The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-03-29
REACTION IS VIOLENT
Bears Taken at a Very Serious
Disadvantage.
SCRAMBLE OF SHORTS
EnSueS and Prices Soar an
tastic News" Circulated.

tacle was presented on the stock exchange
today Of q violent reaction upon the cul-
nination of an event which has long been
anticipated and discounted. The facts
were that the findings Of the Maine board
OF inquiry were presented 10 congress and
were proved TO be exactly as foreshad-
owed. This is 10 say, the Maine is found
to have been blown up by a submarine
mine. Ever since the morning after the
explosion the stock market has been de-
pressed by the constant dread that this
report would be formulated by cons ituted
officials of the United States. The spec
ulatiye crowd assumed that an alleega-
ton would necessitate q rupture between
! the United States and Spain and conse-
| quent damage to values OF all securities.
| which it was attempted 10 measure by
| a constant decline in prices since the date
of the explosion almost to the present
! time. Yet the actual publication today of
the report resulted in 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 in
/ Havana harbOr. This was brought about
through movement of the bears 10 take
| their profits. Having been industriously
! selling stocks for weeks in anticipation Of
! the harm 10 values TO be done by the
/ Maine report, they were warned by the
imminence OF the actual publication that
/ the lowest prices 10 be looked for on
| that account had been reached, and they
/ therefore set about TO buy stocks 10 I'LL
/ their contracts. The progress of the set
Element quickly developed the fact that
| the short interest was large and IN
wieldy beyond all expectation. Besides
/ this, they had TO meet the skiilful and
we'll organized efforts OF q powerful bull
combination which had quietly possessed
itself of as much as possible Of the float
| ing 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 be-
gan to bid, therefore, they found bull
operators in full competition with them.
bidding up prices. The result was
scramble by the shorts, which reached
the proportions of a bear panic during
the day and sent prices skyward. The
bulls resorted to all the usual devices
TO assist their campaign for squeezing the
shorts. The news" that was circulated
in Wall street during the day was much
Of it as fantastic on the side OF peace
full probabilities as was that on the side
of war used by the bears in their recent
operations for a decline. The apprehen-
sions of the bears were fed by printed
report from Washington that Spain had
completely acceded TO all President Nc
Kinleys requests, including an armistice
between Cubans and Spaniards for six
months. The passage of the Spanish cleo
tions, with their assurance of legislative
support to Premier Sagasta. and the con-
sentative course pursued by congress to-
assurance that President McKinley's Well
known desire for peaceful adjustment
with Spain might find successful out
come. This gave color to the reports
which were placed IN circulation and mag
nified the fears of the hard-pressed bears.
Without this and the underlying strength
of financial and business conditions. the
adroit manipulation of the bulls would
hardly have proved so great. Closing
prices were by no means at the highest,
the specialties showing reactions ranging
up to AZ points in Metropolitan Street
Railway. Prices all through the list were
markedly below the best, yet there re-
manned such striking net gains as ~
points in Pullman, : points in MetropoH-
tan Street Railway, and 81. points in Su-
gar, and from AZ points in New York
Central. Burlington. st. Paul, Northwest,
Rock Island. Delaware and Hudson, Louis
vile, Lake Shore. Manhattan. New Jer-
sey Central, Union acific preferred and
over points in large number Of other
prominent stocks. The transactions for
the day foot up considerably over three
quarters Of a million shares. a total which
had not been equalled since last fall.
The bond market also showed largely
increased activity. especially IN the spec
ulative issues. and gains Of one TO thres
per cent were registered in prominent is
sues. Total sales were 300 o"
Government bonds We're very strong.
The new fours advanced 21z per cent, the
old fours per cent and the fves Z per
cent. and the twos OF Z. per cent, and
there we're sales OF the new tours coupon
at III which is per cent over Saturdays
bid price.
FOREIGN STOCK MARKETS
New York Mar 28-The Evening Posts
London financial cablcEram says:
The stock markets here opened fat to- /
day on political prospects. Spanish fours /
and Americans were the weakest. the for
mer touching = and closing at 80. The /
show a small account. Con-
taHgoes on Americans were per cent /
Later. on publication Of the Maine report. !
a sharp rally followed in the street. the /.
bears all scrsmblins TO get in. and prices 1
often closing 8 above the house quota /.
tons. L IS reported IN well Informed /
quarters tina, Rothschid bought largely 4
today. Todays rise n Americans and (.
in other stocks viii greatly aid toward a /.
conclusion Of the settlement. +.
Three hundred thousand dollars WORTH .
q gold from the Cape has been bought (
for shipment 20 New York. T1e Paris +