The herald., 1898-04-24
ON CHANGE
Conditions as Shown by Transactions
on Wall Street

NEW YORK, April 23.-Today the stock
market was '.discounting peace" in the
language of the brokers. This was done
by lifting prices a notch higher The ad-
vance hestated at the opening, owing to
a reactionary tendency in the London mar
ket following the receipt of the report
that the Paris had been captured by. the
Spanish and the cruiser Topeka sunk in
to the capture of the Paris up to the close
of the exchange, at noon, and the truth Of
the foundering of the Topeka not having
been established, the market was relieved
from the cause of the depression. On the
other hand, much was made of the capture
|of another Spanish prize by the cruiser
New York. There was reported active
demand for securities in London, but the
buying here for London account was not
large, as prices here ruled above the Lon
don parity. There were periods Of reac-
ton, but the publication of the bank state
prices to the highest. They were shaded
off by renewed apprehension as to the
safety of the Paris, the closing being easy,
but net gains throughout the list reached
a point in some cases. The total of the
dealings was not large, the industrial spe-
cialties being favorites in the trading, es-
pecially Sugar and Tobacco.
The spirit stocks, were also quite prom
inent. The general feeling in financial cir
cles Is that the war is not likely to be pro-
tracted, and only some unexpected accident
or disaster could affect the conviction that
SPUN UluSl Speeully SuCCuInD TO superior
resources. A feature Of the day was the
hardening on exchange demand sterling
bills rising to 484. This rate, 1t is expected,
precludes further gold imports under pres
ent conditions. The stock market has felt
the reflected effect of the panic in Spanish
fours in European bourses, and the result
ing forced liquidation of American securi-
ties. yet the week closed with the greater
part of the extreme losses recovered, net
declines not exceeding two points in any
Of the. leading stocks. 1t Is noteworthy,
also, that the low prices of the week were
not as low as those on March 20, which
marked the lowest point Of the decline after
the blowing up of the Maine. The excep-
tions were international stocks, which wl'e
Ifavorites with operators on foreign bourses,
Call loans on the exchange here have,
in fact. fallen to ~ per cent during the
week. Financial institutions in the United
States have ceased to draw on their credits
abroad, because they feel amply secured
against the money needs Of the war They
feel prepared to meet demand for q gov
ernment loan, which 1t Is seen would be
speedily expended again. They also feel
prepared to meet the spring needs of money
for the business of the country, which are
expected to be earlier and more urgent than
usual.
The prices of bonds during the week did
not move SO widely as stocks, either in the
early downward movement or in the later
recovery. Transactions were small for the
week. Net. declines in government bonds
Tor the week In the bid prices are az in the
new fours, registered; 1A in the new fours.
coupon; 1Es in the old fours; y in the fiyes.
coupon and 1s in the f1ves. registered.