The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-26
GOLD TIDE Is SETTING IN
ENGAGEMENTS FOR IMPORT THE
FEATURE OF THE MARKET
Sharp Rally All Along the Line in
Spite of an Effort by the Bear
Side to Retain Control-Upvyard
Tendency Settled After the Open
ing Hour.

NEW YORK, Feb 25.-There was a sharp
recovery in the prices of stocks today, in
Whlch the engagement OF gold for import was
the predominant influence The course of the
early importation Of gold, which is the
olrect outcome of the stiffening in the rates
Tor call money. The amount of sterling ex-
change held in New York is variousy esti-
mated at from $40, 900 900 upwards. A large
part of 1t has been used as collateral for
loans, and the large liquidation of loans has
released a quantity of this exchange and
brought 1t upon the market. In other words,
the rise IN money rates makes 1t more profit
able to bring home funds which have been
!eft abroad on account of the higher rate
hitherto prevailing theik
Inc import movement of gold Is likely to
continue unless there should be sharp ad-
vance in the money market in London and
Paris. The calling in of this countrys gold
ere fbeo' nges abroad is likely to put stop for
curities, which has been large Of late and
which continued even today.
Inc bears made an effort to retain control
OF the stock market at the opening today
by raiding a few Of the specaities notably
Metropolitan and Manhattan, but they were
unable to wipe out the gains shown in
vous during the first hour, but after that
the upward tendency became fairly set
tied and continued throughout the DAY with
occasional slight reactions
A distinguishing feature Of business was
the large number of small lots of stocks
changing hands, rejecting a large invest
prices after yesterdays slump. The large
short interest created in the recent decline
was material factor in today's rally, the
| bears having evidently placed stop loss or
ders which were uncovered as the rise pro
crossed Large corporation interests were
credited with continued absorption of stocks
today.
The days highest level of prices was not
fully maintained. but net gains generally
WEI we're ef from ,.i to points Great Northern
of valuable distribution to be made to
stockholders The effort being made to ad-
Just rate differences on Western and trans
the market.
Money call loaned at 9 per cent, but
later became easier in response to the gold
engagements. Rates were frmer in both
the money and commercial paper markets.
There is a continued large movement of cur
rency to the interior to meet an expanding
demand for money there. With regard to as
sertons that this movement OF money is de-
signed to strengthen bank reserves against
possible contingencies, 1t should be borne
! in mind that banks are allowed to keep a
banks which designated as repositories.
These deposits still figure in the legal re-
serves of the interior banks as much as
though they were in their own vaults.
There was a sharp recovery in bonds to-
day, IN sympathy with stocks. Total sales,
81 $40, GOO. U. S. new As coupon declined ~;
do registered 1, and the old As registered and
the 5s u bid.
Total sales of stocks today were, 467, 600
pfd, 7,474; c. & o., 8,165; Burlington, 81 $50;
L. n, 1855; Manhattan, 1880; Metropol-
itan, S,71S; Reading pfd, 1886; Missouri Pa
cifc, 6662; New York Central, 10, no; North
American, $3.50; Northern Pacific, S,72O;
Northern Pacific pfd, 1880; Rock Island. 49,
$50; st. Paul, 500; St Paul & Omaha, 1850;
| Southern pfd, 6,75O; Union Pacific, 1875;
Tobacco, II ,999; Peoples Gas, 2O660 General
Electric, 1885; Sugar, $3.50; T. c. & l., $500
Western Union, 10000.
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: