The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-29
STOCK PRICES co SKYWARD
SHARP REACTION ON THE PUB
LEGATION OF MAINE REPORT
Final Prices Were by No Means the
Best, but Striking Net Gains
Through the Active List Were
Shown at the CIOse-SpecuIative
Bond List Active and Higher
Heavy Total of Sales.

NEW YORK, March 28.-The familiar spec
tacle was presented on the stock exchange TO-
day Of a violent reaction upon the culmina-
ton Of an event which has long been antici-
pated and discounted. Having been indus
triously selling stocks for weeks in anticipa-
ton Of the harm to values to be done by the
Maine report, the bears were warned by the
imminence of the actual publication that the
lowest prices to be looked for on that account
had been reached. and they therefore set
about to buy stocks to fill their contracts.
The progress of the settlement quickly de-
veloped the fact that the short interest was
large and unwieldly beyond all speculation.
Besides this. they, had to meet the sk;lfu full
combination. When the shorts began to bid
they found bull operators in full competition
with them bidding up prices The result was
q scramble by the shorts which reached the
proportions Of a bear panic during the day,
and sent prices skyward-
The bulls resorted to the usual devices to
assist their campaign for squeezing the
shorts.
The apprehensions of the bears were fed
by printed report from Washington that
McKinley's requests. including an armistice
between Cubans and Spaniards for Six
months. The passing Of the Spanish cleo
lions, with their assurance of legislative sup
port to Premier Sagasta, and the conservative
course pursued by congress toward the re-
port on the Maine gave some assurance that
President McKinley's well known desire for
a peaceful adjustment with Spain might find
a successful outcome. This gave color to the
reports which were placed in circulation and
magnified the fears Of the hard-pressed bears
Without this and the underlying strength OF
financial and business conditions the adroit
manipulation of the bulls would hardly have
proved so great success.
Closing prices were by no means at the high
est, the specialties showing reactions ranging
up to Az points in Metropolitan Street rail-
way. Prices all through the list were mark
eddy below the best, yet there remained such
striking net gains as 7R in Pullman. in
Metropolitan Street Railway, and 6A in Sugar
and from Az in New York Central Burling-
ware & Hudson, Louisville, Lake Shore, Man
haitian. New Jersey Central, Union Pacific
preferred. and over points In large num-
Der Of other prominent stocks.
erably over three-quarters of million shares,
a total which has not been equalled since last
fall.
The bond market also showed largely in
creased activity, especially in the speculative
issues. and gains Of 1 to 3 per cent were
registered in prominent Issues Total sales,
So, 500. 600. Government bonds were very strong.
The new fours advanced 21a, the old fours l.
the seconds ". and the fves Il bid, and there
were sales of the new tours coupon at III,
which is y per cent over Saturdays bid
prices.
Total sales of stocks today were a52, 200
shares. including: 11,520 Atchison pfd, $500
Chesapeake & Ohio. 1890 Burlington, Is. 800
L. & NJ, A, 300 Manhattan. 2Ss1O Metropoli-
tan. 7,4oO Reading pfd, 7,7SO Missouri Pa
cifc. 5000 N. Y. c., 10 200 N. p, 36,92O N.
p pfd, 7,450 Reading, 105, 400 st. Paul, 1920
Southern pfd1., $500 Union Pacific, $50
Great Western 1920 Peoples Gas. 162, 500
Sugar, s220 Western Union.
The following were the fluctuations Of the
leading railway and industrial shares fur
nished by c. H. F. Smith & Co.. members
New York stock exchange and Chicago board
of trade: