The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-03-08

Lenden Helped sell and the Declines were
General and severe.

Before the local stock market opened yesterday
the nows oame by cable that American stocks
In the London market were dernoralized and
had registered serious declines on account OF
the strained relations of the United States and
Spain, and also because of the situation In
China. The news from abroad prepared tho
local operators for the smash In values that
occurred at the opening here. There was
heavy liquidation, with forced selling because
OF stop loss orders and the exhaustion OF mar
gins. Selling for bear account also helped In
tho decline. Severe losses were recorded at
the opening or within the next five minutes
all through the list of stocks actively dealt In.
Declines of more than two points compared with
Saturdays closing figures were general, and the
recessions extended TO AZ points for Manhat-
tan, 5h points for Sugar Refining, and 9 points
for Metropolitan Street Railway. In the first
few minutes complete Generalization prevailed,
but after that tho selling pressure lossened,
ana there was n disposition on the part OF some
profits on the short side Of the market. The
buying from this source was supplemented by
f6 sStn4s 6{ bargain hunters, nearly nSs rd aIway and q
particularly noticeable by tho appearance on
the ticker tape of transactions IN fractional lots
that Is, less than 100 shares. Many such Tran
~sactions were recorded during the day, =.
On the other hand. liquidation by holders OF
sss pi"r aSoot fearful a f,,rtb Of d dsy,silop% Tas n h proSre sS
.N'e ~ - hAA tbSh win fhs 80
In Volume all day. Also on the selling side.
besides those who put out short contracts, were
tho so.called foreign and London houses, A
partial recovery followed tho opening decline,
and inter that tho market was the subject or
nervous. cratic changes in price levels.
The news OF the favorable supreme Court de.
cision in the Nebraska rate case was followed
by, n fractional rally, but the advance seemed
only to incite a revival Of selling and prices. yield
e~d'again. They rallied: on advices from Wash.
ington that Spain Lad Withdrawn its request
for Consul.Ge General Lees recall, but sold or on
the introduction in the house by Mr.. Cannon of
the bill appropriatinK. $50,0O0 900 for the ma
tional defence. The closing was quiet ut n raj
ly. but with the list showing general declines
extending to very material losses In some cases.
railroad bonds participated In the decline.
United States Government bonds were lower.
with the Is OF 1925 122h bid against 123lS, the
price at which q sale was made on Saturday.
Cable dispatches reported foreign Government
securities lower. British consols were. ZIG
points lower for money and 1916 lower for &C.
count. French rentes were 22l4 centimes
lower. Spanish Government 4 per cent. bonds
were quoted at SO, against so. on Saturday, a
decline Of 3 points.
An incident'of the day in the financial dis
trict was the arrival Of the first gold on the
present import movement. The steamships
Gascogne and LucaniR both brought gold con-
signed to local importing interests, more than
$l,OO0,0O0 arriving in the two vessels. Two
firms announced further engagements Of gold
grand total arrived, on the way, or engaged for
5000, 600 of this amount may be reshipped to
Cuhn