The Saint Paul globe., 1897-05-28
TT PROVED AN EFFECTIVE CHECK
TO A RISING STOCK TEND
ENCY.
B. & o. WAS ALSO BEARED.
PRESSURE ON THE CoALER GROUP
ANOTHER FACTOR IN THE DE-
PRECISION.
PRICE CHANGES MOSTLY LOSSES.
Declines as q Rule Were Very Mar
row and Some Few Stocks Scored
Advances.

NEW YORK, May 27.-The stock market
was quite strong for time today, but the
rather sensational slump in the Rubber shares
and the large selling In B. & o. put stop
. to the rise and also to the activity OF the
trading. The volume of the dealings In all
stocks for the three hours Of trading after
the noon hour was only about one-third Of
that for the two hours before noon. The
lack Of confidence in the stability of values,
on the part of the professional traders, who
still control the market almost altogether,
was illustrated by the prompitude with which
they proceeded to take profits on rather
slight provocation. Those who are doing the
bulk of the trading are evidently in the
market for a short turn, though there was
some continuance today Of the commission
house buying which has indicated wakening
Of outside interest In the market The fa.l
in the Rubber shares was coupled with a
rumor that it was caused by liquidation by
President Evans. This accentuated the de-
cline without the sales reaching an extra
ordinary volume. After extreme decline
of 3H for the common stock, and AZ for the
preferred, these stocks rallied rather strongly,
the common closing at IL and the preferred
at 601s. All the securities Of the B. o.
that were dealt in showed continued heavi-
ness on the belief that the company will de-
fault on its June interest payments, which.
including interest on both bonds and receivers
certificates amount to about 100000 The
stock fell 11z and rallied only the fraction.
OF the bonds the ives of 1925 sold ten points
off at 80; do registered points off at rs, and
the consol fves IL points off at 80, seller 20
days.
One or two other incidents served to de-
press values somewhat, one being the hear
ing of arguments on the order enjoinng the
summonses to coM road presidents to answer
charges of conspiracy under the New York
antitrust law. This hearing was postponed
without notably relieving the coal shares
from pressure Some sentimental effect
exerted upon Sugar stock by the trial of the
president of the company for contempt of the
senate, but the dismissal OF the case at WASH
ington yielded substantial benefit to the
stock. The market was remarkably dull at
the periods of decline. London appeared to
be ready buyer of nearly all the interna-
tional stocks when they fell below the new
London parity. The total purchases for Lon
don account were estimated at II 600 shares.
The net changes in prices were narrow, but
are mostly losses some few stocks showing
gains, which reached point in the ceses of
Michigan Central and Erie 1st pfd.
The railway and miscellaneous bond market
was characterized by violent fluctuations in
a number of issues, including the B. & 0.
lines, which are elsewhere referred to, and
Kansas City & Pacific lists, which receded
3A per cent. Marked strength was noted in
some of the prominent issues (which was at.
tributed to liberal purchases for continental
account. The Erie mortgages were actively
traded in, and the prior lien fours gained
III. Fluctuations in speculative bonds were
rather narrow, but a generally firm tone
prevailed.
The total sales of stocks today were 1858
shares, including: Sugar, 12600; Burlington,
N. 100; Chicago Gas, II 800; l.. & NJ, 5000; st.
Paul, II, 700; Western Union, $500.
The following were the fluctuations of the
leading railway and industrial shares fur.
the New York stock exchange and Chicago
board of trade: