The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-14
STOCKS AND BONDS FALL
WAR NEWS CAUSES Low PRICES
both AT HOME AND ABROAD.
England May Raise Rate ON Money TO
Per Cent. in Case OF HOSTILE
ties--LOcaI Trade Quiet.

At New York yesterday money on cali
was firm at 3Q4 per cent; last loan, per
cent.
Prime mercantile paper 512@6 per cent.
Sterling exchange was steady with actual
business in bankers bills at 81. 1914 a. S915 for
demand and $4.S06t4.SOA for sixty days;
posted rates S4.s01504S1 and $4.s4G+S41a;
commercial bills, $4.191s. Silver certificates,
69n69a4c; bar silver 56Mc Mexican dollars,
45Ac. At London bar silver was steady at
26d an ounce
Total sales OF stocks, 500. 400 shares, in
Guiding 1926 Atchison preferred, 40,154 Chi
cago Burlington & Quincy, $3.50 Louisville
G. Nashville. 1856 Manhattan, 9,940 Met
ropoitan, $3.50 New York Central, 4755
Northern Pacific, 9,402 Northern Pacific pre-
ferred. $40 Reading. 1876 Rock Island, 49,.
$50 ST. Paul. 1886 Union Pacific preferred,
20475 Tobacco, 1854 Peoples Gas, 1855
Sugar.
Net losses ranging from to points in
the active leaders of speculation, an ami
mated close to the days trading at almost
bottom level of the day and heavy stocks
of securities offered were the features of
yesterdays New York stock market and
showed clearly that recent optimistic ex-
pectations that the Cuban imbroglio would
be settled without resort to arms have been
abandoned by operators in securities. The
point of order in the Senate which sent the
consideration of the Cuban resolution over
a day rallied the market slightly, indicating
that the recent firmness in prices was based
on the chance that delayed action by Con-
gress might still give opportunity for a
peaceful settlement 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 uti-
mate action of Congress would be such as
would necessarily constitute casus belli by
repudiating Spanish sovereignty in Cuba.
Reflections of the same conviction came not
only from Washington. but from all the
foreign stock exchanges. The Spanish
per cent. bonds were without support at any
of the European centers, and the heavy tone
of Americans reflected the growing belief
in war. The weakness on the New York
exchange was due in great part to liquida-
ton of foreign account in American securi-
ties Sales of all the international stocks
Tor London account were more urgent than
at any time since the Cuban question has
been an issue There not much added
pressure of local liquidation in the early
trading, local operators still clinging appar-
entity TO the belief that war measures would
be successfully opposed or INSTRUCTED in
Congress. 1t is not improbable that the
sc Se7hil6 lOI 14OHuOH dCCOQnL was
huenced in some part by the money market
conditions 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 20 31A per cent,
compared with the bank rate of per cent
and money hardened appreciably at Paris
With call money in the New York market
responding with q rise to per cent. there
is no diminutioE in the pressure on foreign
centerS for gold to ship to New York. 1t
is the expectation in Wall street that the
Bank of England will raise its rate of dis
count to per cent. should war be declared
between the United States and Spain. With
large stocks OF exchange in New York still
might easily have been the impelling cause
for London selling of American securities
in an effort to ameliorate the exchange con-
ditiOn. Yesterdays movement of prices
compelled revision of the opinion held by
some observers that the market had al
ready amply discounted the event of war,
the increasing pressure to sell and with the
news developments of the day showing that
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 any
where in the list.
The bond market displayed an increasing
pressure of liquidation as the day pro-
crossed and especially in the speculative is
sues Losses are general throughout. To-
tai sales, $1,375OO0. United States twos de-
clned 2 the new tours IL and the old tours
registered and the fives, Il per cent in the
bid price.
The following table. prepared by l.. W.
Louis, Room IL. Board of Trade shows the
range of quotations: