The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-03-29
BIG GAINS In STOCKS.
THE BEARS STAMrEDED IN THEIR
EFFORTS TO COVER.
Bull Operators Forced price. of All
stocks up, s'omc Gnins being
Unusually Large.

| New York, March 2s.-Tho familiar spec
| tacle was presented on the stock exchange
today by violent reaction on the culmina.
ton of an event which has long been an
ticipatcd and discounted. Tho facts were
that the findings Of tho Maine board OF in
qury were presented to congress and were
proved to be exactly as foreshadowed. That
is to say, the Maine is found to have been
blown UP by n submarine niue. Ever since
the morning after the explosion the stock
market has been depressed by the constant
dread that this report would hc formulated by
eopstituted officials OF the Lniied stats, The
speculative public assumed that such dn ale
Is; ton would necessitatc n rupture between
the United states ana spain and a consequent
damage TO values to all securities, which 1t
was attempted to measure ty a constant de-
cline IN prices since the date OF the explosion
almost up to the present time.
Yet tho actual publication Today OF the re-
port resulted III bound in prices which at
the high point of the day had wiped out Il
large proportion of the losses which haze
been occurring since the explosion in Havana
harbor This was brought about by the move
mcnt of the traders to take their profits.
Having been jndustrously selling stocks for
weeks in anticipation OF the harm to values
to be done by the Maine report, they were
warned by tho immncncs of the actual pub
lcntion that the lowest prices to be looked tor
on that account had been reached and they
therefore set about to buy stocks to fill their
contracts The publishing OF the settlement
quickly developed the tact that the shorts
We're large and unwieldy beyond all expecta-
ton
Besides this. they had to meet the skllfu
ana well organized efforts of powerful bull
combination which had quickly possessed It,
self of as much possible of the nouting
supply Of stocks in the market at the low
level The liquidation of the last few weeks
When the shorts began to buy they founu
bull operators in fun competition with them
bidding up prices. The result was a scranl-
Bile by the shorts. which reached the propo,
tchs OF a panic during the day and sent
prices skyward
Then the bulls resorted to all the usual
vices to assist their campaign for shutting
out the shorts News was circulated in Wall
street during the day. which the most fan
tastic on the side OF a peaccable settlement
Of all Spanish difficulties. Approximations OF
W, w, Pears were fed by printed report from
eedeh to all OF President McKmley's requests,
including an ainistice between tuba ana
Slaln Tor sin months. rhe passage of the
iesisiatise support to Premier Sagnsta and
the conservative course pursued by congress
toward the report on the Maine gave som,
assurance that President McKinley's we'll
hnuWtl desire FOR peaceful understanding |
Win spain might find :; successful outcome.
lhis gave color to the reports when we're
placed IN circulation and magnifed tho fears
~ the hard pressed bears. Without this and
the underlying strength of a financial cohdi |
tons the adrot manipulation of the bulls |
would hardly have proved so great sue. |
eess, Closing prices were BY no means at the |
highest, the specialties showing reactions |
hanging up to ~ points in Metropolitan |
street Hallway, Prices all through tho list
we're markedly below the best, vet there re.
NAMED suoh striking net gains at ~ IN
'uliman, ! In Metropolitan Street Railway.
n sugar and from to in New York cen |
w, hurilneton st, Paul, Northwest, Rock
Manhattan, New Jersey Central Union Pm
INC preferred and over q per cent in large
lumber Of others. The transactions for the
aay foot up considerably over three-auarters
4 a million shares. n total which had not
cen equaed since last fall
me bond market also showed largely In
Ieaseu aetlVity in the speculative issues.
nd gains of from | to per cent wore 90
stored IN some issues. Total sales 81. 800 O00
9osernment bonds were very strong.
NV nIlNuio L..E q ~,