The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-05
OBSTINATE BEAR DRIVE
THE ACTIVE STOCKS OFF FROM
ONE TO THREE POINTS NET
Downward Course Desultory Until
the Final Hour, When the Shorts
Went After the General List With
a Rush-ClOsing Rally Due to u
General Wish to Cover.

NEW YORK, March 4.-Prices Of stocks
show losses of from to 8 points today on a
very small business. The market was quite
inanimtae at times, and what business there
was was concentrated in few leading stocks.
All Of these showed weakness, but the down.
ward course was pursued in very desultory
manner until the final hour, when the bears
made quite determined drive They broke
the prices Of Reading first preferred points
and carried the list to the lowest of the day,
but covering in special stocks induced some
sharp rallies, notably in Reading first pre-
ferred. New York Central and Metropolitan
Street Railway.
Higher quotations from London lifted the
level of prices at the opening, but the fall
was practically uninterrupted afterwards.
Efforts to rally the market were feeble and
unsuccessful. Sugar was under considerable
preferred was depressed all day and closed
over two points lower. N. Y. c. fell at one
time over 2 points, but rallied ~ in the final
dealings.
The local traction stocks were sufferers
after the opening, the extreme decline In
Metropolitan Street Railway reaching nearly
6 points. The grangers also figured largely
IN the selling. A large part Of this selling
was known to be for Washington account,
and inquiry was very keen for news to ac-
count for It,. Significant news was scarce,
set afoat, one to the effect that purchases
Of warships abroad had been made by the
United States government. The renewed de-
preston Of Spanish securities and the news
by the Spanish government helped on the
feeling OF uneasiness over the Cuban ques-
| ton.
London operations in this market were in
! significant, the tightness Of money in London
having apparently put a stop to speculative
activity here.
Notwithstanding the hardness Of London
money rates and the tendency to relaxation in
the local requirements, foreign exchange
went lower again today, demand sterling
falling to $4.S4h. Nearly all the 81, 800, 900
In gold which will start for New York to-
morrow comes from Paris, and no small part
OF 1t Is said to represent French payment for
American securities bought in London during
the recent disturbances in Paris. The weak
| ness in exchange is due to the continued
pressure Of grain bills sold against the ship
ments of the Chicago wheat crop.
The bond market was listless and heavy to-
day. in sympathy with stocks. Total sales,
$685. 900. United States new As and As
coupon were " lower bid today.
Total sales of stocks today were 301, 500
shares, including 4,224 B. & O., 17,475 Bur
lington. 1850 L. & N, 22,SOO Manhattan,
7,185 Metropolitan 6,185 Reading preferred
S,412 Missouri Pacific, 1854 New York Cen
trail 13,050 Northern Pacific preferred, S,017
Reading, lilo Rock Island, 20, sos st. Paul,
1855 Union Pacific, 500 Tobacco 1910 Peo-
pies Gas, 1891 Sugar.
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: