Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-03-07
Stocks Opened Weak and Irregular
on Cuban News.
SHARP RECOVERY AT CLOSE
Decision in Nebraska Case Had
Beneficial Effect.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star
NEW YORK, March 1.-opening prices I'm
today's stock market reflected declines
varying from 1 to , per cent. In special
instances. notably in the volatile traction
group, the declines extended TO 81 per
cent by comparison with the final figures
of Saturday
London cables indicated weakness in the
American department between the ex-
tremes OF y and per cent. The natural
result OF such violent changes was demon
alization. accompanied by AN attendant
sacrifice of prices.
The first hour was given over 10 an in
discriminate rush to Iiquidate long hold
ings Securities bought but a few days
ago at higher prices were thrown over i'm
considerable volume during the excitement
OF the opening hour. The covering of short
contracts and moderate support developed
later, and the undertone became some
what more steady.
There was nothing TO warrant purchases
however. except the assurances of = rally
due to the oyerselling of a very narrow
market.
Inc change In our consular representa-
tion at Havana and objection 20 this gov
ernments means of conveying supplies to
CUBA Were magnified INTO arguments OF a
r.ost alarming character. \ reported con-
ference between leading members of the
fiharce committees OF both houses and
several members Of the cabinet was con-
strued - Re forest Allowing of significant
events. A probable special message TO pro-
VIDE Tor hasty additions to our ravy was
frequently limited at during the day
Practically no runner capable of soaring
on few fractions from prices but was
included in the days receipts from Wash
ington and Havana. Spain's modification
OF her request was announced later I'm the
qucnce.
The Cuban crisis-as 1t is now generally
regarded in financial circes-was DISPLACED
as an incentive for brief period during
the noon hour. The long delayed decision
IN the Nebraska maximum freight rate
case was handed down during this period.
The Importance of the court findings I'm
this case can scarcely be overestimated i'm
their benefit to American railroads. yet the
announcement was made at a time when
weiShtier questions were more vital and
the immediate result was scarcely more
pronounced than that which follows a
monthly increase in earnings. Five to IL
per cent advances might have followed
from such incentive i'm a normal market,
but today there was only moderate cover
ing and temporary staying of the decline.
Like all things speculative at this juno
ture, the best features Of the situation are
condemned to inertia pending the removal
of the Cuban obstacle to reflected pros
perity. 1t is not often that such obsi acirs
are so limited, but i'm the present instance
confidence in highe' prices is almost unani-
nous. except for the reason assigned. Buy
ing OF any break is likely to be feature
of the market from now on. but the punli,.
will not be the first to benefit by such ac-
tcn.
The final trading was more conservative
than AT any time during the day. and clos
ing prices reflected a fair recovery from
the maximum declines of the forenoon.