The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-04-02
THE WORLDS MARKETS
Daily Record, of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest ofExchange News-Mining Stocks.
Metal Quotations-wool Prices and
Movements-Grain and Pro-
duce-Review of Trade.

New York, April 1.-The process which
went on In the stock market to-day was
a crumbling n disintegration of prices.
There was a large and influential party
In the exchange who manifested their
confidence in a peaceful settlement be-
tween the United States and Spain and
who increased values on securities by de-
termined support of prices all through the
early dealings. The buying by this ele-
ment during the morning hours was very
large. but prices kept slipping downward.
The weight of the growing depression
proved too heavy to carry and the at
tempt was abandoned in the afternoon
when a general and heavy liquidation 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 In the prin-
cipal active stocks.
The ground of the early confidence by
some operators that war would be averted
was shrouded in some mystery. 1t seems
to have been founded on the inference
that interest on the Spanish As, which
was paid to-day in spite of recent doubts
whether the money would be forthcoming,
was advanced by the Rothschilds, and
that the advance was based on knowledge
that the Spanish government would
make a peaceable settlement of the de-
hands of the United States. But as the
day advanced the fact took more and
more definite shape on the news from
Washington that the Spanish govern
ment had, on the contrary, refused the
demands of the United States. The con
clusion seemed, necessarily, that the
whole question would be submitted to
congress for settlement. This was felt to
involve the abandonment of diplomacy
and an early resort to force.
All the indications usually regarded as
trustworthy as to political Developments
were very contradictory in the early trad
ing. American securities, after opening
off in London, improved before the OPEN
ing hour and advanced quite freely after
trading had commenced I'm New York.
This early weakness was in spite of the
fact that early advices from Madrid were
rather optimistic. Spanish As, which were
traded i'm in ex-coupon, fell three points
in London before the rally set in, then
recovered Ia, apparently on the early
strength shown by the New York stock
market. This early strength here rallied
prices several times to or near last nights
level, and it was not until the afternoon
that the market took on its decisive tone
of weakness.
A significant feature of the day was
Nlt bih VII Va VIM ooh " ~
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 large amount of money
offerings and the sharp stiffening i'm 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 half a million dollars. The growth
of the selling for Washington account as
the day progressed was an essential fea-
ture i'm the late break in the stock mar
ket.
Bonds were not so active as stocks, but
the volume of liquidations 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 As coupon fell pa; the new
As registered, 2; the old As registered l
and the SIS q in bid price. There Were
sales of the new As coupon at l2lls, a de-
cline of las from last nights bid price.