The Anaconda standard., 1898-03-15
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News Mining Stocks
Metal Quotations Wool Prices and
Movements-Grain and Pro-
duce-Review OF Trade.

New York, March H.-The stock and
bond markets were active throughout the
| day. Different opinions We're offered as
to the cause of this and probably all had
some truth in them. That the excess of
puoyancy was surprise to many pro-
iessionai traders was evident. There was
nothing in the news of the day to change
! materially the political outlook and that
there were many holders of securities
VINO continued nervous was evident from
! the large offerings to realize which met
| the sharp rise at the opening, but the re-
| action which resulted from these offerings
was more than overcome, even in those
| stocks which showed the largest gains at
the opening
Prices of Americans were advanced in
London before the opening here. This
was the more notable on account of the
acute depression of the Spanish govern
ment As which fell 2i2 points in London
on Paris selling and showed an extreme
decline of rs points in Paris. The course
OF these bonds has been looked to as a
true index of the diplomatic relations be-
tween the United States and Spain. This
discrepancy might mean that capital
looks favoraby upon the excellent finan-
clal ana industrial conditions in the Uni
ted States in spite of the danger of war.
or It might mean that the acute financial
distress of the Spanish government de-
tracts from the value of its bonds in spite
OF the chance of peace. 1t is not to be lost
sight of that United States bonds in the
local market declined y per cent in the
bid price in the face of the strength of all
other securities. 1t is possible, however
that the stiffening of the money rate may
have accounted for this movement. Ger
tam IL is that there was very large COW
ering of short contracts which had been
left open over Sunday on the belief that
some new and dangerous DEVELOPMENT
was imminent in our relations with Spain
The firmness of prices was sustained To
the close. This was demonstration that
the underlying strength of business condi-
tons in the country would quickly bring
about a recovery of prices upon any re-
taxation of the tension over the Cuban
case.
Gold continued to be engaged abroad
for import, to-days announcements ag-
gregating considerably more than S4 0o0,-
900.
The fall in the rate of exchange on Par
is and Berlin and the relative steadiness
of the rate on the London exchange in
dicates where the pressure for gold is
being felt, and there was a response in
the stiffening of the money rate in Paris
and Berlin. Money is still moving to the
interior from this point and receipts of
gold had no effect to-day in easing the
money market. More than $1000O0O will
be Withdrawn from the market to-mor-
row and conveyed into the treasury for
the second payment on account of the
Kansas Pacific sale. Nearly all active
stocks are from two to three per cent.
higher as result of the days trading.
Prices of railroad bonds rose in some
few stocks, but the overwhelming pro-
portion of the dealings was in the Atchi-
ar inst ffpn &c ay,l 81
new As. Total sales, 50 700, ,0OO
y. S. bonds We're "a per cent lower bid
except the As registered and the 2ds.
which were unchanged.