The times. [volume] (Washington [D.C.]) 1897-1901, 1898-03-30
The MARKET IRREGULAR
The Borrowing Demand for Stocks
Still Considerable.
Fluctuations Resulted Frcm Unccr-
tainty Regarding; the Aggressive
Purposes of the Congress.

New York March 29.-The eXtraordina-
ry range of prices traversed in the stock
market since Saturday clearly reflects
not only technical market conditions but
a thoroughly unsettled speculative SEN
timent Yesterdays ! upward movement
was generally admitted to be one of the
most wonderful ever witnessed in the
stock market. 1t could scarcely be called
astonishing, since the conditions prima-
rily responsible for it have for some days
been the subject of general comment and
it has been evident for some time that
the bear account was becoming unduiy
extended and that short contracts to de-
liver stocks were outstanding out of all
proportion to the actual liquidation. I'm
der these circumstances it was only nee
essary that something Should occur to
| change the views in regard to the ques-
ton of immediate concern to bring about
violent reversal of market prices. This
| began today with yesterdays advices re-
| specting the developments in the diplo-
| matte situation upon which the turn in
| the market was chiefly based, questioned
in some i'll informed quarters, and anoth
| seemed to be promised. 1t was certain,
| furthermore that there would be album
dant evidence of the temper of Congress
upon the general Cuban question pre-
scented during the day, and these eXpec-
| tations were fully realized in the sundry
| resolutions introduced in the Senate.
| Hence the days sentiment was the ffuct-
| uating resultant from views as to wheth-
| er the pacific intentions of the Admins
| tration would prevail against the more
| aggressive purposes of Congress.
| Notwithstanding the extent to which
| the short interest was reduced by reason
| of yesterdays transactions the borrow
| ing demand for stocks was still very con-
| siderable today. The fact that premiums
| Were exacted for the use of many active
| stocks was rendered less significant than
| usual because of the unwillingness OF
| many houses to lend stocks to the short
| interest, for the very practical reason
| that they feared they might not be re-
| turned, while the influence of yesterday s
remarkable episode was further shown in
| the evident nervousness of the remaining
short interest, for whose account the bulk
of the days buying was conducted
| Heavy engagements of gold exceeding
| 600 were announced for import fol-
| lowing a further decline in the foreign
| exchange market.
Irregular declines resulted from the
days dealings. Highest prices of the day
We're made in the forenoon and in some
cases near the opening. Subsequently the
price movements were irregular. Though
the undertone of the market was unset
tied foreign houses on balance sold a
considerable amount of various stocks.
The movements in both United States
and Spanish bonds were rather uncertain
and fairly active dealings on the stock
exchange were noted in the first. The
grangers. Manhattan, Union Pacific pre-
ferred and Sugar absorbed large part
of the days speculative interest.
The afternoon market was dull and
featureless, the tendency being downward
at the close