The age-herald., 1898-03-29
Tn nfwalI Street.

New YOrk March 2S.-The 1amllar spSS- tace was presented on the stock exchange today of violent reaction upon the rev. alation of an event which has been long anticipated and discounted. The facts were that the findings of the Maine board or in- quiry was presented to congress and were proved to be exactly as foreshadowed. That is to say that the Maine is found to nave been blown up by a submarine mine. Ever since the night after the explosion the stock market has been depressed by the constant dread that this report would pc formulated by constituted officials Of the United States. The speculative pubic as- stunned that such an allegation woula ne cessitate a rupture between the United States and Spain and consequent damage to values of all securities, which 1t was attempted to measure by a constant decline in prices since the date of the explosion almost up to the present time Yet the actual publication today of the report re- suited in a bound in prices which at the high point of the day had wiped out large proportion of the losses which have been occurring since the explosion In Havana harbor. This was about the best move ment of the bear traders to take their profits. Having been industrously selling stocks for weeks in anticipation or the harm to values to be done by the Malne report they were warned by the imminence of the actual publication that the lowest prices to be looked for on that account had been reached and they therefore turned about to buy to fill their contracts. The progress of the settlement quickly deVel- oped the fact that the short interests was large and unwieldly beyond all expec- tation. Besides these they had to meet the skillful and well organized efforts of a powerful bull combination which had quickly possessed itself of as much as pos sible of the floating supply of stocks in the market at the low level.
 The liquidation of the last few weeks had left the supply of stocks very small when the shorts began to bid therefor they touhu bull operators in full competition with them bidding up prices. The result was scramble by the shorts which reached the proportions of bear, reducing the oay and sent prices skyward. Then the puils resorted to all the usual devices to assist their campaign for squeezing the shorts. The news was circulated in Wall street during the day, was much of 1t fantastic, on the side of peaceful probabilities as was that on the side of war used by their bears in their recent operations for decline. The apprehensions of the bears were fed by printed report from Washington that complied with all of President McKinley's demands, including armistice between the Cubans and Spaniards for six months. The passing of the Spanish elections with their assurance of legislative support to Premier Sagasta and the conservative course pursued by congress towards the report on the Maine gave some assurance that President McKinley's well known de- sire for a peaceful adjustment with Spain might find a successful outcome. This gave color to the reports which were placed in circulation and magnified the fears of the hard pressed bears. Without this and the underlying strength of financial business conditions the adroit manipulation of the bulls would hardly have proved so great success. Closing prices were no means at | e1an xrftltr tions ranging to Az points in Metropolitan Street Railway.
 Prices all through the list were markedly below the best. yet there remained such striking net gains as 71R in Pullman, In Metropolitan Street, in Sugar and from 4 to in New York Central, Burlington. St. Paul, Northwest, Rock Island, Delaware and Hudson and Lake Shore. The trans actions for the day foot up considerably over three-quarters of million shares, total which had not been equalled since last fall The bond market also showed largely increased activity. Total sales g, 300 900.
 Government bonds very strong. New 4s advanced 21h; the old As 1, the seconds F and the 5s A bid and there were sales of the new As coupon at 121, which is per cent over Saturdays bid price,
 Money on call, 11sQ2 per cent; last loan 1h per cent
 Prime mercantile 51z@6 per cent.
 Sterling exchange dull, with actual busi- ness in bankers bills at $4.S3R for demand and $4S0Aa4 s01s for sixty days.
 Posted rates, $4.S1h94S2 and $4.Sf1a&4S5.
 Commercial bills, $4.S91a44.90.
 Silver certificates, 555s@561sc. Bar silver, 55Ac. ;. szz
 Mexican dollars, 44&c.
 Government bonds strong.
 State bonds dull.
 Railroad bonds strong.
 New York, March 2S.-Total sales of stocks today were S52, 200 shares, including Atchison preferred, Il, ,250; Chesapeake and Ohio, 1,62O Burlington. s1 ,92O; l.. 6 N. 2o.- S2O: Manhattan, fl ,22O Metropolitan 2S,S1O; Reading preferred. 7,400; Missouri Pacific, 7,7SO; M. K. & T. preferred, 3,655; New Jer- do preferred, 36, ,920; St. Paul. 1O5 400; South ern preferred, 1920; Union Pacific, S6.S2O; Union Pacific E. & G.. 7,92o; Chicago Great Western, S,62O; Peoples Gas, 15.92o; General Electric, e,420; Pacific Mail, 44OO; Sugar, f, q thnr