The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-02
RUNAWAY BULL MARKET
WHOLE SHORT STOCK INTEREST
APPARENTLY RUSHED TO COVER
Up to the Time of Secretary Longs
Statement Regarding the Maine,
Trading Had Been AimIess and
Ill Defined in Its TOne-Sharp
Net Gains Scored.

NEW YORK, March 1.-The stock market
took no well defined character today until
after the publication of the statement, at
tributed to the secretary Of the navy, that
the element of Spanish official responsibility
for the Maine explosion might be 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 the lines that have been put out
in the last few days on the developments
following the Maine disaster.
There had been covering Of shorts early in
the day in continuance of yesterdays move
ment, but little later other short selling
developed on the theory that the market
would certainly sag again after thee large
short interest had been covered. The mar
ket had apparently swung to standstill
and was drifting rather aimlessly without
yielding, when a buying movement set in on
the Long statement, and the trading took on
ket.
Some of the advances were violent Metro
poIlitan Street Railway being pushed up to
closed at 151. Manhattan, Sugar and New
York Central were also conspicuous in the
movement, the former showing an extreme
advance of points and the latter two ris-
ing points each. There was large buying
also of the Changers. and Rock Island rose
over points above last nights level.
The whole list felt the upward movement
to very noticeable extent, and this late
bulge added to the very substantial adva - :
already achieved from l to 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 securities in Lon
don 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 face Of
continued hardening of the money market
IN London. The inquiry for gold for Amer
lean account in London and in Paris seemed
to be very keen, but no further engagements
OF gold for import were announced today, and
the rate for sterling exchange hardened a
fraction, but is still at the gold import
bpoint
The conditions in the local money market
however, became somewhat more settled the
interior demand for currency being somewhat
less eager. The announcement by the treas
ury that no further withdrawal will be made
for the present of government deposits in
New York banks of Union Pacific payments
aided this result.
The bond market was somewhat more &C
tive today, and prices were higher all around.
Total sales, So, 6G0,0 00. United States new As
registered showed recovery of IA and As
each, and the old As coupon of 2h per cent
bid.
Total sales of stocks today were APT 500
shares, including: Atchson pfd, $3.50; c.,
B. O., 29,6S5; L.. 4 NJ, $751; Manhattan
Reading pfd, $500; Missouri Pacific 5,4n;
New York Central 1850; Northern Pacific
14,12O; do pfd, 11S,920 Rock Island, 1920;
ST. Paul. 33, 500; Union Pacific, 5000; U. P, D.
& g., 5,1G0; Tobacco, 1880; Peoples Cas-
trio, 4,29S: Sugar, 1920; T. c. & l.. 413O;
Western Union, 1920.
The following the fluctuations Of the
leading railway and industrial shares fur
New York stock exchange and Chicago beard
of trade: