The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-04-14
FINANCE AND TRADE.
Tbs Features OF the Money and stock
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Tbs Features OF the Money and stock
~ t'sA Tit Markets. az III
NEW YORK, April 1a.-Moncy on
call firm at 1904 per cent; last loan 4
per cent. Prime mercantile. paper 5,s@
per cent. Sterling exchange steady
With actual business in bankers bills at
- siH94 Siis for demand and at 81 50
az S0H for 60 days. Posted rates 81 so
G4 SOY and 81 SlQ4SI. Commercial
bills 81 79,s. Silver certlficates 5sde
b6%c. Bar silver 56Hc. Mexican dollars
45kc. m N ~
Net losses ranging from . to 6 points
IN mo active leaders OF speculation, AN
animated close OF the days trading at
almost the bottom level OF the day and
heavy blocks OF securities offered for
sale were the features OF to days mar
ket and showed clearly that recent OPP
timistic expectations that the Cuban
imbroglio would be settled without re-
sort TO arms have been abandoned by
operators In securities. The point OF
order IN the senate which sent the con-
sideration OF the Cuban resolution over
day rallied the market slightly, indi-
eating that the recent frmness in
prices was based on the chance that
delayed action by congress might still
give opportunity for peaceful adjust
ment OF the trouble. But all reports
received from Washington were taken
to mean that, though there might be
delay, there was little doubt that the
uitimatum action OF congress would be
such as would necessarily constitute
casus bell BY repudiating Spanish gov
ereiSnty In Cuba, Reflections OF the
same, conviction came not only from
Washington but from all the foreign
stock exchanges. The Spanish four per
cent bonds were without supports at any
OF the European centres and the heavy
tone OF Americans reflected the grow
ing belief in, war. The early weakness
on the local exchange was due in great
part to liquidation Of foreign account
American securities. Sales of all the
International stocks for London ac-
count were more urgent than at any
time the Cuban question has been an
Issue. There was not much added pres
sure OF local liquidation In the early
trading, local operators still clinging
apparently TO the belief that war meas
ures would be successfully opposed
or obstructed in congress. 1t Is not i'm
probable that the large selling for Lon
don account was influenced in some
part by the money markets condition
in London. The open market rate for
call money there has been raised to
about the bank rate OF per cent. Ber-
lin discount has also risen to 3k per
cent, compared with the bank rate OF
4 per cent. and money hardened appre-
ciably In Paris to-day. With call
money in the local market responding
with q rise to 4 per cent, there Is no
dimlnution in the pressure on foreign
centres for gold to ship to New York.
It is the expectation in Wall street tina,
the Bank Of England will raise Its
rates Of discount to per cent should
war be declared between the United
States and Spain. With large stocks
OF exchange In New York still to be
drawn upon, this condition Of affairs
might easily have been the .impelling.
cause for London selling OF American
securities In an effort to ameIioratc the
exchange condition. To-days move
ment OF prices compelled revision of
the opinion held by some observers
that the market had already amply
discounted the event Of war, the In
creasins- pressure 10 sell with the news
developments OF the day showing that
4 large volume OF liquidation is still to
be completed. There were some very
heavy holdings thrown over in the final
dealings and no confident support was
manifest anywhere in the hist.
The bond market displayed an in
creasinG pressure OF liquidation as the
day progressed, and especially In the
speculative issues, and losses are gem
eral throughout. Total sales 81, 375, 900.
U. S. IS declined .. the new Is X and
the old As registered and IS Y per cent
in the bid price.
The total sales Of stocks to-day were
400 shares.
Evening Posts London financial ca
bieSram:
The stock markets here. remained
stasnant to-day. being disorgan!zed by
war rumors. The settlement was 4
small affair and was soon arranged,
but Contangoes were higher because of
dearer money, those on Americans be-
Ing 595E per cent.
Americans opened steady, and con-
unued so Until there was a sharp fall
In Spanish fours, which was connected
with selling from Spain. Americans
gave way In sympathy and all the mar
kets became dull, closing only a frac-
ton above the lowest. There were wild
rumors at the close. including report
that the cable between Havana and
Key West had been cut. Consols and
other gilt-edged stocks continue to fall
on dear money.
BONDS AND STOCK QUOTATIONS.
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