Worcester morning daily spy., 1898-03-16
MARKET PULLING.
Stocks Rose to Higher Levels
But Closed With Net Losses.
No Disturbing News Broached That
Would Account for Erratic Course of
Priesthood Market Strong.

New York, March 15.-The movement
of stock prices today was confused and
the market very puzzling.
Decidedly lower quotations for Ameri-
cans in London caused an unsettled tone
at the opening.
Prices partly responded to the London
initiative, but did not fall fully to the
London parity. A furious buying move
ment quickly developed, which lifted the
level of the whole market strongly above
last nights close. The buying was
mostly conspicuous in the local and in
dustrial specialties, but there was no
lack of strength in the railway list,
either, the demand for the grangers be-
ing especially heavy. Heavy realizing
met the advance and wiped out large
part of it before the first hour had ex-
pired. This was the most active period
of the days trading. There then en-
sued slow and iaborious recovery,
which developed higher prices than the
first squirt. And yet this second ad-
vance also was wiped out in practically
all cases except some Of the specialties,
and the day shows net losses in most
of the standard stocks, extending to a
point or over in some cases. Thus all
most the extreme range of the market
was traversed four times during the
day
There was very little in the news to
explain these conflicting movements.
Wall street opinion of the political out
look was on the surface less apprehen-
siye. The movement of Spanish As in
London and Paris, which partly revived
after an early decline, reflected a
growth Of sympathy there. But this
was probably derived in part from the
strength of the New York market yes
terday and this morning. London sold
freely here on the morning advance, and
there was heavy realizing besides at
tributed to very powerful market inter-
ests. The character of this realization
suggested that the advance might have
been manipulation, but the usual pro
ceduTe for such maneuvre by pow
erful combination is to bid up the prices
of Americans in London by cable or
ders, the supply of stock being limited
there, and results are easily attained,
But London prices were lower this
morning.
The early advance was materially
helped by the aggressive strength of the
local traction stocks on account Of the
belief in aptagonism to rapid transit
plans in influential quarters. Metro
politan Street Railway was at one time
up six points and Manhattan 3A. A
number of the industrial stocks also
rose over two points and number of
the railroad stocks at one time showed
net advances of over a point. The re-
trograde movement of prices seemed to
be as ASSOCIATED from any news of the
day as were the advances. Realizing
OF profits offers the only explanation.
Prices for foreign exchange moved
to a lower level today, in spite of adj
ditional enga gements of gold for import
Actual rates for demand sterling de-
cIined H. and the actual rate for so
days bills as well as the posted rates
for both long and short sterling, fell Il
cent. Besides the engagements of
gold for import from Europe to New
York, a shipment of 100000 was an
nounced from Australia to San Francis
co. There was no easing of the local
money rate in response to these move
ments.
The bond market was strong up to the
closing, when prices eased off in sympa-
thy with stocks. Total sales, $780,
O00
United States new As advanced IL and
the IS r. and the old As registered, Il
bid.