The times. [volume] (Washington [D.C.]) 1897-1901, 1898-03-29
THE STOCKMARKET BOOMS
An Extraordinary Rise Character
lied as Bear Panic.
There Were Sharp Rccoveries in L
s. Government Bonds and
Spanish Fours.

New York, March 2S.-An extraordinary
rise in the stock market this morning was
commonly and correctly characterized as
a bear panic. The oversold condition of
the market for days has been its most
salient feature. but the abstention from
activity on the part of investors and
large speculative interests prevented
such consequences as were noted on Sat
urday and today. On Saturday ii was ap-
parent that certain powerful financial in
terests felt sufficiently assured in regard
to the political situation to allow them to
assume much more aggressive stand in
the support of securities, and support of
this nature was again evident in the mar
ket today. This important change was
quickly recognized by the short interest.
which at this time is generally believed
to include that specially sensitive
count composed of commission houses
which have sold their customers stocks
short for their own protection, and with
today's developments in the Cuban situa-
ton there was nothing left for these spe-
culators but to cover their contracts as
quickly as possible. This process was at
times during the day wild scramble, and
weeks were recovered in as many hours.
On Saturday and early today there were
rumOrS of some more pacific turn in the
diplomatic situation which spurred on the
short interest and il was shown that
Wall Street had a correct inkling of the
change in conditions. The announcement
of proposed armistice and of Spain'S
assent to this country's sending supplies
was assumed to shelve indefinitely what
has heretofore seemed to be an irrepres-
sible question. 1t is yet to be proved that
these steps will finally dispose of the
general Cuban question, but the post
ponement of the crisis was sufficient to
bring about a noteworthy movement in
prices and 1t was evident that the short
interest was averse to awaiting further
diplomatic moves.
Sharp recoveries in United States Gov
ernment bonds and like tendency in
Spanish per cents were valuable in
dications as to the reliability of the
Washington dispatches regarding the
| compromise likely to be reached between
| this country and Spain on the Cuban
question.
Other important circumstances today
| were the decided weakness of the foreign
exchange market. which allowed the adj
ditional engagements of gold for import,
and the great plethora of money offered
| on call There was no shading in the
rates in the time loan division however.
The dealings in the market were the
| largest in several weeks, though the ac
! tivity was not very generally distributed,
| the heaviest transactions being in Sugar,
! the grangers, Manhattan. Union Pacific
| preferred and Northern Pacific. While
| the extreme advances were naturally not
/ fully retained the close showed many
| striking gains on the day. The highest
| general level of prices was reached in the
] middle of the afternoon when advances
| from to Is points above Saturdays fig
ures were shown. Such advances natu-
rally tempted realizing sales under which
| recessions were common. The dealings
| for foreign account were not on balance
| of sufficient proportions to have consid-
| cradle effect in the market