The times. [volume] (Richmond, Va.) 1890-1903, 1901-03-27
BEARS R0UT TED
ON STOCK MARKET
There Was a Complete Recovery in
General List.
NORTHERN PACIFIC SCARED.
Moved Up 81 Points to Record Prcc-Bcars
Had Been Successful in The Early
Hours and Bid Prices Down
With Great Bo!dncss.
NORTHERN PACIFIC SCARED.
Try Associated rress.)

NEW YORK. March 2G.-Thc Tccur-
renee of a northwestern railroad deal be
tween Northern Pacific and burlington
was the occasion of an cNtraordlharE hito
impressive upward movement in the late
stock market to-day. Whatever may DC
the validity of the often-reneSSed CLAIMS
OF a 1rans-continental arrangement Tor
The benefit of Northern Pacific and 6Tea
Northern il was clear enough that the
recovery in the general market was Que
TO the prccipitate covering OF ShortS con-
tracts, which was put out with great
freedom and bodneSS By practically an
of the trading clement on the exchange.
The attack on the market by the bear
element had met with inviting success.
and these had broken prices throughout
practically the whole market. There was
some show OF strength in the early deal
inGS and an apparent attempt to renew
The bull movement, but ii soon became
evident that the attempt to advance
prices wss no longer in such powerful
and capable hands as had been he case
during much OF the recent bull spccula-
ton When the bears found their attack
no longer contested they offered prices
down very boldly and made inroads OF be-
tween l and = points in practically all
the active stocks in the list
The cranSerS and SouthWcSfeTnS proved
themselves especially vulnerable. in view
of the large commitments for the long &C
count which have recently been made IN
them. Northern Pacific was forced down
nearly a point. but Burlington was held
above last nights level throughout. Mis-
souri, Pacific. after being lifted TO 102la.
fell back 21. The local traction stocks
were notably weak. declining from = 10
%. and there were especially &c
ciines i'll the industrial list. AmalSanated
Copper falling rs and Sugar : points at
one time.
Some .of the usually quiet stocks which
have enjoyed recent extraordinary ad-
rances fell back sharply. The steel
and many Of them dropped from ! TO ::
points under last night. II was after
nearly the whole session had been con-
sumed in this process of extension of
short accounts that the Northern Pacific
movement developed. The bears were
completely routed and found the supply
OF stock very small. bidding UP prices on
themselves by rapid strides There was
an almost complete recovery IN the gen
crsl list. and Northern Pacific surced Tu-
wards -. points TO 9i"4. q record price
The rise in Burlington reached IS;
It was the current belief in Wall Street
that a. reaction was favored by the CAPT
1alists who are heavily committed to the
pending great syndicate TRANSACTIONS
owing to the apprehension that the De
mands of the animated speculation upon
the money market threaten to exhaust
the surplus supply. The steady upward
course of sterling exchange gave good
ground for the expectation that gold
might go out at an early period in tact
the report was current that actual ar
1anEements had been made for shipments
on Saturdays steamer: but il is probable
that sterling exchange will have TO rise
an additional fraction before exports of
gold will be profitable
Railroad bonds continued active and
irregular. Total sales. par value, Si.i2o.-
o9o United States old As coupon adj
vanced u per cent on the last call.
The total sales of stocks to-day were
1,1G1 500 shares.
MONEY AND ENCHANGE--Money on
call steady at 2J.aI23. per cent. prime
mercantile paper. :3is04l4 per cent Ster-
ling exchange firm, with actual business
in bankers bills at s.. SSH for demand and