The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-03-29
Sky ROCKET IN STOCKS.
Bulls Squeeze the Bears on Brighter
Prospects of Peace.


Prospects of Peace.
New York, March 2s-rhe familiar
spectacle was presented on the Stock Ex-
change to-day of a violent reaction upon
the elimination of an event which has
been long anticipated and discounted.
The facts were that the findings of the
Maine board of inquiry were presented
to Congress and were proved 20 be ex-
actly as foreshadowed In the public news
for many days past. That is to say the
Maine Is found to have been blown up
by a submarine mine.
Ever since the morning after the explos-
ION the stock market has been depressed
by the constant dread that this report
would be Formulated by constituted ofrc-
ials of the United States. The specuia-
tive public assumed that such an ale
gatlon would necessitate a rupture be-
tween the United States and Spain, and
a consequent damage TO values of all Sc
curities, which IL was attempted 10 meas
ure by a constant decline in prices since
the date of The explosion almost up to the
present time.
Yet the actual publication to-day of the
report resulted in a rebound In prices
which at the high point of the day had
wiped out large proportion of the losses
which have occurred since the explosion
in Havana harbor. This was brought
about by the movement OF the bear traders
TO take profits. Having been industriously
selling stocks for weeks IN anticipation
of the harm to values 10 be done by the
Maine report, they were warned by the
mmnence of the actual publication that
the lowest prices 60 be looked for on that
account had been reached, and they there
fore set about TO buy stocks to MI their
contracts.
The bulls resorted to all the usual de-
vices to assist their campaign for sdueez-
ing the shorts The apprehenslons of the
bears were fed by a printed report from
Washington that Spain had completely ac-
quiesced to all President McKineys re-
quests, including an armistice between the
Cubans and Spaniards for six months.
There was indeed some foundation for the
feeling that the passing of the Spanish
elections with their assurance of legis-
lhtNe support 10 iIeinitI DdbdStH auu tue
conservative course pursued by Congress
toward the report on the Maine gave
some assurance that President Mckinley $
well known desire for a peaeeable ad-
iustment with Spain might find peace
able outcome.
Closing prices were by no means az the
highest, the specialties showing reactions
ranging up to Ar points In Metropolitan
Street Railway. Closing prices all through
the list were markedly below the best
yet there remained such striking ret
gains as 71a In Pullman. In Metropolitan,
6ls I'm Sugar, and from 4 to In many 9TH
er stocks. The transactions for the day
foot up S52 200 shares, a total which has
not been edualed since last fall.
The bond market also showed largely In
creased activity especially In the specu-
latiye Issues, and gains OF to per cent.
were registered in prominent issues. The
total sales were $s.3O0000. Government
bonds were very strong. The new As adj
vanced 2lb. There were sales of the Icw
coupon As at 121.
The total sales of stocks to-day were
S52, 200 shares, including Atchison prefer
red. II $50; Chesapeake and Ohio, 800
Burlington 1890; Louisville and Nash
vile, 2J,s20; Manhattan, 1920; Metropoli-
tan. 2Ssi0 Reading list preferred, 7,i00i
Missouri Pacific, 1850; New York Central,
1000; Northern Pacific. 1890; Northern
Pacific preferred, 1880; Chicago cnd
Northwestern, s,577; Reading, 7,450; st.
Paul. 105, 400; Union Pacific, $500; Union
Pacific. Denver and Gulf, S,370;
American Tobacco, $3.50; Peoples Gas, IT,
500: General Electric, GAO; Sugar, 1G2,Sj0i
Western Union, 2s,220.