The times. [volume] (Richmond, Va.) 1890-1903, 1898-03-08
APPREHENSION
IN WALL STREET.
Selling Due to Liquidation Of Specu-
Iative Holdings.
SOME TlMlD SECURITY HOLDERS
al Of Spain's Request Lends Only
Temporary Strcngth--Othcr As
poets Of More importance.

NEW YORK. March The relations
between ;ho United States ana Spain
caused apprehension I'm AN circles IN Wall
street to-day. That there wcrC large
sales of securities by timid holders for
fhe purpose Of converting them into ac-
fual money was doubtless true. but
larger portion of the selling was due 60
The liquidation OF speculative holGingl,
which have been strongly held through
previous declines. but which We're thrown
over to-day Co realize what they would
bring There WAS very palpahlc ma
nouvrcs also ly The bears 10 force the
lowest possible range OF quotations at
their opening and their offerings 10 force
down prices and their purchases at The
decline 60 cover made up no small portion
OF thc days business. I'm this connection
% is interesting 10 note that the opening
sales OF Burlington We're reported at rom
corrected until the close Of the market
when 10 was cancelled. with tht eNpidna-
zion that thc sales reported were OF 81.
Paul at those quotations. and NOT az
. Burlington Instead of a break in Bur-
Iugton of fii gao the opening. that STOCK 3
extreme decline from saturday close
Was 49, Louisville was OF one unc =
points or. it's weakness developing later
iu the day New York Central showed "a
Joss of s. at the opening. Otherwise. tho
extreme declines in the railroad list were
restricted between and . points. Losses
lu tho several sueciHltiCs. metropolitan
Ealing points. Sugar 90 points, and
Manhattan 3 points. The shorts wore
quick 10 cover Ht the decline, and rally
of I To- g points was almost Instantaneous.
rh. huviug 10 cover short contracts was
attributed 10 Washington sources. which
were aggressive sellers In the latter part
OFF last week. London was heavy seller
rf stocks here during the morning. the
Hlr- for that account being estimated
views had apparently been Influenced Ply
DO. threatening outlook ln CHINA ana ny
Tine dispute i'm the Niger question, as Wen
JOSS hy the Cuban question. The local
operators were quick 20 decide that no
damage was threatened 10 American se-
turitics 10y these complications. and thus
secured the absorption Of London day.
Later ln the day the Introduction OF MI
Cannon's bin TO appropriate SJoOouoo
for naval defence, and the presentation
OF the Hawley bill. providing for TWO new
artillery regiments renewed the early
weakness and forced prices again TO the
lowest The last break was frcer from
bear manipulation. and represented more
liquidation than the earlier decline. The
decree favOriug the railroads IN the Ne
praska maximum freight ease had some
effect. and the news that Spain had with
drawn its request for Consul-General
lees recall had but a temporary effect
THE other threatening aspects OF the SIT
nation being regarded as more important
Money was marked up 90 3per cent IN
the early transactions, an influence IN the
inducing of liquidation which must not DE
overlooked. Tho furry I'm money was
caused by the calling of loans 10y num-
Der of banks whose reserves had fallen
below the - per cent limit. The rate
ased off 20 ~ per cent. again before the
close of the day. Closing prices in stocks
were considerably above the lowest but
met declines in the standard shares are
SIN from / 90 over . per cent.
Prices of bonds yielded almost as sharp
ly a. those of stocks but the smaller
liquidation by comparison with stocks I'M
dictated greater underlying strength To-
tai sales $3.50 uOO. United states new
as and old As declined ~ per cent; old
u.s. coupon. and the IS 1 and eds y per
cent. bid. The 5's coupon. sold at ll3.
THE total sales Of stocks We're 6ll."D
shares. including Atchson preferred H.
osg. Chesapeake and Ohio, 5.02O. Chicago.
burlington and Quincy. jf.J2S, Louisville
and Nashville. Il 80. Manhattan. G.16;
metropolitan street railway 1890; Mis-
.ouri Pacific. G.22J. New York Central.
~ Su. Northern Pacific 1880: do. pre-
ferrcd 35 eco. Reading. 1928. Rock
Island 40 DO. Reading first preferred
$3.50. ST. Paul C5.27O. Union Pacific trust
receipts. 1212O. American Tobacco, II .l2i;
Peoples Gas. II go. Sugar. $3.50; Vest
crn Union. jS2i.