might possibly refrain
from cutting each others throats, even IL
they were not under legal contracts not to
do 1t was such arguments as these that
induced some cessation of the selling move
ment after the first onslaught Of the bears
and led to an upward movement in the rail-
way list, and which resulted in some cases
in the best prices OF the day.
The Industrials played a conspicuous part
in this upward movement, each being some
what affected by a peculiar cause; Sugar on
heavy purchases, Chicago Gas also ON large
dealings Leather preferred and Rubber pre-
ferred showed gains of 1 to 2 points. The
opening raid on the Changers had resulted in
losses of IA in Burlington, IA in North
western, IA in Rock Island, l in Omaha and
Is in st. Paul. The general list yielded frac-
tionally, the loss reaching a point in the
case of Lake Shore. New Jersey Central con-
tinued to be a focus Of great speculative
activity, varying over point either way sew
eral times during the day, with a final rally
which Left its net decline only q. The bear
attack on this stock resulted also in a de-
cline in Reading of 1 and first preferred 2
but without subsequent recovery. The final
hour of trading witnessed a renewal OF liQui-
dation in many stocks and carried prices down
to near the lowest point of the day in most
cases. Sugar lost rs, Leather preferred ~
and Northern Pacific preferred rs. The clos
ing was weak with severe net losses in numer-
Gus shares.
The bond market displayed a general firm
with important advances in the gilt
edged issues which were in better request than
for some time. The St. Paul liens figured
prominently in the operations and recorded
substantial gains. The sales were 81, 080, 900.
Governments developed marked frmness
which had been decidedly lacking in this de-
partment for some time. The new four cou-
pons were in special request, block Of $780,
600 changing hands at 12313.
The total sales Of stocks today were 1885,
397 shares, including: Sugar, 56 200; Burling-
ton, 29,9OO; Chicago Gas, II 300; L. & N,
1890; New York Central, 4500 Northwestern,
$500; Omaha, $500; Northern Pacific pfd.,
S,4OO; Reading. 11,7CO; Rock Island, $780, St.
Paul, 29,600; New Jersey Central, II 800; Sill
yer certificates, 10000.
The following were the fluctuations of the
leading railway and industrial shares fur
nished by G. H. F. Smith & Co., members New
York stock exchange and Chicago board of
trade.