The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-03-29

New York, March 2S.-The familiar
spectacle was presented on the stock ex-
! change today of a violent reaction upon
the elimination of an event which has
long been anticipated and discounted
The facts We're that the findings of the
Maine court of inquiry We're presented to
! congress and were proved TO be exactly
( as foreshadowed That is to say. the
Z Maine is found to have been blown up
by = submarine mine. Ever since the
! market has been depressed by the con-
slant dread that this report would be
formulated by constituted officials of the
United States
REBOUND OF PRICES.
The speculative public assumed that
such an allegation would necessitate a
rupture between the United States and
/ Spain and consequent damage 10 values
( OF all securities which 1t was attempted
/ to measure by a constant decline in prices
since the date of the explosion almost
10 the pres mt time. Yet the actual publ
cation toCay of the report resulted in Il
rebound in prices, which, at the high
point of the day. had wiped out large
proportion of the losses. which have Oc
Cured since the explosion in Havana
harbor.
This was brought about through the
movement of the bear traders 10 take
their profits. Having been industriously
selling stocks for weeks III anticipation of
tho harm TO values to be done by the
Maine report, they were warned by the
imminence of the actual publication that
the lowest prices to be looked for on that
account hau been reached. and they there
fore set about To buy stocks to I'LL their
contracts. The progress of the settle
ment quietly developed the fact that the
short interest was large and unwleldy be-
yond all expectation. Besides this they
had 10 meet the skiilful ard well organ
lied efforts OF powerful bull ombina-
tioa which had quIetiy possessed itself OF
as'much as possible OF the floating supply
N - n
The liquidation of the .ast few weeks mad
left the supply of stocks very small When
the shorts began 10 bid. they found bull
operators in tull competition with them,
bidding up prices.
BEAR PANIC.
The result was a scramble by the shorts
which reached thu proportions of bear
panic during the day and sent prices sky
ward The bulls resorted TO ali the usual
devices to assist their campaign for
squeezing the shorts.
The news that was circulated in Wall
street during the day was much OF II as
ties as was that on the side of war used
by bears IN their recent operations for Il
decline. The apprehensions OF the bears
We're fed by q printed report from Wash
inston that Spain had compltsly acceded
TO all President McKinley's requests, in
GLIDING an armistice between Cubans and
SDaniards fo- six months. The passage
OF the Spanish elections, with their as
suTance of legislative support TO Premier
Sagasta and the conservative course Pur-
sued by congress toward the Maine re-
port, gave some assurance that President
McKinleys well known desire for n pace
ful adjustment with Spain might find
successful outcome. This gave color
TO the reports which were placed in cir
culation and magnified the fears of tn
hard-prcssed be.rS. Without this and
the underlying strength of financial and
business conditions. the adroit man!pula-
ton of the bulls would hardly have
proved so great a success. Closing prices
were by no means at the highest the
specialties showing reactions ranging
up TO AZ points.
GREAT TOTAL.
The transactions for the day footed UP
three-cuarters of a million of shares, a
total which has not been equalled since
last fall.
The bond market also showed largely
increased activity, especially I'm the spec
ulative issues, and gains of l TO per
cent were registered in prominent issues
Total sales. SO. 5000
Government bonds were very strong
The new As advanced 2h, the old As /,