The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-03-27
one MORE COMBINE TALE
THIS TIME IT CONCER THE
NORTHERN PACIFIC AND BUR-
LINGTON ROADS
BOTH. STOCKS s. MARKED UP
Bear Raid That Had Been in
Progress Practically
All Day.
BOTH. STOCKS MARKED vi

v.
Bar silver. New York 49,. coz &c:
Call money, New York ......21k-A 2ls
NEW YORK. March 2s-The recur-
renee of the story of a Northwestern
railroad deal, coupling Northern Pacific
ana burlington, was the occasion of an
extraordinary and impressive howard
movement in the late stock market to-
day. Whatever may be the validity of
the often renewed claims of a trans
continental arrangement for the benefit
or Northern Pacific aI1 Great Northern
1t was clear enough that the recovery
in the general market was due to the
precipitate covering of short contracts.
winch were put out with great freedom
and boldness by practically all of the
trading element on the exchange. The
attack on the market by the bear eIc-
ment had met with inviting success,
ana they had broken prices throughout
practically 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
speculation. When the bears found their
attack no longer contested, they offered
prices down very bOldlys and made in
roads of between one and two points in
practically all the active stocks in the
list. The grangers and -Southwesterns
in view of the large commitments for
the long account which has recently
been made in them. Northern Pacific
itself was forced down nearly a. nGfnt,
but Burlington was held above last
nights level throughout. Missouri Pa
cific, after being lifted to 102A, fell back
PA. The local traction stocks were no.
tably weak, declining from to 2%
and there were especially notable de-
lines in the industrial list Tobacco fall
ing at one time 312, Amalgamated Cop
per 29s and Sugar points. Some of
the usually quiet stocks, which have en-
joyed recent extraordinary advances
fell back sharply. The steel stocks snar-
ed in the genera, Weakness, and many
of them dropped 'FRONT.' to points under
last night. 1t was after nea l. the
whole session had been consumed in this
process of eXtensfon of short accounts
that the Northern Pacific movement de-
routed and found the supply of stock.
very small bidding UP prices on them
selves by very rapid strides. There was
an almost complete 9recovery in the gen.
upwards "a pointsd to 91&, a record
price. The rise in Burlington reached
AS 1t was the cefrent belief in Wall
street that a reaction was favored by
the capitalists, who are heavily COM
mitted to the pending great syndicate
transactions, owing to the apprehension
that the demands of the animated spec
ulation upon the money market threat
The steady upward. course of sterling
exchange gave good ground for the ex-
pectation that gold might go out at an
early period. In fact, the report was
current that actual arrangements had
been made for shipments on Saturday
steamers, but it is probable sterling ex-
change will have to rise an additional
fraction before exports of gold will be
profitable. The days report of subtreas-
ury operations showed a gain by the
subtreasury at the expense of the money
market of over a million dollars, max
ing the absorption by that institution
since last Friday 50, 1856, O0Os with no pros
poets of any relief from a continuance
of the drain during the rest of the week.
The possibility was canvassed. of an
anticipated disbursement Of the May 1
interest on government bonds. indicat-
ing the current uneasineSs. over the
money market outlook. q New York eX-
change at Chicago fell an additional
fraction Nevertheless the money rate it
self was not itself disturbed. call loans
remaining at about the recent level.
Railroad bonds continued active and
irregular. Total sales, par value, $i,720,-
OOO United States old As coupon adj
vanced a per cent on the last call.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &
Co., members of the New York Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago and New
York. Closing prices are bid: