New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-27
COURSE OF THE STOCK MARKET.
AN UPWARD MOVEMENT SUDDENLY DE-
VELOPS. WHICH CONTINUES UNTIL
NEAR THE CLOSE, WHEN THERE

NEAR THE CLOSE, WHEN THERE
is A SMALL REACTION.
The course OF the stock market yesterday was
rather surprising. 1t the general expecta-
tion after the announcement that the Board Of
Inquiry had reported that the Maine was blown
up by mine. that there would be a heavy fall
IN stocks The quotations on the London Stock
Exchange for American stocks received before
the opening OF the New-YorS Exchange were
from y TO ! per cent below Fridays closing
prices The first sales the New-York Ex
change were a parity with the London fig
ures. and II looked II tumble in stocks were
impending Suddenly, however. upward
movemen. in prices began. and it continued un
interruptedly 10 very nearly the close. when
there a small reaction.
There was the usual supply OF war news' In
the two-hour session on the Stock Exchange.
and It not easy 10 account fo- the sharp
and unlooked-for rise in stocks. One thing
certain, there extensive covering %
shorts 1t was reported that 1t enforced b.
buying orders placed in the market by the
powerful Standard OH and Flower interest.
which had reached the conclusion that the de-
cline in stocks had extended far enough. and
had decided 10 check 1t. II is fact that the
room traders and other professional operators
like to close their accounts on Saturday. as they
cannot tell what may happen over Sunday,
especiall, in times like these Naturally, II the
marke, has been going down the covering OF
shorts lifts up prices. on the other hand, II the
market has been going up the selling of long
stocks lifts up prices.
There vas talk that there had been develop
rnents in the diplomatic intercourse between the
United States and Spain which had greatly
lesscned the probability 81 war between the two
nations on this subject there was no definite
information. Anyway. most Of the news that
reached Wall Street warlike as ever.
Some of the net advances in stocks, comparing
the closing prices with those Of Friday, were:
American Sugar. rs; American Tobacco, "a
Brooklyn Rapid Transit. III: Burlington and
Quincy 2la Consolidated Gas, 3i2; General Elec-
trio. IA: Louisville and Nashville ia; Manhat-
tan lss: METROPOLITAN Street Railway, I; Mis-
souri, Pacific, Ia; New-Jersey Central j. New
York Central TX: Northern Pacific preferred,
tx: Northwest. IL. Peoples Gas. rs: Reading
first preferred Ia Rock Island. >. 81. Paul. IL.
Southern Railway preferred. l. Third Avenue
Railroad, A. Union Pacihc preferred "a VS.,
cru Union. lls The Government per cent
bonds Of 1929 sold at 1ls2 On Friday they
standard oil Trust certificates sold at 329,
q decline of 4 points from Friday, and IL points
from February 10 when the high record quota
ton Of AS established -, ,,o,-
Transactions in the stock Of the John T. NJ
land Submarine Torpedo Boat Company w.
renorted II was said that John Gerken had
bought 800 shares at 90. %
There was report In Wall Street thht ..
Morgan &. Co had information from inc I'osiIs
chuds that Spain could not borrow any no.e.,
and accordingly there would be no war. Moi ga"
& Co said they had no such information. ~.
gust Belmont Co. American corresPoiiueiIt,7
Of :he Rothschids. said they had no comm UNI
cation from the Rothschilds on the suoJet'.
There was a story on the Produce EAchanss
Loud raf.fa
declared war on the United states. Inc s'o'!
was soon found TO be untrue. IT. .
A bet OF $1,000 10 81 900 that there ~ouIa W
no war was reported 10 have been mace on tne
STOCK Exchange Confirmation was not OBTAIN.
abe The rules Of the Stock Exchange prohio''
betting on the floor.