The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-03-13
EIxAxo1A1 AND ooxnnno1AI..
SATURDAY, March II.

CHM hbNo pNoh NohApHA Akhes ~
stocks tho daily average has been about
$50, 900 shares, and in bonds about GA mil
lions pa value. The net fluctuations, however.
arr Important, for they are general and In q
majority Of cases serious. The market has been
governed all the week by uncertainty as TO the
outcome Of the Spanish.C Cuban situation. Other
considerations. many OF them important. have
been ignored. Tho preparations for defence
that arc being made naturally mako spoc-
ulative holders of stocks regard the possibili-
ties OF war as an actuality. Several opera
tors who until q short time ago woro en-.
eagedtin ybuilinG tho market are now TAX
ing advantage of tho circumstance Just
mentioned. by conducting an aggressive
campaign on the short side. Tbey have in their
favor not only thofceIiug OF apprehension that
prevails in and about the Stock Exchange. but
also tho Inactivity OF Investors and Of substan-
tl interests that frequently shape the courEe
OF the market.
One OF tho reasons advanced by tho Street for
holding nIoof from the market is that the OK
perienes which tho country 10 now undergoing
10 practically without n parallel; that i, tho
possibility Of hostilitles with n foreign power
has mob arisen before since tho early part Of
the century. Other clements OF uncertainty
in the situation arc obvious, among them the
progrssss that has boon made during the last
decade or two In war equipment. both on
eea and on land. IL precedent is Of any
valuo. 1t scems safe to assume that tho pub
LEGATION OF the findings OF the Maine Court
of inquiry and Of the programme OF the Admin.
i~stretion. both of which 1t is generally expected
will be announced next week, will relieve the
strain that is now the chief factor
in depressing prices. or course. tho fact
must not be overlooked that Europe 10
unsettled over n number of international propo-
sitions, chief among which is the aggressive
ness Of Russia In China. However, Europe
-. a,,ardtn~ e. RI oil oNrnnuta pnnar
lively few American securities that are held
on q speculative basis. and, as noted In this
column this morning. internal conditions in this
country are unusually favorable. Tho indica-
tions are that were 1t not for tho possibility Of
international complications the various mar
kets would reflect a degree of unusual pros
perity.
AS q matter of fact, all other considerations
affecting values arc outweighed by the interest
which the United States has been led to take In
the unfortunate condition OF affairs in Cuba.
Fresh evidence upon this point was furnished
by to-day's stock market, which was weak
from start to finish and closed. materially lower
than yesterday. The opening was influenced by
O declining market for American securities in
London, where 1t was reported a largo operator
in them, as we'll as in mining shares. had been
compelled to liquidate. The sharp decline at the
opening induced some taking of profits by
tho short interest, but the volume Of liquidation
wns manifestly SO large that orders to close
short contracts were speedily withdrawn and
were followed by fresh orders to sell. In
consequence no rally of Importance took
place. though in some cases final prices
were fractionally above the lowest re-
corded. The most noteworth recoveries
were those of moro than a point in
Sugar Refining and Of nearly q point in North
ern Pacific preferred and Of 1os y cent. In
Union Pacific preferred. A break in st.
Paul that left that stock 4 points lower than
yesterday was not without effect upon the
general list. All Of the Granger stocks J
were conspicuously weak. and 80 were tho local
traction shares at net declines ranging from Ole
to 3a per cent. London bought a few stocks at
the early decline, but there was no local buying
of o character to mitigate the fears Of specula.
tive holders or to awaken a sense of insecurity
on the part of the short interest.
The weekly statemento of averages Of tho As.
gociated Banks shows in tho decrease Of nearly
$1,000 900 In the loans the extent of the
liquidation that has taken place this week.
Tho banks have gained in gold, chiefly from
abroad, nearly as much lawful money as they
have lost in legal tenders to the interior and to
the Sub-Treasury. The effect of these two
changes upon tho deposits is practically what
1t should be. namely, q decrease Of over ten
and. q half millions. Tho net result in
creascs the surplus reserve nearly 81. 200. 900.
The contraction of the loans. which bids fair to
continue. and the steady inflow of gold from
Europe. which has apparently only just begun.
are calculated to relieve any apprehension that
may have existed as to the course of the money
market in the near future.
AZ compared with the final prices OF last Sat
urday the entire list IL lower. Tho moro Inn
portant net declines are in Metropolitan Street
Railway, 1o4 Y cent; Consolidated Gas and
Manhattan Railway. IA each; Louisville and
Nashville, 7; Burlington and Quincy, Sc; St
Paul and Kansas and Texas preferred. 6ls each;
Northwest and Reading first preferred, 8 each;
Omaha, Sig; New York Central. $50; Rock
Island. s: Erie FIRST preferred. 47s; American
Sugar, Refining and Union Pacific, 4la each;
Northern Pacific preferred. ass; Union Pacific
preferred. Al; Pacific Mail. 4is; Atchison pre-
ferred and Missouri Pacific. / each; Peoples Gas
and Coke. 37e; New Jersey Central, 3ls; Brooklyn
Rapid Transit, 3ss; Tennessee Coal and Iron,
3h; Southern Railway preferred, 27s; Chesa-
peake and Ohio and Reading, 2ns each; Western
Union, zig; Northern Pacific, ~; Baltimore
and Ohio. 2; General Electric. Ia; Pittsburg.
Cincinnati. Chicago and ST: Louis. Ia; Atchison
and CLEVELAND. Lorian and Wheeling. % each.
Few York Stock ExchanGe-sales March IL.
UNITED STATES AND STATE BONDS TN 81 .OoOsl.
go u 8 u, r. 1925. .............,1214@l22
CLOSING PRICES OF UNITED STATES BONDS.
IN % Rs,r I'm St %. c.
atpiofo. 8 - 1925. ...l2la 1872
Unst 4s.r. I'm st os.E.
1eo7....1l0 III 1904. I'LL il2
I'm st a.. c. Tn st o.. @.
1907. ....lllh ll2ia 1904. Iii ll2
Un St 4s.r. I'm st 10.
1926. ...12lA l22kl r.lsss...lO2a -
RAILROAD AND OTHER BONDS TN 81. OoOs).
go Atch adj 49,. 56hI q Man R'way As. %
go .......-r.".. Sch / Met FL lat. .....lO4a
go .......... SO ! Mo p col LIST bs. 90
............. 5ol2l ! MIL 4 L s lst..l36
27 ............. 65L a N p prior d.. e3l
l5 .,....... 5baI 10 ......... e3L
FL ............. G6hsl ! N T gnl as...... SO
OF .......-.-.. So ............ bsa
10 ............ 64ssi go .......... 67a
g ."......"".. $40 20 ......"....... 90
10 Atch gnl 49,. 80 4 Norr & W On Is 7Sia
go .............. S7aI 3NY&s LIST Till
4....... S74I J Cen Enl 5s,rl