The San Francisco call., 1898-03-08
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK March 7.-The relations be- tween the United States and Spain caused ap- prehcnson in all circles in Wall street to-day. That there were large sales of securities by the timid holders for the purpose of converting them into actual money was doubtless true, but a large portion of the selling was due to the liquidation of speculative holdings. which have been strongly held through previous de- elines but which were thrown to-day to Pealize what they would bring. There was palpable maneuvers also by the bars to force the lowest possible range of quotations at 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 1t Is interesting to note that the opening sales of Burlington were reported at from 90s to ss1f. and this quotation was not corrected until the close of the market. when 1t was cauceled with the explanation that the sales reported were Of St. Paul of those quotations and not of Burlington In- stead of a break in Burlington of 4A at the opening that stocks extreme decline from Sat urdays close 4. Louisville was at one time four points off, its weakness developing later in the day. New York Central showed loss of 37s at the opening. Otherwise the ex- tre1ne declines in the railroad list were re- stricted between l and points. .L Losses in the specialties great, Metropolitan falling 5 points. Sugar 5I2 and Manhattan 3l2 The shorts were quick at the decline and a rally of to points was almost instanta- neous The buying to cover short contracts was attributed to Washington sources. with other aggressive sellers in the latter part or last week. London heavy seller of stock here during the morning. the sales for that account being estimated at 10000 shares. Lon done pessimistic view of values was as much influenced by the threatening outlook in China and the dispute in the Niger region as by the Cuban question. Local operators were quick to decide that damage threatened to American securities by this complication, and this encouraged the absorption of London offer ings- Later in the day the introduction Of Mir. Cannons bill 10 appropriate $50 000. 900 for tlonal defense and the passage of the flaw ley bill providing for two artillery regf- ments renewed the early weakness and forced prices again to the lowest. The latter break was fIeer from bear manipulation and repre- sented more liquidation than the earlier one The decision favoring the railroads in the Ne braska maximum freight rate case was almost ignored. and the news that Spain had with drawn it's request for Consul General Lees re- call although somewhat effcacious in rallying the market, had but temporary effect the other threatening aspects of the situation being regarded more important. Money was marked up to per cent. in the early trans actions, influence in inducing liQuidatIon which must not be overlooked The rate eased day. Closing prices in stocks were considerably above the lowest, but net declines Tn the stand ard shares are still from l to over points
 Prices for bonds yielded almost sharply as those of stocks, but the smaller liquidation by comparison with stocks indicated greater un- deriving strength, Total sales. g. 305, coo United States new Is and do old Is declined 1h old 4s coupon and the 5s and the 2s 1a per cent bid The 5s coupon sold at 1llA.
 Total sales of stocks were 60l, 900 shares in cluding Atchison preferred. 12 o5s: Chesapeake and Ohio. 5020 Burlington. 4s2S; l.. N, IS, 290: Manhattan. .956; Metropolitan Street Railway. T.. 9O5: Reading preferred. 9a40: Mis- souYt Pacific. 6225: NJ. K. & T. preferred 44-O: New Jersey Central 3215; New York Central. 2l $40: Northern Pacific l4s2o: do preferred e5 660 Ontario and Western 3540: Reading 3945: Rock Island, s.2so; U. P. D. G.. 4o40;