The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-04-14
STOCKS SHOW WAR SCARE
THE NET LOSSES RANGE FROM
TWO TO FIVE POINTS
Traders Abandon Their Optimistic
Views and Throw Over Their
Holdings on the Sensational News
From WashingtOn-MOv of
of War Has Not Been Discounted.

NEW YORK, April 31.-Net losses ranging
from 3 to points in the active leaders OF
speculation, animated close to the days
trading at almost the bottom level Of the day
and heavy blocks of securities offering for
sale were the features Of today's market, and
showed clearly that recent optimistic predic-
tons that the Cuban imbroglio would be set
tied without resort to arms have been aban-
doned by operators in securities.
The point Of order in the senate which sent
the consideration Of the Cuban resolution
eating that the recent frmness in prices was
based on the chance that delayed action by
congress might still give opportunity for a
recevsd rent q the trouble But al
to mean that, though there might be delay,
there was little doubt that the ultimate action
OF congress would be such as would neces-
sarily constitute casus beli 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 Euro
pean centers, and the heavy tone of Ameri-
cans reflected the growing belief In war.
Inc early weakness on the local exchange
was due In great part to liquidation of for
elgn account In American securities. Sales
OF oil the internationals for London ac-
count were more urgent than at any time
since the Cuban question has been an issue
There was not much added pressure of local
Incubation In the early trading local opera
tors still clinging apparently to the belief
posed or obstructed in congress
1t Is not improbable that the large selling
Tot London account was Influenced in some
part by the money markets condition in Lon
oon. me open market rate for call money
Cnere mas been raised to about the bank rate
OF I per cent Berlin discount has also risen
TO sR per cent, compared with the bank rate
OF per cent and money hardened apprec:ably
In Paris today. With call money In the local
market responding with a rise to per cent.
there is no dfminution in the pressure on
foreign centers for gold to ship to New York.
It Is the expectation in Wall street that the
BANK OF England will raise the rate Of it's
discount to per cent should war be declared
i between the United States and Spain. With
to be drawn upon, this condition of affairs
might easily have been the impelHng cause
Tor London selling OF American securities In
an effort to ameliorate the exchange con-
dition.
Today's movement Of prices compelled re-
vision OF the opinion held by some observers
that the market had already amply discount
eo the event OF war, the increasing pressure
to sell with the developments Of the day
showing that large volume of liquidation is
SILL still to be completed. There were some
dealings and no confident support was mani
tested anywhere in the list.
The bond market displayed an increasing
pressure Of liquidation as the day progressed
and especially in the speculative issues and
losses 70 e are general throughout Total sales,
n.S7e Oo0; United States Is declined 2, the
new As IA, and the old 4s registered and the
IS 4 per cent in the bid price.
Total sales of stocks today were 325 400
shares, including Atchison pfd, 32o5; Bur
nngton, 49, 64; L. & N, 1850; Manhattan,
trail. $3.50; Northern Pacific, 4756; Northern
Pacific pfd, 9, 400; Reading, 3,77O; Rock Island,
7,796; st. Paul. $3.50; Union Pacific pfd'
Sugar. Il, 1886.
The following were the fluctuations of the
leading railway and industrial shares fur
nished by G. H. F. Smith & Co., members
of trade: