The daily morning journal and courier., 1898-03-16
ESiMamctul.
Stock Market Very PuzzIing g-Movement
 of Prices Confu,ed

of Prices Confused.
 New York, March 15.-The movement of stock prices to-day was confused, and the market was very puzzling. Decidedly lower quotations for Ameri- cans in London caused an unsettled tone at the opening. Prices partly re- sponded to the London initiative, but did not fall fully to the London parity. A furious buying movement quickly developed, which lifted the level of the whole market strongly above last nights close. The buying was most conspicuous in the local and industrial specialties, but there was no lack of strength in the railway list either, the demand for the grangers being espe- cially heavy. Heavy realizing met the advance and wiped out large part of it before the first hour had expired. This was the most active period of the days trading. There then ensued a slow and laborious recovery, which de- veloped higher prices than the first spurt. And yet this second advance also was wiped out in practically all cases except some of the specialties and the day shows net losses in most of the standard stocks, extending to a | point or over in some cases.
 Thus almost the extreme range of the market was traversed four times dur | ing the day. There was very little in the news to explain these conflicting movements. Wall street opinion of the | political outlook was, on the surface, l less apprehensive. The movement of l Spanish fours in London and Paris, which partly recovered after an early decline, reflected a growth of similar opinion there. This was probably de- rived in part from the strength of the New York market yesterday and this | morning.
 London sold freely here on the morn | ing advance and there was heavy real izing besides, attributed to very power- full local market interests. The char acter of this realizing suggested that the advance might have been manipu- lation, but the usual procedure for such a manoeuvre by a powerful combina- tion is to bid up the prices of Ameri- cans in London by cable orders. the supply of stocks being limited there and results being more easily attained. 1 But London prices were lower this morning. The early advance was ma l terially helped by the aggressive strength of the local traction stocks on account of the belief in antagonism to rapid transit plans in influential quar- ters. Metropolitan Street Railway was at one time up points and Manhattan SA A number of the industrial stocks also rose over 2 points and q number of the railway stocks at one time | showed net advances of over a point l The retrograde movement of prices seemed to be as dissociated from any news of the day as were the advances Realizing of profits offers the only ex. I planation.
 Prices for foreign exchange moved tc lower level to-day in spite of addi i tional engagements of gold for import | Actual rates for demand sterling de. clined one-quarter cent and the actua rate for sixty-day bills, as we'll as tht posted rates for both long and shor sterling, fell one-half cent. Besides thu engagements of gold for import iron l EuFope to NeW AolN i slilpLieit VI @2, 100000 was announc ed from Australi; to San Francisco. There was no eas l ing of the local money rate in respons' to these movements.
 The bond market was strong up tt the closing, when prices eased off il sympathy with stocks. Total sales $2, 190,000
 United States new fours advanced 11 and the fves E, and old fours register ed M bid.
 Following are the closing prices re ported by Prince & Whitely. bankers and Brokers, 46 Broadway, New York
 ana Is Center street, New Haven: