Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-03-14
FINANCE AND TRADE
Prices of Stocks Took a Sharp Turn
Upward Today.
War SCARE HAS BEEN DISCOUNTED
'8rokers Take a More Hopeful View.
of the Future.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, March 1.-THE panic symp-
toms of Saturday gave way to more opti-
nlstic reasoning this morning, prices in
consequence rejecting substantial gains
the closing level last week. Initial
figures were uniformly higher. the extremes
of Improvement varying from Il to per
cent
London cables reported a higher range of
prices in the American market as the result
of a belief that Saturdays decline was not
warranted by the facts, and that the
chances for immediate kostilities with
Srain were limited.
The eastern situation was unchanged,
ard this fact contributed slightly to the
mere confident undertone In the European
markets.
Spanish per cent bonds were quoted al
81 3-4, decline OF per cent since the mid
die Of last week. Engag ,Inents of s., 250, 600
god for import from Europe were an
Iounced during the day, and this practical
emphasizing of our international financial
condition aided the Improvement in prices.
Earnings were all satisfactory. and. moth
ing save the delay in the findings Of the
court of inquiry and the political aspect
of the situation were disturbing.
The possibilities of the latter factor as a
disquieting influence have been limited to a
ccl siderable degree by the recent liquida-
ton of weakly marginei holdings.
Strong financial interests were noticed
among the buyers today and were quoted
as believing the market invulnerable against
all probable adverse developments, except
ing some action equivalent to declaration
of war. However temporary it's absence
may be the war scare has passed out of
the financial situation.
This statement does not preclude the like
lihood Of lower prices than the best for to-
IL Oh. sv,.A a.
cover on the ascending scale, and oncs this
factor is eliminated a substantial incentive
to higher prices will have disappeared.
Pending radical developments the policy of
the larger operators is likely to favor pur-
chases on all concessions.
The range of prices for some of the most
desirable securities is admittedly under
value, and declines are very naturally
awaited By the far-sighted. Prices and not
values have suffered by recent develop
ments.
The buying of sugar, Metropolitan and
Manhattan was credited to the short in
terest, and the urgency of the demand is
reflected by the substantial changes over
Saturdays prices.
In the Granger issues the extent of the
Improvement was relatively as large, but
the rebuying of long stock was factor in
these shares. St Paul, for example, was
in excellent demand, the strong Standard
OIL following being reported among the
purchasing element.
Burlington was exceptionally strong also
Notwithstanding local effort in Nebraska
to overcome the recent decision of the Su-
preme Court.
New York Central and the higher-pri,ad
investment issues were all stronger and
gave every evidence Of reviving confidence
In the financial outlook
The final hour was trife less active
than its predecessors, but prices during
that period were at the highest point of the
day. change in sentiment has been re-
corded and the immediate future of the
situation is entirely assured, except in the
event of surprises from Washington.