The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-03-15

MONDAY, March IA

FINlNCIlI AVID OoHMERoLlL.
MONDAY. March IL
The action Of the stock market to-day demon
etrated that the extreme declines recorded on
saturday wero brought about by bold and
adroit manipulation rather than by the effect
upon the public, both in and outside Of Wall
street, OF the disgusting advices from Wash
inrton. Havana, London and other points pub
lishsd on the morning Of that day. The trad.
ing in stocks at the end OF last week was
very largely By professional operators. whose
purpose appeared TO DO to shake out holders OF
securities upon margin. There was no approcia-
BILE change In the character OF the trading to-day,
but tho press advices regarding the Spanish.
Cuban situation, and also as to the present ana
prospective relations of tho United States to the
two countries referred TO. were 90 much more
pacific than those that have recently come TO
hand that the short interest became alarmed
and sought TO recover Q part OF the large line OF
stocks Il has put out during the Last week or ten
DAYS. As noted In this column q day or two ago,
the short interest has been materially Increased
By the enlistment in the bear rank Of nearly
every speculative dealer In securities. At the
close Of business last Saturday It had become 90
fashionable TO close ventures on the long side OF
the market and to sell stocks for short account
that IL was almost q foregono conclusion that .
sally in prices was ct hand.
The London market gave the cue 70 the days
movement The market there was relieved By
the cessation OF liquidation In American securt-
ties, chiefly by an operator said to have been
overloaded with Thorn. Even at . reaction from
the best prices. tho London market for Ameri-
can securities was nearly . point above New
York hnal prices oflast Saturday, whom business
was resumed here. This. together with the other
circumstances mentioned, alarmed the unusual
ly large short interest. and in consequence
opening prices were / to 8 points above the
ANAL prices Of Saturday. The carly improve
ment was 80 sharp and unexpected that It
brought out q good deal Of long stock, partly
from holders who had not expected such o rally
and who were willing 70 sell ct any price on &C
count of the unsettled condition Of the
market on Saturday. and from others
who apparently felt that the rise was too
sudden and extensive to DO permanent and
that 1t should therefore DO takon advantage Of
TO market stocks. This, last view proved to be
misleading, for, with the seeming Improvement
In the international situation. liquidation
ceased. and that circumstance in turn shifted
the recent feeling of apprehension from those
who were long Of the market to the short In
forest. Prices reacted fractionally 1t inter
walls, but the underlying tendency Of the mar
ket from start to finish was upward.
That tendency naturally led the Street to nay
tboutioA theh ~ Aeo " ob' tAhAO 49,
to the condition Of internal affairs. namely. the
satisfactory reports regarding practically every
trade and industry. the increases in railway
traffo returns, tho unusually heavy imports
Of staple products, tho comparatively easy
money market and the steady movement Of gold
from Europe to this country in payment Of obli-
cations of various kinds. Upon this last pointi 1t
10 to BIO noted that local bankers were advised
to-day Of the shipment to them from abroad of
"a, $1,000. making the total of tho present
movement S21. 1850. 600. OF this amount 81, 1885,
o00 was received to-day. making the total
amount that has como to hand S5.420. 900. The
list, as q rule. not only recovered tho losses
sustained on Saturday, but also o largo part
Of those recorded on Friday. and in some
cases prices were carried above tho final
figures Of Thursday. This was true Of Sugar
Refining. Atchison preferred. Rock Island, and
o number Of tho less active stocks. Tho list of
stocks that closed higher than last Friday In
oluded c.. B. and Quincy. Peoples Gas. Union
Pacific. Western Union. Northwest. Manhattan
Railway. Brooklyn Rapid Transit. Northern
Pacific. and many others less extensively dealt
in. The closing was strong, at about the best
prices.