The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-03-29

spectacle was presented on the Stock
Exchange today of a violent reaction
upon the elimination Of an event which
has been long anticipated and discount
ed. The facts were that the findings OF
the Maine Board of Inquiry were pre-
scented to Congress and were proved to
be exactly as foreslladowed III the public
news for many days past. Tint is to
say that 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 depressed by the
constant dread that this report would
be formulated by constituted officials of
the United States. The speculative public
assumed that such an allegation would
necessitate rupture between the
United States and Spain. and a conse-
guent damage to values of all securities
which it was attempted to measure by
Il constant decline in prices since the
date of the explosion up to the present
time. Yet the actual publication today
of the report resulted liz n 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 by the movement of the
bear traders to taka profits. Having
been industriously selling stocks for
weeks in anticipation of the harm to
values to be done by the Maine report,
they were warned by the immincnce of
the actual publication that the lowest
prices to be looked for on that account
had been reached and they therefore
set about to buy stocks to fill their
contracts.
The bulls rcsorted TO all the usual
devices to assist their campaign for
squeezing the shorts. The apprehensions
of the bears were fed by a printed re-
port from Washington that Spain had
completely acceded To all President Nc
kinleys requests, including an armisticc
between the Cubans and SpaniardS for
six months. T'herg was indeed some
foundation for the feeling that the pass
ing of the Spanish elections with their
assurance of legislative support to
Premier Sagasta and the Conservative
course pursued by Congress toward the
report on the Maine gave some assurance
that President McKinley's well known
desire for II peaceful adjustment with
Spain might find successful outcome.
the highest. the specialties showing re-
actions ranging up to AZ points in
Metropolitan Street Railway. Prices
all through the list were markedly below
the best, yet there remained such strik-
ing net gains rs ~ in Pullman, in
Metropolitan Street Railway; 6Ia in
Sugar. and from 4 to in many other
stocks. The transactions for the day
foot up considerably over three quarters
of million shares, Il total which had
not been equalIed since last fall.
The bond market also showed largely
increased activity. especially i'll the spec
ulative issues, and gains of | to } per
cent. were registered in prominent issues
Total sales S3.300,000.
Government bonds were very strong.
The new is advanced 212. the old is
/. the seconds II, and the IS a bid, and
there were sales of the new is coupon
at 121, which is per cent. over Satur-
days bid price.
The total sales of stocks today were
$50. 900 shares, including Atchison. pre-
ferred. 1889; Chesapeake and Ohio,
$500; Chicago. Burlington and Quincy,
81 800; Louisville and Nashville, $500;
Manhattan L., 1920; Metropolitan
Street Railway 2S,S10: Reading first
preferred. 400: Missouri Pacific, {, 7S0;
New York Genital, 19,020: Northern Pa
cifc. 1920; Northern Pacific, preferred,
5000: Chicago Northwestern, S,577;
Reading. 1850; ST. Paul, 105, 400; Union
Pacific, $500; T.. +. ID. 81 G., $3.50;
American Tobacco. 1880; Peoples Gas,
1920: General Electric 0.420; Sugar
162, 800; Western Union, 500.