The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-03-08
WAR CLOUDS GENERAL
Not Only Cuba, But Africa
and the Orient.
STOCKS ARE HIT HARD
Late Partial RecoVerieS in New
York Market.

New York, March THE relations be-
tween the United States and Spain caused
apprehension in all circles in Wall street
today. That there were large sales Of Sc
curities by timid holders for the purpose
of converting them into actual money was
doubtless true, but a large portion of the
selling was due to the liquidation Of spec
ulative holdings, which have been strong
~ held through previous declines, but
which were thrown over today TO realize
what they would bring. There were very
palpable meneuvers also by the bears to
force the lowest possible range of quo
tations at the opening and their offerings
to force down prices and their purchases
at the decline to cover made up no small
portion of the days business. In this
connection 1t is interesting to note that
the opening sales of Burlington were re-
ported at from 9012 to Sy12, and this quo
tation was not corrected until the close
of the market, when it was cancelled, with
the explanation that the sales reported
were of St. Paul at those quotations, and
not of Burlington. Instead of a break
in Burlington AZ per cent at the opening,
that stocks extreme decline from Satur-
days close was = per cent. Louisville
4
developing later in the day. New York
Central showed a loss of 32s points at the
opening. Otherwise the extreme declines
in the railroad list were restricted between
l and points. Losses in the specialties
were great, Metropolitan falling eight
points, Sugar 81 points, and Manhattan
3ls points. The shorts were quick TO
cover at the decline and rally of / to
points was almost instantaneous. The
buying to cover short contracts was at
tributed 20 Washington sources, which
were aggressive sellers in the latter part
of last week. London was a heavy seller
of stock here during the morning, the
sales for that account being estimated
at 10000 shares. London's pessimistic
view of values was as much influenced
by the threatening outlook in China and
the dispute in the Niger region as by the
Cuban question. Local operators were
quick to decide no damage was threat
ened to American securities by these COM
plicatiOns, and this encouraged the alb
sorption of London offerings. Later in the
day the introduction of Mr.. Cannon's bill
to appropriate $50, COO 600 for national de-
Tense and the passage of the Hawiey bill
providing for two new artillery regiments
renewed the early weakness and forced
prices again to the lowest The latter
break was freer from bear manipulation
and represented more liquidation than
the earlier one. The decision favoring the
railroads in the Nebraska maximum
freight rate case was ignored and the
news that Spain had withdrawn its re-
quest for Consul General Lees recall al
though somewhat efficacious in rallying
the market, had but a temporary effect,
the other threatening aspects of the sit
uation being regarded as more important
Money was up to per cent in the early
transactions, an influence in indicing
liquidation which must not be overlook
ed. The furry in money was caused by
the calling Of loans by a number Of banks
whose reserves had fallen below the -
per cent limit. The rate eased off to ~
per cent again before the close of the
day. Closing prices in stocks were consid-
erably above the lowest but net declines
in ten standard shares are still from to
over points.
The total sales Of stocks today were
601,9O0 shares.
Prices for bonds today yielded almost
as sharply as those of stocks. but the
smaller liquidation by comparison with
stocks indicated greater underlying
strength. Total sales, $3,SO5000.
United States new tours and tn old tours
declined IL per cent; old tours coupon,
and the ffves l per cent, and the twos
4 per cent bid. The fves coupon sold
at 111.A
FOREIGN STOCK MARKETS.
New York, March THE Evening Posts
London financial cablegram says:
The stock markets here were fiat and
demoralized today by political scares.
consols and similar securities closing quite
a. Ia
more potent, coming on the eve of the
settlement. Americans opened nat and
gave way steadily on home and continent
tai selling. The arbitrage houses gave
no support till afternoon, when the sup
port was considerable. Prices closed
practically at the lowest, including for
eigners. Spanish securities were I'd lower.
There was much pressure from Paris to
sell Spanish securities, as also Turkish
securities. and all international and South
American stocks. Still, considering the
intricacies Of the political complications.
tOday's fall was no more than could be
expected. Trouble is feared at the set
Element. if there IS no recovery prior
thereto. Bar gold is in demand for Amer
lean importers. at about rs l0d Most Of
the gold arrivals by the Cape boats are
believed 70 have been sold TO New York.
of about 10000 pounds OF japanese Ven
in the open market. a considerable 0or-
ton is believed to have been bought bv
New York, but the Bank Of England has
raised the buying price Of yen to rs Sd.
and some may go 10 the bank. Probably
s00, 600 pounds in all was bought here TODAY
for New York. II is not generally known
that one cause Of the japanese loan con-
tract provided for the withdrawal OF Eu-
ropean bankers from the contract. II al
the time Of issue the political situation
should be critical. The loan probably
would have been issued next SATURDAY.
and Il is believed in city circles that Rus
sia'S demand that China shall settle the
points raised by the former within five
days is significant. including. among 9th
er objects, the defeat Of the loan project.
The position OF Spain and the United
States attracted the most attention. CITY
fnanCiers attach much Importance 10 the
desperate condition OF Spanish finances,
and believe that this may prompt Spain
to aggressive action. or at least that
Spain might not withdraw from the posi-
ton taken up. If the worst happened. il
is believed that Paris might render T.
nanctal assistance 70 Spain. French inter-
est in Spanish stocks being large. At the
same time Spanish stocks are not held
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