The daily morning journal and courier., 1898-04-22
HAVEN MORNING JoURNAL COURIER, FRIDAY 2 9

in the face of the demands and the show of force by the United States. The firmness imparted by the refusal of this element to sell gave rise to the opinion in many quarters that the market had already amply discounted the actual event of war. But to-day's events apparently convinced the con- servative element that war is to be a fact and demonstrated that the liqui- dation incident to war had by no means
 been completed. Early in the day New York held above the London par ity and there were occasional rallies even after the receipt of the news that General Woodford had been given his passports, but reports from the cabi-
 net meeting at Washington indicating preparations for an immediate forward
 movement of the armed forces of the
 United States, showing that a state of
 war already practically existed caused selling. The brokers on the floor of the
 exchange manifested considerable en-
 thusiasm and the rostrum was hand
 somely draped with American flags;
 but they continued to sell stocks.
 Some very heavy blocks were thrown
 over in the final hour and everything
 went to show that these were in liqui-
 dation of long holdings pure and sim pie. Such market leaders as Burling- ton, St. Paul, Louisville and New York Central fell over 3 points below last nights close. There was no rally In the final dealings, the market continu- ing active and weak and closing at the lowest During the early part of the day selling for foreign account was large and offerings were we'll absorbed. The number of shares sold for this ac-
 count is estimated at 30,00o This con- tinued selling of our securities by Lon
 don doubtless had it's influence in the
 days advance of fl cent in the rate
 for demand sterling bills. Joined to
 this foreign selling there was contin-
 ued stiffness in the rates for money at
 foreign centers reflected in a further
 decline of British consols and French
 rentes.
 The days engagements of gold for
 import nevertheless ran up to over $1,- 000,000 again. Call loans continued to
 be made on the local stock exchange at as low as 2 per cent Foreign de-
 mand for cotton and breadstuffs con-
 tinues very keen, and is making ex- change all the time. This demand is based on expectation that supplies ! may be cut off if war breaks out. Opinions vary as to the stock of ex- change still existing in New York, but there is little fear in financial circles | of any stringency in the money market. Banks all over the country are well | fortified and even in the event that a large government loan is to be floated
 it is pointed out that little of this | money will be expended abroad, but will rather find its way quickly back | into the channels of the home market. | The government met some heavy pay ments for foreign account to-day which were reflected in debit balance | at the clearing house of s1,1S4,340. But l with the actual outbreak of hostilities | there will be no more purchases of warships or war msterial abroad.
 | The bond market showed some in-
 crease in activity and losses were re- corded al laround. Total sales $1,225,- | GOO. United States new fours register ed advanced 1k while the coupons of | the same issues declined % in the bid | price. There were sales of the coupon | at 11S1s which is an advance of F over | the last precedingFale. but the advance was lost in subsequent sales. A | block of $100, 900 of the registered bonds sold at 1171a, an advance of % over the
 last preceding sale.