The age-herald., 1901-03-27
UPWARD MOVEMENT
 IN STOCK MARKET Reported Combination of Bur- Iington and Northern Pacific THE BEAR ATTACK FAILED Their Long Line of Successes Were Finally Broken By a Strong Bull
 Movement Towards Close of
 Yesterdays Market.
THE BEAR ATTACK FAILED

New York, March 26.-The recurrence of the stories of northwest railroad deal, coupling the Northern Pacific and Bur lington, was the occasion of an extraor- dinary and impressive upward movement in the late stock market today. Whatever may be the validity of the oft-renewed claims of trans-continental arrangement for the benefit of Northern Pacific and Great Northern, it was clear enough that the recovery in the general market was due to the precipitate covering of short contracts, which 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 ele- ment had been met with inviting success, and they had broken prices throughout practically the whole market
 There was some show of strength in the early dealings, and an apparent at tempt to renew the bull movement, but 1t 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 stock no longer contested, they offered prices down very boldly, and made in roads of between 1 and points in prac- tically all the active stocks in the list.
 The steel stocks shared in the general weakness, and many of them dropped from l to points under last night. It was after nearly the whole session had been consumed in this process of exten- sion of short accounts that the Northern Pacific movement developed The bears were completely routed and found the supply of stocks very small, bidding up prices on themselves by rapids strides.
 There was an almost complete recovery in the general list, and Northern Pacific surged upward 5k points to 01A, a record price, The rise in Burlington reached 445s. It was the current belief in Wall street that a reaction was favored by the capitalists who are heavily committed to the present syndicate transactions on account of the apprehension that the de- mands of the animated speculation among the money market extended to exhaust the surplus supplies. The upward course of sterling exchange gave good ground for the expectation that the gold might go out at an earlier period. In fact the report was current that actual arrange ments had been made for shipments on Saturdays steamer, but 1t is probable that sterling exchange will have to rise an additional fraction before exports of gold will be profitable. The days report of sub-treasury operations showed a gain by the sub-treasury at the expense of the money market of over a million dol lars, making the absorption by that in- stitution since last Friday $2,SS5, ,00O with no prospects of any relief from a contin- uance of a drain during the rest of the week. The possibility was canvassed of an anticipated disbursement of the May l per cent interest on government bonds Indicating the current uneasiness over the money market outlook. New York ex- change at Chicago fell an additional frac- ton. Nevertheless the money rate it. self was not disturbed, call loans remain ing at about the recent level.
 Railroad bonds continued irregular. To- tai sales par value, &.720,000 United States old is coupon advanced Ac on the last call.
 New York Stock Market.