Worcester morning daily spy., 1898-03-08
GENERAL FURRY.
War Scare Again Exerts Depress-
ing Influence on Stocks.
Metropolitan Traction Falls Off Eight
Points and Other speclalties Suffer
Heayily-Money Marked TO
Per Gent.

New York, March THE relations be-
tween the United States and Spain
caused apprehension in all circles in
Wall street today. That there were
large sales of securities by timid hold
ers for the purpose of converting them
into actual money, was doubtless true,
but a larger portion of the selling was
due to the liquidation of speculative
holdings which have been strong
ly held through previous declines,
but which were thrown over
today to realize what they would bring.
There were very palpable maneuvres
also by the bears to force the lowest
possible range of quotations at the
opening, and their offerings to force
down prices and their purchases at the
decline to cover, made up no small por-
ton of the days business.
In this connection, it is interesting to
note that the opening sales of Burling-
ton were reported at from 9012 to S942,
and this quotation was not corrected un-
til the close of the market, when 1t was
cancelled with the explanation that the
sales reported were of st. Paul at those
dtll llOl VI OdA AAAAS eSiAs -
stead of breaking Burlington 4A at the
opening, that stocks extreme decline
from Saturdays close was a. Louis
vile was at one time points off, its
weakness developing later in the day.
New York Central showed a loss of 3Ss
at the opening. Otherwise the extreme
declines in the railroad list were re-
stricted between l and points. Losses
in the specialties were greater. Metro
politan falling points, Sugar 51s, and
Manhattan 3I2. The shorts were quick
to recover al the decline, and a rally of
to points was almost instantaneous.
The buying to cover short contracts
was attributed to the Washington
sources, which were such aggressive
sellers in the latter part of last week.
London was heavy seller of stocks
here during the morning, the total sales
for that account being estimated at 4o,-
600 shares
London's pessimistic view of values
was as much influenced by the threaten
ing outlook in China and the dispute
in the Niger region as by the Cuban
question. Local operators were quick
to decide that no damage was threat
ened to American securities by these
complications, and this encouraged the
absorption of London offerings. Later
in the day the introduction of Mr.. Can
mons bill to appropriate s500O0,OO0 for
national defense, and the passage
of the Hawley bill providing for
two new artillery regiments, re-
newed the early weakness and
forced prices again to the lowest. The
later break was freer from bear manip-
ulation and represented more liquida-
ton than the earlier one.
The decision favoring the railroads in
the Nebraska maximum freight rate
case was almost ignored. and the news
that Spain had Withdrawn its request
for Consul General Lees recall, although
somewhat more effieacious in rallying
the market, had but a temporary effect,
the other threatening aspects of the
situation being regarded as more inn
proved.
Money was marked up to per cent in
the early transactions, an influence in
inducing liquidation, which must not be
overlooked. The furry in money was
caused by the calling of loans by a
number of banks whose reserves had
fallen below the % per cent limit. The
rate eased off to 115 per cent again be-
fore the close of the day. Closing prices
in stocks were considerably above the
lowest, but net declines in the standard
shares are still from 1 to . over per
cent.
Prices of bonds yielded almost as
sharply as those of stocks, but the
smaller liquidation by comparison with
stocks, indicated greater underlying
strength. Total sales, 50. .325. 600.
United States new Is. and ditto old
As registered declined Ia; old As cou-
pom and 5s 1, and IS y per cent bid. The
5s coupon sold at l11s4.