The daily morning journal and courier., 1901-03-27
Etmamctn!.
THE STOCK MARKET.
Extraordinary and Impressive Upward
 Movement.

Extraordinary nnu impressive oP""i~ Movement.
 New York. March 26.--The recurrence
 of the story of a northwestern railroad
 deal coupling Northern Pacific and Bur
 lington was the occasion of an extraor-
 dinary and impressive upward move
 ment in the late stock market to-day.
 What may be the validity of the often
 renewed claims of a trans-continental
 arrangement for the benefit of Northern
 Pacific and Great Northern 1t was
 clear enough that the recovering in the
 general market was due to the precipi-
 tate covering of short contracts, which
 were put out with great freedom and
 boldness by practically all of the trad
 ing element on the exchange. The at
 tack on the market by the bear element
 had met with inviting success and they
 had broken prices throughout practical
 ly the whole market. There was some
 show of strength in the early dealings and an apparent attempt to renew the
 bull movement But it soon became
 evident that the attempt to advance prices was no longer. in such powerful and capable hands as has been the case during much of the recent bull specula- tion. When the bears found their at tack no longer contested, they offered prices down very boldly and made in- roads of between and points in prac- tically all the active stocks in the list The grangers and southwesterns prov- ed themselves especially vulnerable, in view of the large commitments for the long account which have recently been made in them. Northern Pacific itself was forced down nearly point. but Burlington was held above last nights level throughout. Missouri Pacific af ter being lifted to 102ta fell back 2A. The local traction stocks were notably weak. declining from to 2% and there were especially notable declines in the industrial list, Tobacco falling at one time BE, Amalgamated Copper 25s, and Sugar points. Some of the usually quiet stocks which have enjoyed recent advances fell back sharply. The steel stocks shared in the general weakness. and many of them dropped from 1 to 2 points under last night It was after nearly the whole session had been consumed in this pro- cess of extension of short accounts that the Northern Pacific movement deveI- )ped. The bears were completely rOut- sd and found the supply of stocks very Imall, bidding up prices on themselves oy rapid strides. There was an almost complete recovery in the general list, | md Northern Pacific surged upwards | h points to 91&, a record price. The ise in Burlington reach 4%. It was the | belief in Wall street that a re- lction was favored by the capitalists | vho are heavily committed to the pend ng great syndicate transactions, owing o the apprehension that the demands f the animated speculation upon the money market threatened to exhaust | he surplus supplies. The steady up- yard course of sterling exchange gave ood ground for the expectation that old might go out at an early period. n fact the report was current that act al arrangements had been made for hipments on Saturdays steamer. But
 is probable that sterling exchange ill have to rise an additional fraction efore exports of gold will be profitable
 he days report of sub-treasury oper- tions showed a gain by the sub-treas- ry at the expense of the money market over a million dollars, making the bsCrption by that institution since last riday $2,SS5,000, with no prospects of 1; ny relief from a continuance of the rain during the rest of the week. The was canvassed of an antici- ated disbursement of the May 1 inster- It on government bonds, indicating the lrrent uneasiness over the money arket outlook. New York exchange 1. Chicago fell an additional fraction. evertheless the money rate itself was \ )t disturbed, call loans remaining at bout the recent level. Railroad bonds continued active and regular. Total sales par value, s4. 72o.- .. United States old As coupon advanced
 per cent. on the last call.
 closing Prices. Following are inc closing nripas ro,o,+,s