The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-03-29
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest ofExchange News-Miuing Stocks
Metal Quotations-wool Prices and
Movements-0rain and Pro-
duce-Review of Trade.

New York. March 2.-The familiar spec
tacle was presented on the stock ex-
change today of a violent reaction upon
the elimination OF an event which has
long been anticipated and discounted.
The facts were that the findings OF the
Maine court of inquiry were presented to
congress and were proved to be exactly
as foreshadowed. THAI Is to say, the
Maine is found to nave been blown up by
a submarine mine. Ever since the MORN
ing after the explosion the stock market
has been depressed by the constant dread
that this report would be formulated by
constituted officials of the United tSates.
The speculative public assumed that such
an allegation would necessitate a rupture
between the United States and Spain, and
consequent damage to values of all Sc
curities which IL was attempted 10 meas
ure by a constant decline In prices since
the date Of the explosion almost to the
present time. Yet the actual publication
today resulted I'm a rebound in prices.
which, at the high point of the day. had
wiped out a large proportion of the losses
which have occurred since the explosion
i'm Havana harbor. This was brought
about through the movement of the bear
traders to take their profts. Having been
| industriously selling stocks for weeks in
anticipation of the harm to values to be
lone by the Maine report, they were
warned by the imminence of actual pub
LEGATION that the lowest prices to be looked
for on that account had been reached, and
they, therefore, set about to buy STOCKS
to fulfill their contracts. The progress
of the settlement quietly developed the
| fact that the short interest was large and
unwieldy beyond all expectation. Be
sides this they had to meet the skillfui
and we'll organized efforts of a powerful
bull combination which had quietly pos
sessed itself of as much as possible OF the
floating supply of stocks In the market
al the lowest level. The liquidation OF
| the last few weeks had left the supply of
stocks very small. When the shorts be-
gan to bid they found bull operators In
full competition with them. bidding up
prices. The result was a scramble by the
shorts. which reached the proportion OF a
bear panic during the day, and sent prices
skyward. The bulls resorted to. all the
usual devices to assist their campaign Tor
squeezing the shorts.
The news that was circulated In wall
street during the day was much of II as
frantic on the side of peaceful probabili-
ties as was that on the side Of war, used
by bears in their recent operations for a
decline. The apprehensions of the bears
were fed by a printed report from wash
ington that Spain had completely acceded
to all PRESIDENT NlcINhliey fequeS'e' ="
Guiding an armistice between Cubans and
Spaniards for six months. The passage
of the Spanish elections. with their as
surance of legislative support to Premier
Sagasta and the conservative course pur-
sued by congress toward the Maine re-
port. gave some assurance that President
McKinley's w~ell-known desire for a
peaceful adjustment with Spain might
find "A successful outcome. This gave col
or to the reports which were placed in cir
culation. and magniied the fears of the
hard-pressed bears. Without this ant
the underlying strength of financial and
business conditions, the adroit m%anipula-
ton of the bulls would hardly have
proved so great a success. Closing prices
were by no means at the highest, ths
specialties showing reactions ranging VI
to AZ points.
The transactions for the day footed VI
three quarters of a million shares. a tota
which has not been equaled since las
fall. The bond market also Shove large
ly increased activity. especially in th'
speculative issue, and gains of one u
three per cent were registered In Dromi
nent issues. Total sales, 100000.
Government bonds were very strong
The new is advanced 21s, old IS. l: th'
eds, y. and the ) Il bid, and there were
sales of the new As. coupon, at III, which
Is 5 per cent over Saturdays bid.