The age-herald., 1898-03-08
In Wal atreel.

New York, March 7.-Ine relaliohS oe tween the United States and Spain caused anprehension in all circles in Wall street today That there were large scales or securities by timid holders for the purpose of converting them into actual money WAS doubtless true, but a larger portlon UT lne selling was due to the liquidation or specu- latiye holdings which have been strongly held through previous declines, but winch were thrown over today to realize what they would bring. There was very paiptl- ble manoeuvers also by the bears 10 Iorce the lowest possible range or quotations aC 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 IL is interesting to note that the opening sales on Burlington were reported at rom sVss to S91a, and this quotation was not correct ed until the close of the market, when IL was cancelled, with the explanation that the sales reported were of St. Paul at those quotations, and not of Burlington. Instead of a break in Burlington of IA at the open ing that stocks extreme decline Ifoih Saturdays close was 4. Louisville was at one time four points off, its weakness de- yeloping later in the day. New York Cen tral showed a loss of 3as at the opening. Otherwise the extreme declines III lhe ran. road list were restricted between ana points Losses in the spectaltes were great, Metropolitan falling points, Sugar 5ls and Manhattan 3l9. The shorts were quick to cover at the decline, and rally of 1 to points was almost instantaneous. The buying to cover short contracts Was attributed to Washington sources, Whici were aggressive sellers in the latter part of last week. London was a heavy seller of stocks here during the morning, the sales for that account being estimated al An a0o shares London's pessimistic view or values was so much influenced py tie threatening outlook in China and the ois-
 r,..t, hV question. The local operators were quick to decide that no damage was tnreateheo to American securities by these compiica- tions and this encouraged the apsoiploh of London offerings
 Later in the day the introduction of Mr. Cannon,s bill to appropriate $50,0e0,oOO for national defense, and the passage or the Hawley bill providing for new artillery reg ineuts renewed the early weakness ana forced prices again to the lowest Ihe later break was freer from bear manpula- tion and represented more liquidation than the earlier one. The decision fayorang the railroads in the Nebraska maximum freight rate case was almost ignored, and the news that Spain had withdrawn it's request Tor Consul General Lees recall, although some- what more efficacious in rallyfng the mar ket, had but temporary effect, the other threatening aspects of the situation peing regarded as more important
 Money was marked up to per cent In tbe early transactions, an influence iuduc- ing liuuidation which must not be over looked The furry in money was caused by the calling of loans by number of banks whose reserves had fallen below the x per cent limit. The rate eased off to IF per cent. again before the close or the day.
 Closing prices in stocks were considerably above the lowest, but net declines in the standard shares are still from to over per cent Prices in bonds yielded almost as sharply as those of stocks, but the smaller 1iauidations by comparison with stocks in- dicated greater underlying strength. Total sales, $3,325 900.
 United States new As, as did old As, de- clined 1b; old As coupon and the 6's, per cent, 2s declined F per cent.
 Total sales of stocks today, 601 300 shares, including Atchison preferred, l2,053; Chesa- peake and Ohio, 5,020; Burlington, 54 1928; Louisville, IS S,290; Manhattan, 27,956; Metro politan, 3s05; Reading preferred, 9,940; Mis- souri Pacific, 6,225; Kansas and Texas pre- ferred, 4470; New Jersey Central, 3215; New York Central, 21 $40; Northern Pacific, 4,- s20; Northern Pacific preferred, 35.66o; On tario and Western, 3,549; Reading, 1925; Rock Island, 19,2SO; St. Paul. 65 ,27O; Southern preferred, 4,934; Union Pacific, 12,120; Union Pacific D. 6 G., 4020; Tobacco, Il ,125; Peo- ple's Gas, 21,65O; Sugar, s2,610; Western Union. 5,824
 Money on call steady at 1A@s per cent; last loan, per cent; prime mercantile paper, Az per cent
 SterIing exchange steady, with actual business in bankers bills, $4.S4h for de- mand and $4S11k@4.H% for sixty days; posted rates, $4SS@4. s51k; commercial bills, $4.M.
 Silver certificates, 54o@55c.
 Bar silver, 54Ac.
 Mexican dollars, Aazc.
 Government bonds weak.