The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-12
BRIEF STRENGTH SHOWN
STOCK PRICES ADVANCED EARLY
ON BUYING FROM LONDON
Little Bulge, Followed by n Steady
Decline That Was Arrested Only
by Trihing Rallies-Net Losses
of From One to Two Points All
Through the General List.

NEW YORK, March 1.-There was brief
show of strength by some stocks in the early
trading this morning, prices having been ad
New York parity to last night The advance
did not reach the London level, that there
was considerable arbitrage buying for Lon
don account. There were some buying orders,
also, which were executed through the chan
mel usually employed by Washington opera
tors. Th1s buying soon came to an end and
gave color to the supposition that the orders
were merely placed for effect. The whole list
soon yielded to depression and the decline
was only occasionally arrested by unm-
The strength displayed by American secu-
rites In the early dealings in London was in
strong contrast to the weakness Of Spanish
government bonds, which poorly sup
ported either in London Paris The only
rational explanation that seems available for
this movement is that London felt that there
tween the United States and Spain and was
alarmed by the Spanish governments acute
financial straits.
Sentiment the local exchange with re-
gard to values was not in accord with that Of
London, as Is shown by the days net de-
ciines, which run between one and two points
ceptional The fall of prices was at
no time violent, but the offerings of Sc
curities were constant and there was sup
port apparent at any point in the list. There
was indeed a less acute depression shown by
st: Paul than by the other grangers the
price having crossed Burlington during the
~ anu SioSin6 dpoFe.- hdHsdS az IexdS
pfd was exceptionally weak and fell at one
time 81 points.
The extraordinary weakness OF exchange
MADE 1t possible today for the great importers
to withdraw gold from the Bank of England
IN spite Of the virtual premium asked by that
institution. The demand in Paris for gold
was reflected also in a stiffening of the dis
count rate in Paris. Yesterdays late decline
IN local call money rates proved to have
been manipulated and the rate steadied to
lta per cent again today. The local banks
continue to lose money to the interior, and
now 1ar this movement is offset by the re-
Sceipts of imported gold will not be definitely
Known until tomcrrow's bank statement. The
9 decilne today in the exchanges of the New
YORK clearing house banks to less than SOD
100000 indicates the decreased use of money
Inc weakness in the bond market TODAY
was rather more marked than hitherto but
business was not large SCALE Total
sales, $2,220C00. United States new As are i
per cent lower, the old As coupon y per cent
and do reg. II per cent lower bid.
Total sales of stocks today were 1856 600
shares, including $3.50 Atchison pfd 40 900
burlington; 5000 L. & NJ; IS 800 Manhattan;
6,iz5 Metropolitan 1890 Reading pfd; $500
MISSOURI Pacific, 4,645 NJ K. & T. pfd; 1920
N. Y. c; $500 North American; 1870 North
ern Pacific; 1885 Northern Pacific pfd: 1920
Reading; $500 Rock Island; 42,377 ST. Paul;
I52o Union Pacific; 1850 Tobacco; 1888
Peoples Gas; $500 Sugar; 1920 leather MD.
6,72O Western Union
Cash quotations were as follows: Flour
The following were the fluctuations of the
leading railway and industrial shares fur
nished by c. II. F. Smith & Co.. members
New York stock exchange and Chicago b9ard
Of trade.