The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-16
STOCK MARKET A PUZZLE
ENTIRE RANGE TRAVERsED FOUR
TIMES DURING THE SESSION
After Two Bulges That Sent Prices
Up the Net Close for the Day Was
Below the Level of the General
List on MOnday-The Bond List
Was Weaker.

NEW YORK, March 15-The movement of
stock prices today was confused, and the
market very puzZlng. DECIDEDLY lower quo
tations for Americans in London caused an
unsettled tone at the opening. Prices partly
responded to the London initiative but did
not fall further than the London parity A
furious buying movement quickly developed,
which lifted the level of the whole market
strongly above last nights closing. The
buying was most conspicuous in the local
and industrial specialtes, but there no
lack of strength in the railway list either,
the grangers being especially active
Heavy realizing met the advance and wiped
out large part Of 1t when the first hour had
expired. This was the most active period of
the days trading. There then ensued
slow and laborious recovery, which developed
higher prices than the first squirt. And yet
this second advance also was wiped out in
practically all cases except some of the spe-
cialties, and the day shows net losses in
most of the standard stocks extending to
point or over in some Thus almost
the extreme range of the market was tray
ersed four times during the day.
There was very little in the news to ex-
plain these conflicting movements. Wall
streets opinion of the political outlook was,
movement of Spanish As in London and Paris,
which partly recovered after an early de-
cline, reflected the growth of similar opin-
ion there. But this was probably derived
in part from the strength of the New York
market yesterday and this morning.
London sold freely here on the morning
advance, and there was heavy realizing be-
Sides attributed to very powerful local in
terests. The character Of this realizing sug-
gested that the advance might have been
manipulated, but the. usual procedure for
such maneuver, by a powerful combna-
ton, is to bid up the price of Americans in
London by cable ORDERS the supply of stocks
being limited there and results more 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 be-
lief IN antagonism to Rapid transit plans in
railway was at one time up points, and
Manhattan ga. number of the Industrial
stocks also rose over points, and a num-
Der of the railroad stocks at time showed
net advance of over point.
The retrograde movements 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 additional en-
gagements of gold for import. Actual rates
for demand sterling declined a, and the
actual rate for sXty-day bills, as we'll as the
posted rates for both long and short sterling
fell 1Ac. Besides the engagements of gold
for import from Europe to New York a ship
ment of $2,O0O000 was announced from Aus
tralia for San Francisco. There was no
easing of the local money rate in response
to these movements
closing, when prices eased off in sympathy
with stocks. Total sales, $2,19O,GO0. United
States new As advanced ~ and the 5s u,
and the old As registered Il bid.
Total sales of stocks today were 42S, 100
shares, including: 1900 Atchison pfd 4s, 773
Burlington, $3.50 Manhattan, 96,613 Metropol-
itan, 1900 N. Y. c., $4,000 N. P, 1890 N. P.
pfd., 1880 Rock Island, g., $50 st. Paul, 500
Union Pacific, 10000 Tobacco, 10000 Peoples
Gas, $40 General Electric, 1850 Sugar.
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 board
Of trade.