The daily morning journal and courier., 1898-03-15
E:tl,auctal. 2:
Stock Market Surprises Professionals by
 Its Buoynncy

IAS huoyhncy.
 New York, March 14.-The stock and bond markets were strong throughout to-day. Different opinions were offer ed as to the cause of this, and probably all had some truth in them. That the excess of buoyancy was a surprise to many professional traders, even to those who expected some natural re- bound from Saturdays excessive de- pression, was evident. There was noth- ing in the news of the day to change materially the political outlook, and that there were many holders of secur- ities who continued nervous was evil dent from the large offerings to realize which met the sharp rises at the open- ing.
 But the reaction which resulted from these offerings was more than over- come, even those stocks which showed the largest gains at the opening rising in some cases over a point above the early high price. Prices of Americans were advanced in London before the opening here. This was the more nota ble on account of the acute depression of the Spanish government fours, which fell 21a per cent. in London on Paris selling and showed an extreme decline of IFS per cent. in Paris. The course of these bonds has been looked to as a true index of the diplomatic re- lations between the United States and Spain This discrepancy might mean that capital looks fayorably upon the excellent 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 government detracts from the value of it's bonds in spite of the chance of peace
 It is not to be lost sight of that Unit ed States bonds in the local market declined # per cent. in the bid price in face of the strength of all other secur- ities. It is, possible however, that the stiffening of the money rate may have accounted for this movement Certain it is that there was a very large cov- ering of short contracts which had been left open over Sunday on the belief that some new and dangerous develop ment was imminent in our relations with Spain. Traders were indisposed to put out fresh short lines and there was even the evidence of various fla miliar devices for pulling prices to show that some of this element were ir the market for at least short upward turn in prices.
 The firmness of prices was sustained to the close. This was a demonstra- Iition that the underlying strength oi business conditions in the country | would quickly bring about a recovery of prices upon any relaxation of the tension over the Cuban question. Cole continues to be engaged abroad for i'm port, to-day's announcements aggre gating considerably over $4,00O,000 Int fall in the rate of exchange on Paris and Berlin and the relative steadines: of the rate on London indicates where | the pressure for gold is being applied and there was a response in the stiff | fening of the money rate in Paris anC | Berlin.
 Money is still moving to the interio ]. from this point and the receipts of golt 1 had no effect to-day in easing the mon I ey rate market. Over s1,0000OO will b | withdrawn from the market to-morrov | dttu cONSEeu lulO Lut =lIGtSuly iIpA LII | second payment on account of tn l Kansas Pacific sale. Nearly all activ
 stocks are from to over per cent
 higher as a result of the days trad
 ing.
 Prices of railroad bonds rose in sym
 pathy with stocks, but the overWhelm
 ing proportion of the dealings was | the Atchison adjustments and tn
 Union Pacific new fours. Total sales 1 $2,700,000,
 United States bonds were F per cent lower bid except the fours registere
 and the twos registered, which wer | unchanged.
 Following are tine closing prices re
 ported by Prince & Whitely. banker
 and Brokers. 46 Broadway, New York l and 15 Center street, New Hay en;