The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-03-08
NEW YORK MARKETS


NEW YORK. March The relations D.
tween the United States and spain caused
apprehension in al circles in wall street
To-Day. That there were large sales OF Sc
euristes ~ timiS holders for the purpose OF
converting them into actual money was
doubtless true. but large portion o. the
selhng was due 20 the Liquidation OF spec
ulatlve holdings. which have been strongly
held Through previous declines, but NHlca
were thrown ever today TO realize *nas
they would bring. There was paipao.s
maneuyeF by the bears 10 force the lowest
possible range of quotations at the opening
and their offerings 20 force down prices
and their purchases at the decline 10 cover
made up 10 small portion OF the Gay
business In this connection IL y interest
ing 10 note that the opening sales OF Bur
Hngton were reported at from se1sc 10 sS1zc;
and this quotation was not corrected untit
the close OF the market. when i was can
ceied with the explanation that the sales
reported We're OF 3. Paul at those quota
tons and not of Burlington. Instead OF a
break In Burlington Of ~ al the opening
that stocks extreme decline from Satur-
days close was = Louisville was at enc
time points of. its weakness developing
later IN the day New York central snow
ed q loss OF 81 at the opening Otherwise
the extreme declines IN the railroad list
were restricted between J and points
Losses In the specialties were great. Met
ropOlitan Street Railway falling points,
Sugar. 5i7 and Manhattan 3l7. The snorts
we're quick 70 cover az the decline ard
rally CT | 10 points was almost instanta-
ncoIs
Ire buying to cover short contracts was
attributed 10 Washington sources, which
were aggressive sellers of stock here dur
Ing the morning. The sales for that ac-
count were estimated a. 5000 shares. Lon
don's pessmistic view Of values was as
much influenced by the threatening outlook
in China and the dispute in the Niger re-
gion. by the Cuban question. Local OPP
orators were quick 10 decide that no dam
age was threatened TO American securities
by this complication. and this encouraged
ha a SarnffQ1 of
Later In the day. the Introduction OF Mr..
Cannon's bill TO appropriate $4,000 600 for
national defense. and the passage of the
Hawley bill providing for two new artil-
lery regiments. renewed the early weak
ness and forced prices again 10 the lowest.
The latter was freer from bear manipula-
ton and represented more liquidation than
the earlier one.
The decision favoring the railroads in Ne
braska maximum freight rate case was al
most ignored and the news that Spain
had withdrawn its request for Consul Gen.
eral Lees recall although somewhat more
efficacious in rallyng the market. had but
a temporary effect. the other threatening
aspects of the situation being regarded as
more important. Money was marked up 10
8 per cent. in the early transactions. an
influence In inducing LIQUIDATION which
must not be overlooked. The rate eased off
10 - per cent again before the close OF
the day. Closing prices in stocks were
considerably above the lowest. but net de-
clnes In the standard shares are still from
! TO ever s points.
Prices for bonds yielded almost az sharp
" as those OF stocks. but the smaller liqui-
dation. by comparison with stocks, indi-
ted greater underlying strength. Total
sales were s. 3d5. 600 United States new Is
and old &c declined IL. old Is coupon and
the 81 l. and the d u per cent. bid. The So
coupon sold at 1ll4.
Money and Exchange.
Money on call steady at 11l93 per cent:
last loans. per cent; prime mercantile pa
per. 34i per cent; sterling exchange.
steady. with actual business in bankers
bills at siS41s for demand and at s4S1iaGl
asa for sixty days: posted rates. s4.S31
SIa: commercial bills, sisi: silver certid-
Gates, 5i9o bar silver. 5i4c; Mexican dol
lars 4ia.c