The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1898-03-08

large sales of securities by timid hold
ers for the purpose of converting them
into actual money was doubtless true,
but larger portion of the selling was
due to the liquidation of speculative
holdings which have been strongly
held through previous declines, but
which We're thrown over to-day to re-
lease what they would bring. There
were very palpable manoeuvres also
by the bears to force the lowest pos
sible range of quotations at the open
ing and their offerings to force down
cline to cover made up no small por-
prices and their purchases at the de-
ton of the days business. In this con-
nection it is interesting to note that
the opening sales of Burlington were
reported at from 9O1a to S9h, and this
quotation was not corrected until the
close of the market, when it was can
celled with the explanation that the
| sales reported We're of st. Paul at
those quotations, and not of Burling-
| ton.
| Instead of a break in Burlington Of
| AZ at the opening that stocks extreme
| decline from Saturdays close was q.
| Louisville 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 restricted between 1 and points.
Losses in the specialties were greater,
Metropolitan falling points, Sugar 81
and Manhattan 31a. The shorts were
quick to cover at the decline, and
rally Of from to points was almost
instantaneous. The buying to cover
short contracts was attributed to the
| Washington sources which We're 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 10000 shares. London's pessimistic
view of values was as much influenced
by the threatening outlook in China
and the dispute IN the Niger region as
by the Cuban question. Local opera
tors We're quick to decide that no dam
age was threatened to American secur-
tiles by these complications, and this
! encouraged the absorption of London
| offerings.
Later in the day the introduction of
Mr.. Cannon's bill to appropriate $780,
100000 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 manipula-
| ton and represented more liquidation
than the earlier one. Tire decision ia
/ voring the railroads In the Nebraska
maximum freight rate case was almost
| ignored and the news that Spain had
Withdrawn it's request for Consul Gen
eral Lees recall. although somewhat
/ more Afflcaciorts in rallying the mar
ket, had butEla temporary effect, the
other threatening aspects of the stua-
ton being regarded as more important
Money was marked up to per cent
4 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 Is per cent. limit. The
rate eased off tosaA 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 / to
over 3 per cent.
Prices of bonds yielded almost as
sharply as those of stocks, but the
smaller liquidation by comparison with
stocks indicated greater underlying
i strength. The total sales aggregated
$3,32500 900.
United States new tours and United
| States old tours registered declined TX,
old fours coupon and the fiyes l and
twos " per cent. bid. The fives coupon
sold at 111M.
Following are the closing prices re.
ported by Prince g. Whitley, bankers
and Brokers, 46 Broadway, New York,
ana is Center street. New Haven:
Bid. Asked.