The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-09
STOCK TONE IMPROVED
WALL STREET REAssURED BY THE
PACIFIC ATTITUDE OF SPAIN
Market for Shares AEgressively
Strong During the Early Part Of
the Day, but Closed Below the
Best on Free LiqufdatiOn-Net
Changes Narrow as a Rule.

NEW YORK, March 8-The tone of the
stock market was much improved today, as
compared with that Of yesterday, the ground
for the greater confidence in values being
the apparent desire Of the Spanish ministers
to deprecate any idea that they desired a
rupture with the United States on their own
the United States government into assuming
the offensive. The effect Of this was most
clearly defined in a sharp recovery in the
price of Spanish As both In London and
Paris. Americans also were much steadier
on the foreign exchanges, but there was
nothing In the early quotations from there
to give fore taste Of the sharp advances
at the opening here.
The market was quite aggressively strong
during the whole of the earlier part Of the
day, but 1t is questionable whether This was
account. That the short interest was largely
increased yesterday was easily to be seen,
and shrewd professional manipulators were
able to discern this morning that the market
was in an oversold condition. The better
outlook in the relations between Spain and
the United States made the shorts nervous,
and there was something of a scramble to
cover at the opening. The manipulation for
the rise was designed to uncover bear mar
gins and the keen demand at the advance
proved the manuver to have been success
full. 1t did not require very large advance
to invite further liquidation, and the last
hour saw prices fall almost to last nights
point. Covering by belated shorts caused a
slight stiffening again in the final dealings.
OuISlue OF the PROFESSIONAL manipulation
there was little doing in the market. Some
buying was reported for London and Wash
ington accounts. The continued movement
OF gold, the easier tone of money, yester-
days furry. being apparently ended, a num-
Der or dividend announcements and the
statement that no bond issue would be made
necessary by the proposed appropriation of
500, 100000 for national defense, were all
factors toward the more confident views of
the situation. Operations, nevertheless were
pursued with caution, and disposition was
apparent to adopt waiting policy.
Net gains, except in a few of the special
ties, were confined to fractions. The prices
of Northwestern railway stocks were rather
conspicuously strong in spite of the continu-
ance of the trans-cOntinental rate war; The
P1ttSburg, c., G. & St. L. stocks were weak
the common losing points and the preferred
2A.
Bonds showed strength in sympathy with
stocks, but resisted the late weakness in
the market, except Kansas Pacific consols
which lost all Of the earlier advance, amount
Ing to nearly points. Total sales, SO, 430, 900.
United States new As registered were q
lower, and new As coupon Y lower bid TODAY.
Total sales Of stocks today were 352 100
shares, including 3,40O Atchison, 7,465 Atchi-
son preferred, S,425 Chesapeake & Ohio, 26, 800
c., B. O., $3.50 L.. & NJ, "a, It's Manhat-
tan, S,562 Metropolitan, 6,16O Reading pre-
ferred, 4,340 Missouri Pacific, II, $50 N. Y c.,
9,72O N. P, IT, $50 N. P. preferred, 1928 Rock
Island, 34,12O st. Paul, zoos Union Pacific,
5,SO5 Chicago Gas, 1920 Sugar, 435S West,
ern Union.
leading railway and Industrial shares fur
nished by c. H. F. Smith & Co., members
New York stock exchange and Chicago board
of trade: