The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-03
GAINS ALL WIPED OUT
NET RESULT OF DAYS TRADING IN
NEW YORK

=
of Business and Not Accompanied
by Any Development to Account
for the MOvement-NO Reflection
of the Days News.
NEW YORK, March 2-The net result Of
today's trading in stocks is the practical
wiping out Of yesterdays gain in prices. This
was done on diminished volume of busi-
ness The decline was not accompanied by
any development Of general conditions which
could account for 1t, and there was no re-
Election in any news of the day on the move
ment, unless the slightly increased selling
movement in the final hour. This was start
ed on rumors attaching Importance to the
sending Of two war ships to Cuban waters
with provisions for the reconcentradoes.
Todays decline for the most part was
technical and marked the reaction from the
recovery Of last weeks sharp fall. A short
rally invariably follows heavy decline, and
the professional traders were vigilantly alert
for its ending this morning. Dealings in
the first hour were large, and the movement
of prices very narrow. The commission
house buying invited by yesterdays strong
market sufficient to absorb realizing
offers for time, but the market became over
weighted and commenced to sag.
A period Of intense dullness interviewed,
and then the bears opened an attack on a
number of the specialties, notably Sugar,
The grangers were also under pressure, and
New York Central was heavily Sold Most
of the days business done in these
Stocks and all suffered marked net losses,
ranging from Ito points. The movement
in Metropolitan was very erratic, the open
ing transactions carrying to 1856. the high
point Of the day. London was both buyer
and seller here, but the sales predominated,
although the tone Of American securities on
foreign exchanges rather better, and
Spanish bonds were also higher.
The money market continued firm today,
without any very active pressure to borrow.
There was a good supply, however, of COM
mercial paper, and the rates were fraction
ally higher. There was payment of 81, O00,-
the Kansas Pacific sale SO that the sub
treasury had balance at the clearing house
of $87S 1888. This had It's effect on the money
market, and took the place of regular week.
ly withdrawal of an installment of govern
ment deposits on account of the Union Pa
ciflc sale, which has been discontinued for
the present. Sterling exchange hardened an
additional fraction in response to the firmer
tone of the London market
The tendency of the bond market was to-
wards weakness, in sympathy with stocks.
Sales, 81, 675, 000 United States new As were
"a per cent higher bid.
Total sales of stocks today were SO 800
shares, including: $3.50 Atchson pfd, $40
C. & O.. g. 72S Burlington. $500 L. & N, 81
ing pfd, 1875 Missouri Pacific 1880 New
York Central. 11.4OO Northern Pacific, 9ss4O
do pfd 1910 Reading, II 92j Rock Island, 49,,
945 st. Paul. 1886 Southern pfd. $3.50 Union
Pacific, $3.50 Tobacco, 3,S13 Chicago Great
Western, 1887 Sugar. 6,120 Western Union.
The following were the fluctuations OF the
leading railway and industrial shares fur
nished by C. H. F. Smith & Co., members
New York stock exchange and Chicago beard
of trade: