The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-05-14
MARKET IS UNSETTLED
3pi chr Iyfh6Httt 4sIHst
sPECULAToRs HOLDING OFF
FOR BIG NAVAL BATTLE
Large Financial Interests Credited
With Having Taken Profits ON the
Recent Rise--Net Changes Yes
terday Were Narrow and for the
Most Part LOsses-Wbat Test
of the Market Developed.

NEW YORK, May 13.-Todays stock market
continued In much the same unsettled state as
was the case yesterday The early depres
sion was reflected from London, where the
professionals were selling American stocks on
rumor that the Spanish feet was off Sandy
Hook. The improbable character Of this re-
port gives an explanation to a decline which
was obviously due to bear presseure. APP
parently there was a disposition also on this
part of the leaders Of the bull element to
stand by and see a test OF the markets
strength. The recent large and sustained ad-
vance, it was thought, had invited large buy
Ing on light margins by the purely specula-
tive element. This class of holdings Is a
weakness for bull movement, on account OF
Its inability to hold stocks through any de-
cline. Occasional reactions OF sufficient d.
mension to force the liquidation of such ac-
counts therefore considered healthful in
any bull movement.
The days market did not indicate that the
spite of vigorous drive by the bears, ap-
parently acQuiesced In by the bulls, VIII ch
resulted at one time in declines running from
10 to points there was as no no. very large vol
to cover. Some very large financial interests
are credited with having taken profits on the
recent rise and with being willing to see re-
action fer the purpose Of getting gain. Com
mission house buying in the early dealings
was large and was quite effective in offsetting
the large selling for London account. But Of
ferings were more than absorbed without
carrying prices above yesterdays level
After the market had thus been tested bus
mess fell into dullness. Confidence that the
Spanish fleet had been finally located off Mar
Unique and that an engagement with the
United States forces was imminent also be-
got a disposition to await the result of that
engagement. AS consequence net changes
on the day extremely narrow and are for
the most part losses
Metropolitan Street Railway and Manhattan
developed into strength which was attributed
to the course of negotiations with the rapid
transit commission.
The course of the money market demon
strates effectually that all apprehension of
stringency from the requirements of the gov
eminent is past. Rates for time money COL
lapsed to 1884 per cent for periods up to six
months. Rates for sterling exchange rose 1hc
for the pound. This movement is said to be
due to a renewal Of eccumu ations of exchange
for investment, due to the higher money rates
prevailing abroad.
Teh bond market was quiet outside a few
speculative issues and the tone was rather
heavy. Total sales $4,000 COO.
United States new As declined A the old As
registered. Il in the bid price. There were
sales of the old As registered, at q gain of ID
over the last SALE
Total sales of stocks today were 900
shares, including 1000 Atchison preferred,
1925 Burlington, 1920 l.. & NJ, 1880 Man
haitian. 9,16 Metropolitan, 5,643 M p, 5,796
Northern Pacific. $3.50 Northern Pacific pre-
ferred, 37,454 st. Paul, 25,925 Union Pacific
preferred, 14,s75 U. p, D. & G., IS, 752 To-
bacco, $3.50 Chicago Great Western, 13, $50
Peoples Gas, 5000 General Electric % 77S
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: