The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-03-29

NEW YORK, March 2s.-The familiar
spectacle was presented on the stock ex-
change today OF violent reaction. upon
the elimination OF an event which has
long been, anticipated and discounted.
The facts were that the findings Of the
Maine court OF inquiry were presented to
as foreshadowed. That is TO say. the Maine
Is found to have been blown up by q SUBJ
marine mine. Ever since the morning
after the explosion the stock market has
been depressed by the constant dread that
this report would be formulated by con-
stituted officials of the United States. The
allegation would necessitate rupture be-
tween the United States and Spain ard
consequent damage 10 values Of all securi-
ties. which 1t was attempted to measure
by constant decline in prices since the
date of the explosion almost to the pres
ent time. Yet the actual publication to-
day OF the report resulted In rebound il
prices. which at the high point of the day
had wiped out large proportion OF the
losses which have occurred since the ex-
plosion in Havana harbor.
This was brought about through the
movement OF the bear traders to make
their profits. Having been industriousiy
selling stocks for weeks, in anticipation
OF the harm 20 values TO he done hy the
Maine report. they were warned by the
appearance of the actual publication that
the lowest prices 10 be looked for on that
account had been reached. and they there
fore set about 20 buy stocks To iii their
contracts. The progress OF the settlement
quietly developed the fact that the short
interest was large and unwieidly beyond
nil expectation. BESIDES this. they had TO
meet the skillfus and wei-organized eff
forts OF a powerful bull combination. which
had quietly possessed Itself OF as much as
possible OF the floating supply of stocks
In the market al the lowest level. The
liquidation of the last few weeks had left
the supply of stocks very small When the
shorts began 10 bid. they found bull ope-
rators in fun competition with them.
bidding up prices. The result was a scram-
bic by The shorts. which reached the pro-
portions of a bear panic during the day.
and sent prices skyward The bulls re-
sorted 10 all the usual devices TO assist
their campaign for squeezing the shorts.
The news" tina. was circulated in Wall
street during the day was much of II as
frantic on the side of peaceful prohab.l-
ties as was that on the side Of war used
by bears IN their recent operations FOR a
decline, The apprehensions OF the bears
were fed by "A printed report from Wash
ington that Spain had completely acceded
10 all President McKinleys requests, in
Gliding an armistice between Cuhans and
SpaHtar6s Tor six months. The passage
of the Spanish elections. with their assur-
ance of legislative support TO Premier
sued by congress toward the Maine re-
port. gave some assurance that President
Mckinleys well-known desire for peace
fui settlement with Spain might find a
successful outcome This gave color 10 the
reports which were placed in circulation
and magnified the fears Of the hard pressed
pearS. NifnoUt thiS anu the UNDERLYING
strength OF financial and business con-
ditions. fhe adroit manipuiations OF the
bulls would hardly have proved so grsa,
= success Closing prices We're By no means
a. the highest. the speciaties showing re-
actions ranging UP 20 An points. The
transactions for the day footed up 20 90
shares. a total which has not been eaualed
since last fan.
The band marke; also showed largely
increased activity. especially in the specn-
lative issue. and gains Of 10 per cent.
wsrs rsFisssa in PSmnnnS n Teal
strong. The new fcurs advanced ~ the
old fours ]. the seconds =. and The iiSes :.
bid and there were saies of the new faurs
coupon al III, wh.cn Is ) Per cent over
Saturdays bids.
Money and Exchange
Money or eau easier al igfiA per cent;
last loan, ~ ger cent. Prime mercantile
paper, SsG6is per cent Sterling exchange
weak. With actual business n bankers
81 Ssas z ! siaas fer sixty DAYS; posted rsees
ssSisSsse and sss6 Commercial Bills
s. Ny sea.. Silver certificates 5aSsSsa.e.
Har silver. aAt.c. Mexican dollars 50. g
Goveruuent hotds strong. Railroad bonds
sireAg.
General Quotations
F'lour-Recelp,s =, 40 barrels: exports Is
SAe Market neglected hi; fairly steady
Wheat Receipts sl.5,s hasheas: exports
1918 o4<helS~ spot easy, nominal Ne. >
red si.aite T. a. b. anoat. Ontsans op~ned
fsrTper on strone caaies and cold wave
Ia tbe West Liquidation caused weakness
In Wall street. March closed e lover,
MAY unchanged and late months lmi'4c net
higher
Wesi-g9uset
Eoos-euiet-
petroieuus-Apufi
Cossas>-Os,tsens closed steady and IN.
caanxea 10 polats net advance. Sales