The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-22
WAR CAUSED SELLING
BROKERS ROUTED AFTER TRYING
TO MAINTAIN STOCK PRICES.
Little Fear in Financial Circles of
Stringency i'm Money Market
Local Trade More Active.

AT New York, yesterday, money on call
was steady at 2G121z per cent; last loan 2.
Prime Tnerchaniile paper, 51sq6 per cent.
Sterling exchange was firm. with actual
business in bankers bills at $4.S312D4.S3A for
demand and s4.79A for sixty days; posted
rates. $4.3O1k@4a and s4.S4a4S5; commercial
bills. s4.T9
Silver certificates, 56@561sc; bar silver. 56c;
Mexican dollars, 45Ac. AT London bar sill
yer closed dull at % 15-16d an ounce.
Total sales of stocks, 3O4 900 shares. incIud-
ing s.161 Atchison preferred. 32.3s1 Chicago,
Burlington e. Quincy, 1926 Louisville &
Nashville, 1855 Manhattan, s42O Metro
politaH, $685. New York Central $3.50 North
ern Pacific. 2315 Northern Pacific preferred.
zoos Ontario & Western. Sis Rock Island,
4e,55i St Paul. 2s.920 Union Pacific. 40,S6O
Tobacco. 42,8O7 Sugar.
There has been an influential party in the
Stock Exchange representing a large follow
ing Of security holders which has held
tenaciously to the view that war was in
some means to be averted. Even the events
of this week UP to yesterday seemed to fail
to convince this element that Spain would
maintain it's attitude in the face of the de-
mands and the show of force by the United
States. The firmness impaired by the re-
fusal 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 yesterdays events APP
parently convinced the conservative element
that war is to be a fact and demonstrated
that the liquidation incident to war had
by. no means been completed. Early in the
day New York held above the London
parity and there were occasional rallies even
after the receipt of the news that General
Woodford had been given his passports but
reports from the Cabinet meeting at Wash
ington indicating preparations for an i'm
mediate forward movement of the armed
forces of the United States, showing that
war already practically existed, caused sell
ing. The brokers on the floor of the ex
change manifested considerable enthusiasm
and the rostrum was handsomely draped
with American flags, but they continued to
sell stocks Some very heavy blocks were
thrown over in the final hour and every
thing went 70 show that these were in
liquidation of long holdings, pure and sim
pie. Such market leaders as Burlington St.
Paul, Louisville and New York Central fell
over three points below Wednesday nights
close. There was no rally in the final deal
ings, the market continuing active and week.
and closing at the lowest. During the early
part of the day selling on foreign account
was large and offerings were we'll absorbed.
The number of shares sold for this account
is estimated at 30,0O0. This continued selling
of our securities by London doubtless had
its influence in the days advance of 1zc In
the rate for demand sterling bills. Joined
to this foreign selling there was con-
tinued stiffness i'm the rates for money at
foreign centers, reflected in a further de-
cline in British consols and French rentes.
The days engagements of gold for import
nevertheless ran up to over 81 100000 again.
Call loans continued to be made the
New York Stock Exchange at low as 2
per cent. Foreign demand for cotton and
breadstuffs continues very keen and is max
ing exchange 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 Exchange still existing in New
York but there is little fear in financial
circles of any stringency in the money
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 it's
way quickly back into the channels of the
home market. The government met some
heavy payments for foreign account, which
were reflected in debit balance at the
clearing house of si.164S40. But with the
actual outbreak of hostilities there will be
no more purchases of war ships or war MA
terial abroad.
The bond market showed some increase in
activity and losses were recorded all around
Total sales 81, 225,010. United States new
fOurs. registered. advanced "a. while the
coupons of the same issue declined q in the
bid price. There were sales of the coupons
at 11S12. which is an advance of u over the
last preceding sale. but the advance
lost in subsequent sales. A block of 400 900
of the registered bonds sold at 1171.., an adj
vance of a over the last preceding sale.
Louis, Room II. Board OF Trade. shows the
range of mutations.