The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-04-22
SCARE STRIKES STOCKS
MARKET LEADERS THREE
POINTS OFF FOR THE DAY
70 Rally in the Final Dealings, the
Market Closing Weak and Active
and Mt the LOwest-COnserva
tfves Who Have Hoped for Peace
Compelled to Abandon the Posi-
ton So TenaciousIy Held.

NEW YORK. April N.-There has been IN
lnnuential party on the stock exchange, rep
resenting large following Of security hold
ers. which has held tenaciousIy to the view
that war was in some means TO be ayerfed.
Even the events Of this week up to today
seemed to fail to convince this element that
SPAN would maintain its attitude in the face
OF the demands and the show of force by the
United States. The firmness impaired by this
element to sell gave rise to the opinions in
many quarters that the market had already
amply discounted the actual event OF war
But today's events apparently convinced the
conservative element that was is to be a
iact. and demonstrated that the liquidation
incident to war had by no means been COM
pleted.
Early in the day New York held above the
London parity. and there were occasional raj
lies even after the receipt of the news that
zen. Woodford had been given his passports,
put reports from the cabinet meeting at
Washington. indicating preparations for an
immediate forward movement Of the armed
forces OF the United States. showing that
war already practically existed, caused SELL
ing. The brokers on the floor exhibited con-
siderable enthusiasm, and the rostrum was
handsomely draped with American flags, but
they continued to sell stocks. Some very
heayy blocks were thrown over in the final
hour, and everything went to show that those
were IN liquidation Of long holiday holdings
pure and simple. Such market leaders as
burlington, st. Paul, Louisville & Nashville
and New York Central fell over points be-
low last nights close.
There was no rally in the final dealings,
the market continuing active and weak and
closing at the lowest
During the early part of the day selling for
foreign account was large, and offerings were
Tor this account Is estimated at 10000 This
continued selling Of securities by London
douDtiess had its influence in the days ad-
vance Of nc in the rate for demand star,ina o.
bills.
Joined to this foreign selling there was a
continued stiffness in the rates for money at
foreign centers reflected in a further decline
IN British consols and French rentes The
DAYS engagements of gold for import never
theless, ran up to over 81, 600, 010 again.
can loans continued to be made on the
Foreign demand for cotton and breadstu ifs
continues very keen and is making exchange
all the time. This demand is based on ex-
pectation that supplies may be cut off if
OF exchange still existing In New York hut
tnere is little fear in financial circles of any
strlngency in the money market. Banks al
over the country are well fortified. and e~r
IN the event that large government loan
rs 70 De noated, It is pointed out that little
OF this money will be expended abroad hut
WI WI o rather find it's way quickly back into
the channels OF the home market The gov
eminent met some heavy payments for for
elgn account today, which were reflected in
q uepit Dalance at the Clearing house of
Sl, des,;, But with the actual outbreak of
nostllltles there will be no more purchases
oi Warsn1ps or war material abroad.
The bond market showed some increase In
Total sales, s1,225O0O. United States new 4s
registered, advanced Il, while the coupons OF
the TSsr same issue declined y in the bid price
mere were sales Of the coupons at 118h
ceding sale. but the advance was lost In sub.
sequent sales block of 100000 of the reg.
lstered bonds sold at 1171h, an advance of 8
over the last preceding sale. - %
Total sales Of stocks today were 3o4 mn
spares 81 ares including 3161 Atchison preferred
S1sa burlington, 1925 L. N, 1885 Man.
.uu7 e., S420 Metropolitan, 6,355 NJ Y. Cen
ontario ~ 4 Western, 8,115 Rock Island. 40 55i
st. ~ Paul. 2S,s2O Union Pacific, $50 Tobacco
The following were the fluctuations of +be
leading railway and industrial shares fnre
nlshed by c. H. F. Smith & Co., members
New York stock exchange and Chicago hoard