Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-04-19
Sharp Decline in Prices on New York
Stock Board.
BEARS SHOWED MUCH STRENGTH
But Their Offerings Were Quickly
Taken on Declines.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

| Special Dispatch to The Evening Star.
NEW YORK, April 19.-Under the infiu-
erce Of lower London prices today's stock
| market opened at prices varying from Il
| to IL per cent. Spanish tours declined to
| 81, a reduction of per per cent from yes
| terday's price, and closed at an advance of
only u per cent from the new low level
This evidence of impending hostilities is
| significant to the extent that 1t reflects
p foreign sentiment, but the local disregard
! for the course of Spanish bonds is equally
| significant. A decline of % per cent in
| these bonds since the destruction of the
Maine, the unmistakable action of the
! American Congress, the movement of
| troops and all similar evidences of a war
| crisis are passed over in financial circles.
Securities are stubbornly held and IL war
| is to 1epress prices it will have to be act
ual instead of merely prospective.
Wall street relies upon Spanish submits
sion at the last moment, and refuses to
heed the daily DRIFT toward the apparent
| inevitable. War never having been consid-
cred a probability, the current talk OF
present prices ha Ting already discounted
| the worst is but i6le reasoning. Several
| times during the day long stock was offer
ed for sale by holders whose confidence in
this talk of happy Gliding is waning.
Owing to the extreme narrowness of The
market these sales were made with The
| assistance of active bidding for small
amounts. while large amounts were sold.
! The more frequent these sales the more
responsive the market.
Todays offerings were well taken, but
| If stocks continue to come from the same
| sources the prices realized must deer ease.
For the first time in several days some
| really significant selling was in progress.
The Vanderbilt and investment issues gen.
| orally were sold from time to time as the
market would take them. Here and there
supporting orders came m, and every
danger point was guarded.
The market ruled throughout the day at
| prices under the recent average. That no
demand was encountered, as the volume OF
| business will show, must be taken as
indication of a small outstanding short in
terest. Buyers were few and fortunately
Tor prices. they were not, except momen-
tarily. outnumbered by sellers. Dizziness
helped the situation, as activity at this
| juncture would mean bargain prices
The money market is attracting atten-
ton at this time and the indications point
strongly to greater activity in borrowable
J funds. Call money rules from to 3La per
cent, but the sums are not large and time
| loans are not looked upon as being wholly
desirable even at the legal rate.
The possible issue of bonds by the gov
eminent would decrease bank balances ma
| terially, and speculative ventures would in
| crease the normal hazard by having liberal
| interest charges annexed. TIE public Is
impressed by recent DEVELOPMENTS at
Washington. even though Wall street elects
| to belittle them, and the public temper is
| OF more concern now than that of the pro-
| fessional element. Heavily laden pools
| must look to the public to relieve them of
| present holdings. There must be more
tranquility in evidence before the public
| assumes this accommodating attitude