The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-03-02
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The stock market took on no we'll
defined cliaracterlto-dayu until after the
publication OF the statement attributed
Z 70 the secretary OF the navy that the
clements OF the Spanish Official respon-
sibillty for the Maine explosion was
considered to be eliminated from the
situation. This was In the last hour OF
the session and the whole short interest
apparently rushed TO cover tho short
lines that have been put out In the last
few days on tho developments follow
Ing the Maine disaster. There had been
covering OF shorts carly In the day In
continuance OF yesterdays movement,
but little later other short selling de-
reloped on the theory that the market
would certainly sag again after the
short interest had been covered. The
market had apparently swung 10 n
standstlll and was drifting rather aim
lessly without yielding when a buying
movement set In on the iong statement
and the trading took on all the appear
ance OF u runaway bull market. Some
OF the advances were violent. Metro
polltan Street Railway rushed in to
1881. "a net rise OF Is points. This
stock closea Mt Isl. Manhattan, Sugar
and New York Central were also con-
splcuous In the movement, the former
showing an extreme advance of 8 points
and the latter two rising 8 points each.
There was large buying also OF the
grangers and Rock Islard rose over 2
points above last nights level. The
whole list felt the upward movement
to very noticeable extent, and this
late bulge, added 10 the very substnn-
tlai advance already achieved, makes a
showing OF very striking net gains,
ranging from to 4 points In the general
list and above that In exceptional cases.
Buying for London account helped
the strength In the early. dealings.
There was some recovery In Spanish se-
cur!ties In London and this seemed to
restore confidence to some extent over.
the relations between Spain and the
United States,
The resumption OF buying for London
account Is In the, face OF continued
hardening Of the money market In Lon.
don. The inquiry for gold for Amerl-
reported to be stiu very keen, but no
further engagements OF gold for import
were announced to-day and the rate for
sterling exchange hardened q fraction,
but Is still Mt the gold import point.
The conditions in local money mar
kets have become more settled the In
terror demands for currency being
somewhat less eager. The announce
ment by the treasury that no further
withdrawal will be made for the pres
ent OF government deposits In New
York banks of Union Pacific payments
also aided this result.
The bond market was somewhat more
active to-day and prices were higher all
around. Total sales s3,600,000.
u. S. new Is registered showed q re-
covery Of rs. and As coupon, the old Is
registered and the 5s OF l each, and the
old As coupon of " per cent bid. and
the Is declined u per cent.
The total sales of stocks to-day We're
452.700 shares.
Evening Posts London financial ca
blegram:
The stock markets here were generally
quiet to-day, but there was n revival OF
speculative activity in Americans and
In Grand Trunk. Americans were
largely bought and the close was near
the best.