The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1898-03-02
The Statement Of Secretary Long Started a
Runaway Bull Market.
LARGE BUYING OF THE CHANGERS
Tho Whole List Felt The Upward
Movement toa Very Noticcnb,e Ex-
tent-huying for London Account
H"iped the Strength I'm tho Early
Dealings -Hond Market Active,

New York, March 1.-The stock mar
ket took on no we'll defined character
to-day until after the publication of
inc statement attributed to the Sec
rotary Of the Navy, that the element
or Spanish official responsibility for
the Maine explosion might be consid-
ered TO be eliminated from the situa-
tion. This was in the last hour of the
session and the whole short jntcres,
apparently rushed to cover the shor.
mes mat have been put out in the last
Lew uays on the developments following
the Maine disaster. There had been
covering of shorts early in the day I'm
continuance of yesterdays movement,
OUT q little later other short selling
developed on the theory that the mar
ket would certainly, snG again after
the large short interest had been COW
efsd. The market had apparently
swung to standstill and was drift
ms rather nimlessly, without yielding
When buying movement set in on the
Long statement, and the trading took
on all The appearance Of runaway
pull market. Some Of the advances
were violent, metropolitan Street Rail-
way being pushed up TO 153h, a net
rise of 10 points. This stock closed
at lol. Manhattan, Sugar and New
aork central were. also conspicuous in
the movement, the former showing an
extreme advance of points and the
latter 2, rising poicts each There
was large buying aiGo of the Changers.
ara ROCK Island rose over . points
above last nights level. The whole
list felt the upward movement to a
very noticeable extent, and this iaie
pulSc added to the very substantial
adfunce already achieved, makes a
showing of very striking net gains.
ranging from TO points in the gene
raj list. and above that in exceptional
cases.
Buying for London account helped
the strength in the early dealings
There wac some recovery i'll Spanish
securities in London and this seemed
TO restore confidence 10 some extent
over the relations between Spain ana
the United States. The resumption of
buying for London uccGurt is in. face
or continued hardening OF the money
market in London. The inquiry for
gold for American account in London
ana in Paris is reported to be Still
very keen, but no further engagements
OF gold for import were announced to-
day, and the sale for Sterling l?N-
change hardened fraction, but is still
at the gold import point The cnnd!-
tons in the local money market have
become more settled, the interior de-
mahoS FOR currency being somewhat
less eager The announcement by the
Treasury that no further Withdrawals
VIII lie made for the present Of Gov
ernment 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 $3,6c0 GOO
United States new Is registered
showed a recovery OF lbc ard ~
coupon, Tho old IS registered ana the
SIS OF lc. each and the old Is coupon
OF | = per cent. bid and the 2's declined
y per cent. The total sales OF stocks
were i52.I00 shares.