The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-15

NEW YORK, March 14.-The stock and
bond markets were strong throughout today
Different opinions were offered as to the
cause Of this and probably all had some
truth in them. That the excess OF buoyancy
was surprise to many professional traders,
even to those who expected some natural
sion, was evident. There was nothing in
the news of the day to change materially
the political outlook. and there were many
holders of securities who continued nervous,
as was evident from the large offerings to
realize which met the sharp rise at the open
ing, but the reaction which resulted from
these offerings was more than overcome,
even those stocks which showed the largest
highest, and those which had been less ar
fected at the opening rising in some cases
over point above the early high prices.
Prices of Americans were advanced in Lon
don before the opening here This was more
notable on account of the acute depression
OF the Spanish government As, which .ell
an extreme decline rs in Paris. The course
Of these bonds has been looked to as
true index to the diplomatic relations between
the United States and SPAIN This discrep-
ancy might mean that capital looks favorably
upon the actual financial and industrial con-
ditions in the United States In spite OF the
danger Of war, or it might mean that the
acute financial distress of the Spanish gov
eminent detracts from the value Of its bonds
in spite of chances of peace.
1t is not to be lost sight Of that United
" in the bid price in face of the strength
of all securities. 1t is possible, however,
that the stiffening Of the money rate may
have accounted for this movement. Certain
1T Is that there was a very large covering
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.
Traders were indisposed to put out fresh
short lines, and there was even the evidence
OF various familiar devices for bulling prices
to show that some of this element was in
the market for at least short upward turn
in prices. The hrmness Of prices was sus-
tanned to the close This was demonstra-
ton that the underlying strength of business
bring about a recovery Of prices upon any
relaxation of the tension over the Cuban
question.
Gold continues to be engaged abroad for
considerably over 100000. The fall in the
rate OF exchange on Paris and Berlin and
the relative steadiness of the rate on Lon
don indicates where the pressure for gold
Is being felt, and there was a response in
the stifening of the money rate in Paris
and Berlin.
this point, and receipts of gold had no eff
feet today in easing the money market Over
s1,00O,0OO will be Withdrawn from the market
tomorrow and covered into the treasury for
the second payment on account of the Kan
sas Pacific sale.
Nearly all active stocks are from to over
per cent higher as the result of the days
trading.
Prices of railroad bonds were in sympathy
with stocks, but the overwhelming proportion
Of the dealings was in the Atchison adjust
ments and the Union Pacific new As. Total
sales, 81, ZOO, 000 United States bonds were "a
lower bid, except the As registered and the
rs, which were unchanged.
Total sales of stocks today were 436, 600
shares, including: Atchison pfd II, 12O; c. 4
L. & N, 9,315; Manhattan, 26, 5S1; Metropoli-
tan. S,S37 Reading pfd, 1885, Missouri Pa
cif1c, 4,33O; M. X. & T. pfd, 3,4S5; New York
Central, 1850; Northern Pacific, 5,OS9; North
ern Pacific pfd, 23,6S0; Rock Island IA ,090;
ST. Paul, 60, 304; Union Pacific, $3.50; Tobacco,
9,110; Peoples Gas, 1880; General Electric,
3,19S; Sugar, 67,69S; Western Union, Aba.
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 board
Of trade.