The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-03-29
FURIOUS ACTIVITY AND BUOYANCY
OF THE MARKET PREVAILED
THROUGHOUT SESSION
PUBLIC TOOK AN INTEREST
Indications Were That Control of
the Market by the Profess
siOnRl Element Had Been
Shaken Or.

NEW YORK, March 2S.-Another day
of furious activity and buoyant rise of
prices marked the further progress of the
bull campaign in the stock market. The
process OF digeSting profits by selling out
on the upward course was going on all
the time and caused an appearance of
some irregularity by pulling back stocks
here and there. But the buying demand
and the abSorptiVe power of the market
were not at all impaired by this process.
The market gave every appearance of
having shaken off the control of the
professional element. Manipulation was
evidence in some individual stocks, and
the buying by the professionals on
large scale empha sized the advancing
tendency in some cases. Profit-takng
by the same element sometimes checked
or prevented the advance in other stocks,
but the large general demand for stocks
from all sources carried everything be-
fore 1t and made the undertone of the
market aggressiyely strong throughout.
There is manifestly a very large body
or buyers seeking to secure stocks. Their
orders are executed through commission
houses. and are received by wire and mail
from all quarters. Other movements are
Incidental, due to individual causes in
special stocks, or to the movements to
take profits above indicated. Sugar was
point OF weakness at different times
during the whole day. and there was a
heaYinesS here and there in the iron and
steel stocks.
There was some disposition to go con-
trary to LOndOn's lead a number Of the
stocks which were advanced in the mar
ket being heavily sold here, while others,
winch fell in the early trading there,
We're abruptly advanced here This was
notably true of the Reading stocks, and
Of Pennsylvania, in which profit-taking
was in evidence in this market all day.
There was some heaYness during the
early hours in the PaCifics also, but as
the day advanced the strength in this
latter group became very aggressive led
by Northern Pacific. which advanced pa
TO record price. Union Pacific. Mlssou-
RI Pacific Atchison preferred and South
ern Pacific We're all bought on an enorm-
Gus scale at advancing prices, the latter
meeting the heaviest opposition IL profit
taking. Peoples Gas was aggrcssively
strong, also. and the strength was dis
seminated all through the list.
The trading In Sugar was very large,
and the price movement feverish the
stock closing at about the lowest, having
a rival company was the cause of the
weakness Of the stocks.
The special news of the day was little
regarded, as the whole movement in
stocks Is based upon general conditions
The statements of railroad net earnings
for February. published during the day,
We're confirmatory of the impression made
by the January statements of an unpre-
Cedented level Of earnings for railroads
st. Paul, with its heavy charges for op-
Grating expenses and resulting decrease
IN net earnings, was a notable exception,
but the price of the stock was not at
fected
A feature of the day was the further
sharp advance IN the rates of sterling
EXCHANGE. The fact that London is car
rying stocks with money borrowed In New
York serves to explain the apparent
anomaly of a rise in sterling exchange
rates when London buys stocks here, and
an easing of the money market when it
sells.
Another very heavy days business done
in the railroad bond market and with the
exception of some proftt-taking in spec
ulative issues, prices. Were higher. Total
sales, par value, 81 $50. 000 United States
IS declined Is in the bid price.
STOCK QUOTATIONS.
Furnished by Charles H F. Smith &
Co, members of the New York Stock ex-
change, Pioneer Press building, who have