The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-03-12
E1xlSoI<L AND COMMERCIAL.
FRIDAY, March IL.

mout N tbEOuk bhS oAShNS
tion. Influenced largely by the adroitly
circulated Vows OF n fow bear operators
and by tho alarming reports emanatinR
from tho speculative contingent ut Wash
ingtop, tho Stock Exchange community re-
cards tho present long delayed prepare
lions to protect the country, to maintain its
dignity, and, " necessary, to enforce its Just
claim as equivalent to n declaration OF war.
That an increase in strength and n substantial
manifestation Of force are the surest guarantees
against hostilities appears to DO absolutely
IGNORED. In consequence nearly every ono
n afraid to buy securities. and tho market
n left practically at the mercy of tho
bears, who are as successful in depress-
ing prices as II the ravaging Of our Atlantic sea-
coast by a foreign power were an immediate
probability instead OF an extremely remote pos
sibility. The patrons of tho Stock Exchange
also seem to leave out Of their calculations the
wide difference between n nation with practi-
cally unlimited credit and resources Of
all kinds and ono hat Ia virtually
bankrupt and seriously impaired physically
by protracted military operations. Tho only
reasonable ground for apprehension Is that
some misguided fanatic may precipitate q sit
uation which the Spanish Government, as well
90 that OF tho United States, would deplore.
This possibility, among other things, has doubt
less Influenced the Administration in adopting
its present programme.
The susceptibility of the Street, as we'll as tho
degree of the tension 1t is suffering under, were
demonstrated again to-day by n continuous and
material decline in prices. The transactions
were not larger than tho recent daily average,
nor was the liquidation extensive. There was,
however, a constant dribbling of long stock,
presumably by comparatively small specula.
two holders, which was sufficient to en-
courage tho advocates OF lower prices
to redouble their efforts to break the
market. Those efforts. Judging from the Dor
rowing demand for stocks, resulted in a further
increase in the short interest. 1t has become
exceedingly fashionable now to sell stocks for
short account. and many people who never be-
fore INDUCED in that form of gambling find
reasons that justify them in taking that exceed
ingly fascinating risk. This circumstance. to-
gether with the liquidation that has taken place,
has unquestionably reduced the amount of stocks
that the majority of brokers are carrying very
materially. There are no indications that Eu-
rope has disposed of any important portion of
the stocks bought within the last few weeks.
nor that domestic investors who increased their
holdings at the recent decline are disposed to
throw them over. The purchasers referred to.
being beyond the reach of calls for moro mar
gin" are probably relying upon tho discretion
and ability Of tho Government and also upon
internal conditions that would ordinarily stimu-
lato aggressive buying Of securities.
Rarely, IL ever. in the history of the Stock
Exchange have domestic developments been
ignored as they are now. General business is |
active and will be further stimulated by the dis
bursement of at least q part of tho $50, OOO,O 900
emergency appropriation by Congress. Prices
of staple commodities continue to advance. and
the most important product, namely. wheat, is
moving out of the country in large quantities at |
higher prices than have ruled for some years
past. Total exports are constantly increasing over
last yoar, and they are also largely in excess of
imports. Europe is ut last beginning to pay its
Indebtedness to tho United States.
which is chiefly in the form of long sterling bills
which are now maturing for the second time. |
This accounts for tho heavy imports of gold.
engagements of specie for shipment
to this country were reported to-day. aggre-
eating 81 .O16. 900. and making tho total move
ment Sic. 175. 900. The attempt Of tho
Bank of France to minimize the drafts
upon 1t for gold to be shipped to this centre
by raising its price for American eagles has
shifted tho Withdrawals to the
Bank of England. but it is possible that the first
named institution will realize that its policy
will ultimately prove futile and will be reason
able in assisting its clients to discharge their
to this country.
When business was resumed on tho Stock
this morning tho prices for American
in London foreshadowed q rally. but
to sell stocks had apparently accumulated
and were in excess of tho demands
from foreign arbitrage houses. Moreover.
there was aggressive selling for short ac
count. Tho early decline gave character
TO the entire days business. and the
market as q whole was heavy throughout.
Sugar Refining, the Granger stocks. Manhattan
Railway. Northern Pacific preferred, Union
ID cfAn nrafarrad paop1aia Gao nroobIvn Donid |
Transit. American Tobacco. Louisville and Nash
vile. and New York Central received note
attention and sustained net losses
averaging a point lower than yesterday. The
net declines were in a few of the So
called inactive stocks, q list that to-day included
Metropolitan Street Railway. NJ. X. and T.
preferred. and Chesapeake and Ohio. The do
cision in the Rapid Transit case was not with
out effect upon the market for the local trac-
ton stocks. or news having an unfavorable
bearing upon the value of any of the securities
dealt in on the Exchange there was not any, yet
the closing was heavy at about the lowest prices.
Eew Herk stock Exchango-sales March H.
UNITED STATES AND STATE BONDS On 81. oOosl.
2Uscur es sosl o3 lUs4s.r. 1seolea
10 U s 4s.r. 1so7lloal 10 US 5s. o......llIs
CLOSING PRICES OF UNITED STATES BONDS.
I'm 81 2s.r. I'm St a. C.
at pl of O. 8 - 1925. ...l22a 1881
Tn st 4s,r. I'm St 6s.E
lsO7..-.llOt Ia 1904. ...111a l125
Tn st %, C. I'm st S.. o.
1907. ....lllla l12h loOA...~llla l1oh
Cnst %s.r. On st O..
1925. ....l22a l23al r.ls99...lO3
RAILROAD AND OTHER BONDS I'm 81, ooosl.
8 Atch adj d.. 577sll2N Mp prior 4s.... a
4 q ,,.,. R73IlO odL.