Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-03-29
Stocks and Banda.

New York. March 2s.-The familiar an ctscIe ma.
presented on the Stock exchange to-day of a violent
has long been anticipated and discounted. The facts
were that the findings of the Maine board Of inquiry
were presented to congress and were proved to be
exactly as foreshadowed. This is to say, the Maine
is found to have been blown up by a submarine
mine. Ever since the morning after the exclusion
the stock market has been depressed by the constant
dread that this report would be formulated BY con-
tive public assumed that such an allegation would ne.
cessitate a rupture between the United States and
rifles which 1t was attempted to measure by a constant
decline in prices since the date Of the explosion al
most to the present time. Yet the actual publication
to-day Of the report resulted In a rebound in prices
which. at the high point OF the dav had wiped out
a large proportion of the losses which have occurred
since the explosion In Havana harbor. This was
brought about by the movement of the bear traders
to take their profits. Having been industriously SELL
ing stocks for weeks in anticipation Of the harm to
values to be done by the Maine report. they were
warned by the imminence of the actual publication
count had been reached. ard they therefore set
about to buy stocks to I'LL their contracts. The prog
ress of the settlement quickly developed the fact that
the short interest was large and beyond all expecta-
lions. Besides this. they had to meet the skillful
and well organized Efforts of a powerful bull COM
bination. which had quietly possessed itself of as
much as possible Of the floating supply Of stocks in
the market at the low level. The liquidation Of the
small. When the shorts began to bid. therefore, they
found bull operators in full competition with them,
shorts. which reached the proportions OF a bear panic
during the day and sent prices skyward. The bulls
reSofted to all the usual devices TO assist their cam
paign for squeezing the shorts. The news that
was circulated in Wall street during the day was
much OF II as fantastic on the side of peaceful prob
abilities as was that on the side of war used BY the
bears in their recent operations for a decline. The
apprehension OF the bears was fed by a printed re-
port from Washington that Spain had completely a-
ceded to all President McKinley's requests. including
an armistice between Cubans and spaniards for six
months. The passage of the Spanish elections with
their assurance OF legislative support to Premier Sa-
gasta and the conservative course pursued by congress
toward the report on the Maine gave some assurance
that President McKinley's we'll known desire for a
peaceful adjustment with Spain might find a sue
cessfui outcome. This gave color to the reports which
were placed in circulation and magnifed the fears
Of the hard pressed bears. Without this and the un-
DERIVING strength of financial and business conditions
the adroit manipulations OF the bulls would hardly
! have proved SO great a success. Closing prices were
by no means at the highest. the sp~ecialties showing
reactions ranging up to ~ points in Metropolitan
Street Railway. prines all through the list were
markedly below the best; yet there remained such
striking net gains as IN in Pullman. Z In Metropol-
itan Street Railway and 6k in Sugar. and ~ in
New York Central. Burlington, st. Paul. North
west. Rock Island. Delaware 4 Hudson, Louisville,
Lake Shore, New Jersey Central. Union Pacific pre-
ferred. and over 3 points in a large number Of other
| prominent stocks. The transactions for the day foot
up considerably over 9 1900 shares. a total which
has not been equaled since last fall.
The bond market also showed largely increased &C.
tivity. especially in the speculative Issues. and gains