The herald., 1898-03-15
'ON CHANGE
Conditions Shown by the Dealings on
Wall Street

NEW YORK, March 14.--The stock and
bond markets were strong throughout to-
day. Different opinions were offered as to
the cause of this, and probably all had
some truth in them. That the excess of
buoyancy was a surprise to many profess
Sional traders was evident There was
nothing in the news of the day to change
materially the political outlook, and that
there were many holders of securities who
continued nervous was evident from the
large offerings to realize which met the
sharp rise at the opening, but the reaction
which resulted from these offerings was
more than overcome, even those stocks
which showed the largest gains at the
opening rising again to the highest. and at
the close, which should be less affected
than the opening, in some cases to IL point
above the early high prices. Prices of
Americans in London were advanced be-
fore the opening here. This was more
notable on account of the acute depression
of the Spanish government fours, which
fell 2R in London on Paris selling. and
showed an extreme decline of 1B in Paris.
The course of these bonds has been looked
to as a true index of the diplomatic rela-
tions between the United States and
SPAIN This discrepancy might mean that
capital looks favorably upon the excellent
financial and industrial conditions in the
United States in spite of the danger of
war, or it might mean that the acute iinan-
cial distress of the Spanish government
detracts from the the value of it's bonds,
IN IN spite p. 9th Of the chance Of peace It is not to
declined " per cent in the bid price, in the
face of the strength of all other securities.
1t is possible, however that the stiffening
of the money rates may have accounted
for this movement. Certain it is that there
was very large covering of short con-
tracts which had been left open over Sun
day on the belief that some new and dan
gerous development was imminent in our
relations with Spain. The firmness of
prices was sustained to the close. This
was demonstration that the underlying
strength of business conditions in the
country would quickly bring about a re-
covery of prices upon any relaxation of
tension over the Cuban case.
Gold continues to be engaged for inn
port, today's announcements aggregating
considerably over $4 900 900. The fall in the
rate of exchange on Paris and Berlin and
the relative SteadinesS of the rate on Lon
don indicates where the pressure for gold
is being felt, and there was response in
the stiffening of the money rate in Paris
and Berlin. Money is still moving to the
interior from this point and receipts of
gold had no effect today in easing the
money market. over 81 100000 will be
withdrawn from the market tomorrow and
payment on account of the Kansas Pacific
sale Nearly all the active stocks are from
2 to per cent higher as result of the
days trading.
Prices Of railroad bonds rose in sympa-
thy with stocks. but the overwhelming pro-
portion of the dealings was in the Atchison
adjustments and the Union Pacific new
fours. Total sales, 81, 100000
United States bonds were 4 per cent
lower bid, except the fours registered and
the seconds, which were unchanged.