The daily morning journal and courier., 1898-03-12
Etmamctnt.
The Stock Market.

New York, March 11.-There was a brief show of strength by some stocks in the early trading this morning due to prices having been advanced on the London exchange above the New York parity of last night. The advance did not reach the London level, so that there was considerable arbitrage buy ing for London account. There were some buying orders also which were executed through the channel usually employed by Washington operators. This buying soon came to an end and gave color to the supposition that the orders were merely placed for effect. The whole list soon yielded to depres-
 sion and the decline was only occa- sionally arrested by unimportant rallies during the rest of the day. The strength displayed by American securi-
 ties in the early dealings in London was in strong contrast to the weakness of Spanish government bonds, which
 were poorly supported either in Lon
 don or Paris. The only rational ex-
 planation that seems available for
 this movements that London felt that
 there was a prospect of avoiding hos
 tilities between the United States and
 Spain, but was alarmed by the Spanish
 governments acute financial straits.
 Sentiment on the local exchange with
 regard to values was not in accord with
 that of London, as is shown by the
 days net declines, which run between
 1 and 2 points all through the list and
 over that in exceptional cases. The
 fall of prices was at no time violent,
 but the offerings of securities were
 constant and there was no support ap-
 parent at any point in the list. There
 was indeed a less acute depression
 shown by St. Paul than by the other
 grangers, the price having crossed Bur
 lington during the day and closing
 above. Kansas and Texas preferred was exceptionally weak and fell at one time 3A points,. The extraordinary
 weakness of exchange made 1t possible to-day for the gold importers to with
 rdaw gold from the Bank of England, in spite of the virtual premium asked by that institution. The demand on Paris for gold was reflected also in a stiffening of the discount rate in Paris. Yesterdays late decline in local call money rates proved to have been man. ipulated and the rate steadied to 11s per cent. again to-day. The local banks continue to lose money to the interior and how far this movement is : offset by the receipts of imported gold will not be definitely known until to- morrow's bank statement. The decline to-day in the exchanges of the New York clearing house banks to less than $109, 100000 indicates the decreased use
 of money. The banks are contracting teir loans, but quite a large part o1 this contraction goes to release ster- | ling exchange, which was used as col | lateral and which is being liquidated | for the importation of gold.
 The weakness in the bond market to- day was more marked than hitherto but business was not on large scale Total sales, s2,220,0O0.
 United States new fours are 1 pc, 1 cent. lower, the old fours coupon F pel I cent, and the old fours regular A pc, l cent. lower bid.
 l Following are the closing prices re ported by Prince & Wnitely, bankers ! and Brokers 46 Broadway, New York l and 15 Center street. New Haven: