The San Francisco call., 1898-03-29
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, March 2S.-The familiar spec tacle was presented on the Stock Exchange to- day of violent reaction upon the elimination of an event which has long been anticipated and discounted. The facts were that the ind ings of the Maine Court of Inquiry were pre- sented to Congress and were proved to be ex- ectlv as foreshadowed. That is to say, the Maine is found to have been blown up by submarine mine. Ever since the morning after the explosion the stock market has been de- pressed by the constant dread that this report would be formulated by constituted officials of the United States. The speculative public as- stunned that such allegation would necessi- tate a rupture between the United States and Spafn and consequent damage to values or all securities which 1t was attempted to measure hy a constant decline in prices since the date of the explosion almost to the present tme
 Yet the actual publication to-day of the report resulted in rebound ln prices "nlch aI the high point of the day had wiped out large nronortion of the losses which have occurred since the explosion in Havana harbor Inns was brought about through the movement or the hear traders to take their profits. Having haen tndustriously selling stocks Tor weeks Tn anficiuation of the harm to values to be done bv inc Maine report, they were warned by the irnminence of the actual publication that the lowest prices to be looked for on that account had been reached, and they therefore set about 10 buy stocks to fill their contracts. The progress of the settlement quietly developed Inc fact that the short interest was large and r,y,ieidv beyond all expectation. Besides this. tbav had to meet the skillful and well organ szaA 1ThIcb had quietly possessed itself of as much os nossible of the floating supply of stocks In +be market at the low level The liquidation oT the last few weeks had left the supply of etocks very small. When the shorts began to hid they found bull operators in full competi- tion with them, bidding up prices: The result 1yas a scramble by the shorts which reached tta ,,ronortions of bear panic during the day and cent prices skyward. The bulls resorted to oil the usual devices to assist their cam noien for squeezing the shorts. The news
 tba9 xras circulated in Wall street during the do1y was much of 1t as frantic on the side of ooef,II probabilities as was that on the side af war used by bears in their recent operations Sor . decline The apprehensions of the bears ryere fed by a printed report from Washington tnot enatn had completely acceded to all Presi- dant McKinley's requests, including an armis- tIna between Cubans and Spaniards for six ,aonths The passage of the Spanish elections.
 t.t thaIr assurance of legislative support to p.aniar Saeasta and the conservative course ,reI,ed by Congress toward the Maine report ppe,,e eou1e assurance that President McKfnleys s eaIi Lnown desire for a peaceful adjustment nfth Snain might find a successful outcome T.hTs gave color to the reports which were iaced in circulation and maRnified the fears t tha hard pressed bears. Without this and the underlying strength of financial and busi- -ass .ns conditions. the adroit manipulation of the h,Iis would hardly have proved so great a sue cesss Closing prices were by no means at tha biebest. the specialties showing reactions ranging up to 4h points. -
 The transactions for the day foot up con-