The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-03-08
STOCKS WERE PANICKY,
Apprehension Felt Over the Relation
Fctwccu Spain and America.
THE BEARS EXTREMELY AGGRESSIVE
iiouGhf Back-Thc Close, However,
showed General LOSSES.

/ New York, March THE relations between
the United States and Spain caused apprchen
] sions In all circles In Wall street today. THAI
| there were large sales of securities by tmic
| holders for the purpose of converting then
! into actual money was doubtless true, but 9
larger 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 today to realize
what they would bring.
There were very pa1pablc maueuvers also
by tie BEARS to force the lowest possible range
OF quotations at the opening ana their oner-
ngs TO force down prices and their purchases
at the decline to cover made UP no small
portion of the days business. In this con
nection II Is interesting to note that sales OF
burlington were reported at from eO32 to S9l,,
and this quotation was not corrected urtil
the oosc- Of the market, when 1t was can
celled, with the explanation that the sales re-
ported were OF St Paul ut those quotations
aud not OF Burlington.
Instead Of break in Burlington of Az at
tho opening that stock declined from Satur-
day q. Louisville was at one time 4 points
on, weakness developing later in the day.
New York Central showed n less of Us at the
opening Otherwise the extreme declines IN
the railroad list were restricted between and
. points.
Losses in the spccialties were Sugar falling
5te and Manhattan BE- The shorts We're
quick TO cover at the decline and Il rally OF i
@3 points was almost instantaneous. The
buying TO cover short contracts was uttrib-
hted To Washington sources, which were ag
grcsslve sellers in the latter part OF last
week.
London was heavy seller of stocks hero
during the morning, the sales for that ac-
count being estimated mt 10000 shares. Lon
don y pessimistic view of values was as much
influenced by the threatening outlook in
china and the dispute in tho Niger region as
by the Cuban question. The local operators
were quick to decide that no damage was
threatened to American securities by these
complications, and this encouraged the alb
sorption OF London offerings.
Later in the day the Introduction of Mr.
cannon g bill TO appropriate $4,000 600 for Ma
tiohii defense and the passage OF the fIawley
renewed the early weakness and forced prices
asHin to the lowest. The latter break was
treer from bear manipulation and reported
more liquidation than earlier ones.
me decision favoring the railroads in the
maximum freight rate case was almost ig-
nored and the news that Spain had withdrawn
It's request for Consul General Lees recall
although somewhat more cffcacious in rally
ing the market, had but IA temporary effect,
inc other threatening aspects of the situation
being regarded as more important
Money was marked up to per cent in the
early transactions. an influence inducing
liquidation which must not he overlooked.
The furry in money was caused by the call
ing of loans by number of banks whose re-
serves had fallen below the % per cent limit.
me rates eascd off to IL per cent again he
fore tho close.
Closing prices in stocks were considerable
above the lowest, but net declines in tn.
standard shares are still from to over a per
tent
Prices of bonds yielded almost as rapidly
Ms stocks, but the smaller liquidation by
comparison with stocks Indicated greater IN
DERIVING strength. Total sales. 81, 325 OOo.
Ivy private wire TO Cargtl T. Richardson's: