The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-03-02
FINANCIAL AVID ooMMEnoIA1.
Tuesday, March ]

temper. Neither tho public nor the authorities
in Washington have any more or
evidence as TO tho cause of the disaster to the
Maine than they had two weeks ago
when the destruction OF the battle'hip
took place. Time. however. has modi'
ned hasty conjecturcs and reason is be-
ginning to take tho place Of prejudice. The
fact that tho administration has from the first
taken the public into its confidence and at the
same timo taken steps to protect tho country
from an accidental or ill-ndvised outbreak OF
hostilities has tended to restore confidence In
upite OF the persistent and wicked efforts Of Son
sational newspapers 70 arouse the passions
Of the vicious and the fears OF the ignorant.
Purely speculative interests in tho stock mar.
ket have been conspicuously sensitive TO the
mendacious attempts referred to; hence 1t is
not surprising that they were also influenced
by the publication to-day Of an alleged official
statement from tho Secretary of the Navy that
the Administration In its consideration of tho
Cuban problem, had eliminated the possibility
Of responsibility on tho part of Spain for the
catastrophe that destroyed the Maine and a
majority Of her Grew.
In tho carly dealing tho stock market was
strong, chiefly because Of the continuance Of
the covering movement that was the feature Of
the dealings yesterday. Before midday tho
trading began to lack animation, and. though
prices held fairly we'll, the market became dull.
Thoro was, in fact, an absence Of legitimate
business that was moro pronounced than at
any time since the latter part Of last
week. Tho market gave every indication Of
becoming quiet and reactionary, conditions that
might naturally DO expected after the sharp
recovery from last weeks semi-papicky depres-
sion. In tho final hours Of business. however.
the speculative community was spurred into
unusual activity by tho publication of the
statement Of tho Secretary OF the Navy no.
ferred to above and further by tho construction
that tho Street saw At to make upon 1t.
There was in consequence q further sharp and
material advance that with the carly improve
mont carried tho prices Of many stocks nearly
back to tho figures recorded ton days ago. Later
and moro definite advices from Washington in
dicate that Wall street exaggerated the charac-
ter and Importance of the remarks attributed
to tho Secretary of tho Navy. At the Same
time ID absolutely ignored tho fact that, no
matter what the OUTCOME of the Maine cpl
pode may be, tho Cuban situation, with its pos
abilities in Congress, in Spain, and in the
island itself, 10 still undisposed of. Judging
entirely from precedent. 1t seems logical to
assume that until the relations between this
country and Spain cease to DO as delicate as
they arc ct present the stock market is likely to
DO Influenced at any moment by disturbing
rumors, no matter from what source they may
omanate.
It can readily be admitted that practically all
domestic considerations influencing values on
the Stock Exchange are favorable to o sustained
market for securities; yet, in spite of that fact,
o disastrous decline in prices has taken place
within tho last ten days, partly because of specu-
lative conditions. but chiefly because of an event
that brought the atrocities practiced in Cuba
during the last three years wildly before the
eyes of every patriotic citizen. 1t might DO in
A---- . IL a GA--I
Exchange yesterday and to-day that the interest
which this country has been constrained to take
in Cuban affairs was virtually at an end. A
brief consideration of the facts. however, must
convince every thoughtful person that this 10
not the case. Enough has been said to show
that the Cuban situation is still an i'm.
portant factor In the stock market, posi-.
bly, the dominant influence at present. Tho
course Of prices this afternoon was indubitable
evidence upon this point. The situation as q
whole Is one with which tho present generation
in Wall street Is for tho most part unfamiliar,
and for that reason. II no other.i its sensitive.
ness to every rumor or report. no matter what
its character, can DO counted upon with o good
deal of certainty.
The dealings in stocks were somewhat larger
than yesterday and were distributed upon about
the same scale. Sugar Refining led in respect to
activity. and closed Gig points higher than yester-
day. Tho local traction stocks, Manhattan Ele-
waited and Metropolitan Railway, received moro
attention than at any time since the forced
liquidation in them last Thursday. with the
result Of closing about 8 and 10 points higher
respectively. Tho movement In these stocks
had some effect upon tho remainder of tho list;
DtiIl 1t was not calculated to inspire confident
buying. Tho Granger stocks were again
exceptionally strong, with st. Paul and
O.. B. and Quincy leading in point of
activity. and Rock Island scoring the
greatest net advance. Northern Pacific
and Union Pacific issues, New York Central.
Peoples Gas. and Brooklyn Rapid Transit made
noteworthy contributions to the total dealings.
and ut tho same time made rapid progress
toward . higher level. There was a fairly
good distribution of business throughout
tho loss active list. and many stocks
In which the dealings aggregated only
1000 or 5000 or even less scored note
worthy net advances. Conspicuous among tho
number were Consolidated Gas, which closed 8
points, higher than yesterday; Denver and Rio
Grande preferred, General Electric. Laclede
Gas. Minneapolis and st. Louis common. Mime
sofa Iron. Pullman's Palace Car. Pennsylvania,
and Norfolk and Western preferred. The clos.
Ing was strong at about the best prices.
Few York Stock BHohanGo-sAles March L.
UNITED srATEs N STATE BONDS uN 0 1.ooos,.
81 o OAR. iOsbl24hl ! Tenn set &c.. sob
10 9 As.o 1895 3vAF dob a.as
l23LOl24s of1sel..... 7oL
Us b. o.....1l2
CLOSING PRICES OF UNITED STATES BONDS.
Btd. AskSd,I Btd. AshsA
IN 81 aAE I'm Bt l.e.
atplofo. 90 - 1895. ..l24S 1861
I'm 81 ts.E. On St o., "a
1oo7....11l ll1hI 1904. .".llah ll3p
On st d. o. I'm st %, Q.
1897. ...1l2h ll3h 1904. ...ll2b ll3,a
CnBt kS.E. I'm 81 Ca
1895. -..124S 1851 r.lsss...lo34 -
RAILRoAD AND orHHR BONDS OK 81. o0os).
8 Atch adj 49,. 695l mp prior d.. e6ia
go ............... 60 l36 ......-...... 96S
20 .........'."-. oOslST MINIMUM. 80
go ............. 60t 8 N p gni 5s...... 81
80 ........-..-.. co., ] ............. /
LOT ............ Cob ....."........ 6lLs
III .....".....'.. QUIZ D .'."."...... 0l2
66 .."."....-... 6oS 20 ......."-.".". 6ll
170 .........-.. 81 0 ...........r.. 62