The Saint Paul globe., 1898-03-08
THE STREET FEARS WAR
STOCKS THROWN ON THE MARKET
FOR WHAT THEY WOULD BRING
Decision of the Supreme Court I'm
the Nebraska Case Ignored En-
tfreIy by the Traders-SOme
Selling to Turn Shares Into Ready
Cash-Bond List Weak.

NEW YORK. March THE relations be-
tween the United States and Spain caused
apprehension in all circles in Wall street to-
day. That there were large sales of securities
by timid holders for the purpose of convert
ing them into actual money was doubtless
true. but larger portion of the selling was
which have been strongly held through pre-
vlous declines, but which were thrown over
today to realize what they would bring.
There were very palpable maneuvers also
range Of quotations at the opening, and their
offerings to force down prices and their pur-
ehases at the decline to cover made up no
small portion of the days business.
In this connection 1t is interesting to note
that the opening sales of Burlington were
reported OF from 9012 to S91a, and this quota
tion was not corrected until the close of the
market, when it was Cancelled with the ex-
p.anation that the sales reported were of st.
Paul at those quotations and not of Bur-
lington. Instead of break in Burlington Of
"A at the opening, that stocks extreme de-
cline from Saturdays close was n. Louis
vile was at one time 4 points off, it's weak
ness developing later In the day. New York
Central showed a loss if 3ss at the opening.
Otherwise the extreme declines in the rail-
road list were restricted between l and 3
points.
ropolitan falling s points, Sugar 51a and Man
haitian 313.t The shorts were quick to cover
at the decline, and a rally Of l to points
was almost instantaneous. The buying to
fngton sources, which were aggressive sellers
in the latter part of last week. London was
a heavy seller of stocks here during the
morning. the sales for that account being es-
timated at 10000 shares. London's pessimistIc
view of values was much Influenced by
the threatening outlook in China and the dis
pute in the Niger region as by the Cuban
questions. Local operators were quick to de-
eide that no damage was threatened to Amer
lean securities by these complications and
TINS encouraged the absorption Of London Of
ferings.
Later in the day the introduction of Mr.
Cannon's bill to appropriate $50, ,00O, 900 for
national defense. and the passage of the Haw-
ley bill providing for two new artillery regi-
ments renewed the early weakness and forced
prices again to the lowest. The later break
was freer from bear manipulation, and rep
resented more liquidation than the earlier
one
The decision favoring the railroads in the
Nebraska maximum freight rate case was al
most ignored, and the news that Spain had
Withdrawn its request for Consul General
Lees recall, although somewhat more effica-
cious in rallying the market, had but tenn
porary effect, the other threatening aspects
of the situation being regarded as more i'm
portant.
Money was marked up to 8 per cent in the
early transactions, an influence in inducing
nqudationS which must not be overlooke ed
Ihe hurry in money was caused by the call
ing of loans by number of banks whose re-
serves had fallen below the 25 per cent limit
The rate eased off to 11A per cent again be-
49,, eiie HIo'0 VI tno uay. ClosiItg prices In
stocks were considerably above the lowest,
put net declines in the standard shares are
still from 1 to over 8 points.
Prices for bonds declined almost as sharp
ly as those Of stocks. but the smaller lioui-
dation by comparison with stocks indicated
greater underlying strength. Total sales So
o3GOo. United States new fours and do old
fours declined ~; old four, coup, and the
hves and twos, 1a per cent bid. The fves
coup sold at 111A.
Total sales of stocks today were COL 900
shares ineludng: s1 SId 1900 Atchison pfd, 5000
27,90O Manhattan, 1890 Metropolitan. s00
Reading pfd, $500 Missouri Pacific, q 800 n.
Y. G., Ia, $40 Northern Pacific, s5 $50 Northern
Paclhc pfd 19 23O Rock Island, 65,27O St
$50 Peoples Gas, 600 Sugar. ~
The following were the fluctuations of the
leading railway and industrial shares fur
nished by c. H. F. Smith & Co.. members
New York stock exchange and Chicago board