The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1898-02-09
Ft1lanciaL.
Market succumbs to Cuban Scare.

d. New YORK, req. o.-Ine market sue
cumbed to the Cuban scare to-day in
spite of London's indifference to the
fears reflected by the New York ex-
change of a rupture between the United
States and Spain. The strength of
American securities in London was
partly accounted for by the progress
of the periodical settlement of accounts
on that exchange. Prices were bid up
sharply there before the opening here
and resulted in a sympathetic rise in
international securities at the opening.
Not only was this the case, but when
heaviness developed here London was
very important factor in sustaining
prices during the forenoon session.
Americans were in demand in other
foreign centers, and from Frankfort
comes the report that they were the
features and the sustaining force of
the market. Denver and Rio Grande
preferred was the favorite with Lon
don and it was able to hold substan-
tial gain to the close, a conspicuous
exception In this respect. Quite a num-
Der of stocks developed aggressive
strength at one time or other during
the day. Metropolitan Street Railway
rose at one time points, but fuctuated
feverishly below that In the final deal
ings. Michigan Central, Northwest,
Omaha, Pullman, Lake Erie and West
ern preferred and a few less conspicu-
GUS stocks We're at one time over a
point above last nights close, but the
gains were practically eradicated.
Early weakness developed in the Union
Pacific stocks and Norfolk and West
ern preferred was keenly affected by
profit taking. Manhattan also broke
TX points early in the trading, but
showed better tone later. General
Electric and Pittsburg, G., c. and St.
Louis were also heavy. The earlier
weakness of the market had been to a
large extent overcome by the strength
in special stocks when the news was
received of the resolutions proposing
intervention in Cuba, which were in
troduced in the senate. This broke the
market in the final hour and resulted in
the most severe shaking out since the
ordering of the Maine to Havana. The
covering of shorts made but a feeble
rally and there was a disposition to
renewed liquidation before the ,close.
The money market weakened very APP
probably to-day, call loans being made
at | per cent Domestic exchange at
some interior points has turned sharp
| ly against New York and the withdraw
al of an additional 10 per cent. install
| ment of the government deposits of the
! Union Pacific payment is due to-mor-
row. But these factors were unavail-
| ing to hold the money rate. The sharp
rise in the sterling exchange of n
cent in the actual rates and of Y cent
| in the posted rates is probably to be at
| tributed directly to the weakening of
the money market Exchange bills are
offered, however, at only n cent above
| the demand rate for delivery in April,
and at " cent above the demand rate
| for delivery in May. This indicates
that the present stiffness Of exchange
rates is not expected to hold.
Dealings in bonds continued very
| large to-day, but there was no indi-
| vidual transactions of such magnitude
as yesterday. There was some dispo-
sition to realize in the speculative is
sues but the general tendency was up
ward in the early dealings. Prices
yielded to some extent with the break
| in stocks. Total sales $5,775, 900.
| United States As advanced Is bid.
| Following are the closing prices re-
ported by Prince & Whitley, bankers
and Brokers, As Broadway, New York
and Is Center street, New Haven:
| hid AoIraI