The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-03-04
SHIFTING THE STOCKS.
Speculative Liquidation Had Marked
Effect.

Speculative Liquidation Had Marked
Effect.
NEW YORK, March 3.-Bradstreet's fnan-
cial review tomorrow will say:
"Irregularity in prices at the beginning of
the present week was followed by increasing
weakness and evidences of speculative 1iqui-
dalton, with sharp upward rally in Friday 8
transactions. Exceptional strength was
shown by the stocks which most easily reflect
the current boom in the iron and steel in
dustries. In spite of this. and evidence of
support In some other parts Of the list, the
market acted as If the recent advances and
the speculative buying which they attracted
had left it ripe for reaction. The down.
ward movement began on Tuesday, with an
improbable story that Admiral Dewey's fleet
at Manila had come into collision with the
German naval forces and had actually sunk
one of the latter country's warships. The
fact that 1t was a canard hardly mat
ter of doubt from the outset, but even after
the complete details followed, the market
showed little disposition to respond to them
with rally. r~>f-a
"Some irregular recovereies on Wednes-
day were mingled with further realizing and
selling out of weak accounts while On
Thursday the latter process assumed still
larger proportions and even carried with it
the Steel stoks, which had thus far shown
strength in the face of the general declining
tendency. The larger interests which had
taken the lead at the beginning of the recent
upward movement OF prices, were, with some
e.,
low prices to settle down while the profess
sional traders, as was natural under the cir
cumstances, generally showed an inclination
to work on the bear side. In fact, some
of the larger people were also suspected of
having shifted their forces with the object
of making a turn on the short account .
THE rise on Friday was in great degree
due to the short Interest, which alarm
ed by the appearance of renewed support in
some Of the manipulated stocks and special
ties. While at the opening of the week there
uyoc ftIrf h0r 1Nfnr 70 of hrYxiv
by commission houses, the latter days pre-
sented increased interest of selling from such
quarters. London displayed only a restrict
ed interest In American securities, and the
foreign representatives here were irregular
in their activity but probably purchased a
fair amount of stocks on balance. In fact.
not only is 1t to be noted that the recent
heavy selling Of foreign investment holdings
of our securities has ceased, but that out
going European steamers from New York
are again carrying consignments of our
stocks. In most cases, however, these ship
merits are made up of low-priced specialties
and stocks like Ontario Western, in which
the London market has learned there are
more or less important developments pend
ing;
market and the fact that many lenders OBJ
ject to industriaIs- as collateral. while in
practically all cases asking high rates where
such stocks form any considerable part of the
less though it cannot be said that they fur
nished ground for the liquidating tendency
At the same time. such symptoms are not
without an effect after the market has expe
rienced exhibition of bullish speculation
and the continued creation Of new Industrial
companies, with the attending desire of part
Of the pubic to buy their securities on mar
gin for speculative purposes Is still regarded
in some quarters as the weak spot in the
market.
.'The booming tendencies in the steel and
iron, dry goods, manufacturing industriaIs
and other lines are, of course, noticed in
Wall street though the impression that the
market has discounted them, temporarily. is
very prevalent there. II must, however. be
observed that the declines have been on the