The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-02
BULL CLIQUE ROUTED
BROKERS WHO STARTED IN TO SAVE
STOCKS RETIRED IN DEFEAT.
Declines of from Two to Five Points
In All the Principal Shares
Local Trade Brighter.

At New York yesterday money on call
was firm at from to per cent; last loan,
4 per cent.
Prime mercantile paper, 5G61s per cent.
Sterling exchange was weak, with actual
business in bankers bills at s4S31aQ4S33z
for demand and at $4.s074@4.s for sixty
days; posted rates, $4Sl1kG4S2 and $4.S41s@
Ass; commercial bills, $3.50.
Silver certificates, ssh 156l4c; bar silver
551kc; Mexican dollars, 45c. At london bar
silver closed at 25 11-16d an ounce.
Total sales of stocks, sol 100 shares. in
GLIDING: Atchison preferred $3.50; Chicago,
Burlington e. Quincy. IS, 2S6 Louisville e.
Nashville, 1854; Manhattan, 29,SO1; Metro
poltan, 1920: Missouri Pacific. 4,465; New
York Central, $780, Northern Pacific. 500;
Northern Pacific preferred, 2S.7Ss; Rock
Island, $40; st. Paul, 6s72o: Union Pacific,
36,439; Tobacco. q. ass; Peoples Cas- 1920;
Sugar, III 800; Western Union, 1858.
The process which went on in the New
York stock market yesterday a crumb-
ling and disintegrat lion of prices. There
was a large and influential party in the
exchange which manifested it's confidence
in peaceful settlement between the United
States and Spain. and who increased values
of securities by determined support of
prices all through the early dealings. The
buying by this element during the morning
hours was ve-y large, but prices kept slip
ping downward The weight of the grow
ing depression proved too heavy to carry.
and the attempt was abandoned in the aft
ernoon, when general and heavy hquida-
tion was in full force. Some feeble rallies
at the close indicated that some part of the
days decline was due to short selling but
the recoveries from the lowest were very
small and net losses on the day ran from
two to over five points III the principal ac-
tive stocks. The ground Of the early conf
dence by some operators that war would be
averted was shrouded in some mystery. 1t
seems to have been founded on the infer
eEce that interest on the Spanish tours,
which was paid yesterday, in spite of re-
cent doubts whether the money would be
forthcoming, was advanced by the Roth
schilds, and that the advance was based on
knowledge that the Spanish government
would make peaceable settlement of the
demands of the United States But as the
day advanced the fact took more and more
definite shape on the news from Washing
ton that the Spanish government had, on
| the contrary, refused the demands of the
| United States. The consequence seemed
necessarily to be that the whole question
would be submitted to Congress for settle
! ment. This was felt to involve the aban-
| OCnrnent of diplomacy and early resort
Ito force. All the indications usually re-
| garded as trustworthy as to political de-
| VelopmentS were very contradictory in the
| early trading. American securities, after
| opening off in London. improved before the
| opening in New York and advanced quite
violently after trading, had commenced in
| New York This early weakness was in
| spite of the fact that early advices from
Madrid were rather optimistic Spanish
| tours, which were traded IN ex. coupon, fell
! three full points in London before the rally
| set In, then advanced Ia, apparently on the
early strength shown by the New York
| stock market. This early strength rallied
| prices several times to or near Thursday
| nights level, and 1t was not till the after
| noon that the market took on its decisive
| the day was the marking up of call loans
| to 6 per cent. This was due to the calling
| of a moderate amount of loans by the New
York banks. But the shifting of these
| loans developed a small amount of money
| ofering, and the sharp stiffening in rates
| was the consequence. Exchange rates re-
| sponded to the hardening of money by a
| fractional decline. though the days en-
| gagement of gold for import was only about
! see 900. The growth of the selling for Wash
an essential factor in the late break in the
/ stock market.
| Bonds were not so active as stocks but
| the volume of liquidation increased as the
| day progressed. and some sharp net losses
| are shown Total sales, 81, $50 900.
| Government bonds were weak through
| out. The new fours, coupon. fell "a; new
| fOurS, registered, 2; the old tours. regis
| tered 1, and the fives q in the bid price.
! There were sales of the new four coupons
/ at 1915. a decline of 13s from Thursday
nights bid price.
The following table prepared by l.. w.
| Louis Room IL. Board of Trade, shows the
| range Of quotations;