The herald., 1898-03-29
i6S
Total
ON 'CHANGE
Conditions AZ Shown by Transactions
4 on Wall Street

NEW YORK. March 2S-The familiar
spectacle was presented on the stock ex-
change today Of a violent reaction upon
che elimination of an event which has
long been anticipated and discounted. TIE
facts were that the findings Of the Maine
court of inquiry were presented to con-
snd to be exactly e. fore
found to have been blown up by sub
marine mine. Ever since the morning
after the explosion. the stock market has
this report would be. formulated BY the
Constituted officials of the United States.
The speculative public assumed that such
an allegation would necessitate rup-
ture between the United States and Spain
and CONSEQUENT damage to values OF all
securities, which 1t was attempted to meas
ure BY constant decline in prices since
the date of the explosion almost to the
today. of the report resulted in. rebound
IN prices which at the high point Of the
DAY had wiped out large proportion Of the
losses which have occurred since the ex-
brought about through the movement of
the bear traders to take their profits.
Having been industriously selling stocks
Tor weeks In anticipation Of the harm to
they were warned by the imminence Of the
actual publication that the lowest prices
p be looked for on that account had been
f4eched, and they therefore set about to
D1y stocks to NIL their contracts. The
progress Of the settlement quietly devel-
oped the fact that the short interest was
isrge and rnwieldy beyond al expecta-
skillful and well organized efforts Of. a
powersur puif-combtnat winch had quf-
Sc q Gso ssocas Ks Rosi % she
|of the last few weeks had left the supply
OF stocks very small.
When the shorts began to bid they found
bull operators in full competition with
q scramble BY the shorts which reached the
proportions Of a bear panic during the
day and sent prices skyward. The bulls
resorted to all the usual devices to assist
their campaign for squeesing the shorts.
The news that was circulated in Wall
street during the day was much of 1t as
frantic on the side of peaceful probabili-
ties as was that on the war side used BY
bears in their recent operations for a de-
cline. The apprehensions Of the bears
were fed by q printed report from Wash
!ngton that Spain had acceded to all Pres
fdent McKinley's requests, including an
armistice between Cubans and spaniards
nor six months. The passage Of the Span
ish elections. with their assurance Of leg
islative support to Premier Sagasta and
sne neus conservstiys I've % course pursued by con-
assurance that President McKinley's we'll
Known desire for q peaceful adjustment
With Spain might find a successful out
come S;si Tsr Tsls gave gsssa color to the reports
nasnined the fears Of the hard-pressed
bears. Without this and the underlying
strength Of financial and business condi-
tons the adroit manipulation of the bulls
would hardly have proved SO great sue
cess Closing prices were by no means at
the highest, the specialties showing reac-
Mons ranging up to AZ points.
The transactions for the day foot UP con-
s!derably over three quarters of a million
shares, a total which has not been eoualed
since last fall.
!, The bond market also showed largely in
creased activity. especially in the specu-
lttive issues, and gains Of to per cent
were registered In prominent issues. Total
sales. 81, ,300, 900.
Government bonds were very strong,
The new fours advanced ~, the old fours
there were sales OF the new fours, coupon.
Ct LII, which Is per cent over Saturday {