The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-01
BEARS THE BOSSES
NOTABLE BREAK IN STOCKS Eff
FECTED IN THE FINAL HOUR
OF TRADING.
OPENING TONE IMPROVED.
SYSTEMATIC CAMPAIGN OF SHORTS
CHECKED THE RISING TIDE
OF PRICES.
CLOSE WAS WEAK AND LOWER.
In the Standard Shares the Net Aver
age Loss Was About a Point
for the Day.
OPENING TONE IMPROVED.
CLOSE WAS WEAK AND LOWER

NEW YORK, March 31.-The bears sue
ceeded in effectng quite a notable break in
the market today in the last half hour of
trading, after partly futile efforts to the same
end all day. The short interest, whose lines
are reported to have been greatly extended
since the Trans Missouri decision Of the su-
preme court was palpably uneasy all day.
on account of the marked resumption of
strength in the market yesterday and the ap-
parent subsistence of the fright Of security
holders over the effects of the decision. A
continuance Of the improved tone was evil
dent at the opening this morning in spite Of
the decline in prices on the London exchange
and general advance occurred not exceeding
fraction in any of the active shares, but
reaching point or over in the case Of Can
ada Southern, Canadian Pacific, c., c., c. &
st. L. and Erie first preferred New Jer-
sey Central continued under heavy pressure
10 sell, but the special motive for the selling
the belief that the dividend may be reduced
and the public assertions Of the bad f1nan-
cial condition of It's related coal company
detracted from its effectiveness as an instru-
ment for depressing the general market The
bears, however, continued to center their main
attack on New Jersey Central all day in a
determinedSand systematic attempt to stem
the upward course of prices. From this stock
Goulds were attacked as a group, Manhattan
falling points and Missouri Pacific & West
ern Union 1 each. This induced some realiz-
ing, but the market soon recovered and re-
sumed its upward tendency. Even New Jer-
sey ITSELF which was the center Of the depres-
sion all day. rallied somewhat after touching
78A. 1t was after delivery hour when an un-
expected selling movement set in in Delaware
& Hudson, the only explanation offered being
the general depression existing in the coal
trade and rumored losses by floods along the
cOmpany's lines. The sales were not very
large, but under a persistent bombardment
OF small lots, the price went down by leaps
and bounds, the decline reaching 69s, carry
Ing the price down to 100%. A final rally only
improved the stock fraction. Lackawanna
only registered three sales of a total of 700
shares in the last fifteen minutes Of trading
but this was sufficient to depress the stock
"a points. The Reading stocks escaped any
very noticeable effect OF the raid, except the
hrSt preferred, which declined rs. The heavy
selling in New York Central was simuItane-
ously resumed and the stock was sold down
to N, showing a decline from the top level
OF points. New Jersey Central sold at the
opening on March l for 81, showing a net de-
cline in March of 20 points. Just at the close
1t rallied point. Much was also made by
the bears of a statement by Senator Culiom
chairman of the senate committee inter
state commerce, that there was no chance for
the passage Of the pooling bill at this session
The whole market sold off in consequence
losses reaching 21s in the Of Burlington
and Rock Island and "a in Omaha. Declines
of point or over were shown in Sugar Chi
cago Gas, General Electric, Pacific Mail
Tennessee Coal Leather preferred Western
Union, Northwest, St. Paul, New York Cen
trail, Canada Southern, c., c., G. & st. L..
Atchison preferred and Louisville G. Nash
Vile. Tobacco fluctuated quite widely on ma
nipulative orders, rising "a, losing IA and
rising again 1as. Consolidated Gas and Lake
Shore rose q and / respectively. The closing
was weak, net losses averaging point in the
standard shares.
Trading in bonds was in small volume, but
a firm tone manifest and most of the
leading issues made slight progress toward a
higher plane The St. Louis Southwestern
issues again attracted attention by wide varia-
tons on a lower range, the seconds losing ~
per cent. The sales were $685. 900. Govern
ments continued to display strength, but the
higher range failed to elicit offerings and
transactions were restricted to purchases Of
$11 00G of the old As
The toal sales Of stocks today were 254, 766
shares, including: Tobacco, 1880; Sugar
"a 600; Burlington, q 100; Chicago Cas- II 900;
Delaware & Hudson, $500; General Electric,
$500; L. G. N, 1900; Missouri Pacific, $500;
NJ Y Central 400; Northwest, $500; Omaha,
G. 900; Reading, $500; Rock Island $780, st.
Paul 20. 300; Western Union, $500; N. j. Cen
trail, 10000.
The following were the fluctuations Of the
leading railway and industrial shares fur
nished by c. II. F. Smith & Co., members New
York stock exchange and Chicago board Of
trade. r