The daily morning journal and courier., 1898-04-20
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The Stock Market.

New York, April 19-There are men in Wall street still who believe that not gun will be fired in war between the United States and Spain. It is difficult to find what they base this assumption on, but they hold it with sufficient tenacity to decline to sell out their holdings in securities and they buy additional securities at any ma- teral decline. These buyers were in the market at the opening to-day and they sustained prices above the Lon- don parity, thus inviting sales for ar bitrage account of many thousand shares of the international securities, which had been bought in London at the lower prices ruling there, The early declines in London seemed to in- dicate a practical abandonment of the hope of peace, and the Spanish fours, both in London and Paris, dropped 31s per cent.
 This weakness of Spanish securities was especially demoralizing on the Paris bourse. The support accorded to Americans in New York after the opening here wrought a change in sem timent in London and also in Berlin, and the later dealings there witnessed recovery in Americans, though the Spanish bonds continued to drop. This tendency continued in London even af- ter the close of the exchange in the trading on the street. It was a ten dency that gave color to the confident belief in certain circles in Wall street that Spain is prepared to relinquish Cuba as last resort. The selling here for London account was nevertheless sufficient to effect declines all through the list. The international stocks led in the trading and nearly all showed declines of point or upwards The bear traders were also in evidence lat
 CT in the day, but they covered to some extent, causing a slight rally from the
 lowest
 There was at no time any heavy
 pressure of liquidation. Dealings were slightly larger than yesterday and they
 were much better distributed, but the | market was still very narrow and there | were no very wide movements in 1 prices. Operations in the money mar ket continue very much restricted, al- though there is no apparent lack of
 money for call loans on the stock ex-
 change, loans being made at per cent. The tone of the exchange market was rather firmer and there were no im- portant engagements of gold for im-
 port Holders of money are inclined | to await the decision of the govern
 ment as to bond issue. The demand
 from the interior for money continues. | The high rater at which time loans and | commercial paper are ruling are hay | ing their effect in restricting business operations outside of speculative cir | cles. The dullness of speculation in | securities is doubtless due also in part l to the diversion of active speculation l into the wheat and cotton markets. | The market for railroad bonds con-
 tinues semi-stagnant and prices gen. erally declined. The total sales were
 SS25, 900.
 | United States new fours declined F
 and the fives coupon If per cent in
 the bid price to-day. Others were un- changed. The new fours coupon sold
 at 1175s, against 11S1a yesterday. but
 there was a sale later at 11S The new l fours registered sold at 116%, against
 a sale yesterday at 11S, and the old
 fours coupon sold at 10S, as compared
 with 10SaA, yesterdays last sale. l