The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-03-08
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks.
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
ducs-Review of Trade.

New YORK, March tine relations De-
tween the United States and Spain caused
apprehension in all circles in Wall street
to-day. That there were large sales of
securities by timid holders for the pur-
pose of converting them into actual mon
ey was doubtless true. but a large portion
of the selling was due to the liquidation
of speculative holdings, which have been
strongly held through previous declines,
but which were thrown over to-day to
realize what they would bring. There
were palpable maneuvers, also, by the
bears to force the lowest possible range
of quotations 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 it is interesting to note
that the opening sales of Burlington were
reported at from 901s to s9l2 and this
quotation was not corrected until the
close of the market. when it was can
celled with the explanation that the sales
reported were of st. Paul at those quota
tions, and not of Burlington.
Instead of a break in Burlington of "A
points at the opening that stocks eX-
IRENE decline from Saturdays close was
q point. Louisville was at one time 4
points off, its weakness developing later
in the day. New York Central showed a
loss of 33s points at the opening. Other
wise the extreme declines in the railroad
points.
Losses in the specialties were great
Metropolitan falling points, Sugar SO
and Manhattan 3l3. The shorts were quick
to cover at the decline and a rally of from
| to 3 points was almost instantaneous
The buying to cover short contracts was
attributed to Washington sources, which
We're aggressive sellers of stock here
during the morning. sales for that account
being estimated at 10000 shares.
London's pessimistic view of values
was as much influenced by the threaten
ing outlook in China and the dispute in
the Niger region by the Cuban ques-
ton. Local operators were quick to de-
eide that no damage was threatened to
American securities by this complication
and this encouraged the absorption of
London offerings.
Later in the day the introduction of Mr..
Cannons bill to appropriate $50 000.0 600 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 to the low
est. The latter break was freer from bear
manipulation and reported more liquida-
/ ton than the earlier one The decision fa-
voring the railroads in the Nebraska
maximum freight case was almost ig-
nored and the news that Spain had with
drawn its request for Consul General
Lees recall, although somewhat more eff
ficacious in rallying the market. had but
a temporary effect, the other threatening
aspects of the situation being regarded
/ as more important.
! Money was marked up to per cent.
| in the early transactions. an influence in
! inducing liquidation which must not be
! overlooked The rate eased off to 11a per
| cent. again before the close of the day.
/ Closing prices in stocks were considerably
/ above the lowest. but net declines in the
standard shares are still from ] to over )
\ points.
Prices for bonds yielded almost as sharp
/ ~ as those of stocks. but the smaller
/ liquidation. by comparison with stocks, in
/ Dictated greater underlying strength. To-
7 tai sales, IS, 305, 900 L. S. new As and Y.
s. old As declined liz. old As coupon and
! the SIS l, and the rs y per cent. bid. The
/ s coupon sold at 111&.