The age-herald., 1898-04-02
Tn Wan Street.

New York April 1.-The process which went on in the stock market was crum- bling and disintegraition of prices. There was a large and influential party dn the exchange who manifested their confidence fin a peaceful settlement between the Uni td States and Spain, and who increasd values of securities by determined support of prices all through the early dealings. The buying by this element during the morning hours was very large, but prices kept slipping downward. The weight Of the growing depression proved too heavy to carry and the attempt was abandoned in the afternoon, when general and heavy liquidation was in full force Som feeble rallies at the close indicated that some parts of the days decline was due to short selling, but the recoveries from the lowest were very small, and net losses on the day ran from to over points in the principal active stocks. The ground of the early confidence by some operators that war woud be averted was shrouded in some mystery It seems to have been foundd on the inference that interest on the Span ish fours which was paid today m sprle or recent doubts whether the money would be forthcoming was advanced by the Rothsohilds, and that the advance was based on knowledge that the Spanish goV- ernment would make peaceable settle ment of the demands of the United States government But as the day advanced the fact took more and more definite shape on the news from Washington that the Span ish government had, on the contrary, re- fused the demands of the United States. The consequence seemed necessarily to be that the whole question would be submit ted to congress for settlement. This was felt to involve the abandonment or dlplo- macy and an early resort to force. All the indications usually regarded as trustworthy as to present. developments were very con- tradfctory in the early trading. American securities, after opening off in London im- proved before the opening here and ad- vanced quite violently after trading had commenced in New York. This early weak ness was in spite of the fact that other ad- yics from Madrid were rather optimistic. Spanish fours, which were traded in eX- coupons, fell 8 full points in London be- fore the rally set in, then recovered IA, ap- parently on the early strength shown by the New York markt. This early tsrength here rallied prices several times to or mar last nights level, and it was not until the afternoon that the market taook on Its de- cisiye tone of weakness. A significant fea- ture of the day was the marking up of all call loans by the New York banks. But the shintRng of these loans developed a smal amount of money off, and the sharp stiffening in rates was the consequence. Exchange rates responded to the hardness of money by a fractional decline, though the days engagement of gold for import was only about half a million dollars. The strength of the selling for Washington ac- count as the day progressed was an essen tial factor in the late break in the stock market. ad
 Bonds were not so active as stocks. but the volume of liquidation increased as the day progressed and set sharp-net losses are shown. Total sales, $1, ,65O, ,O0O. Govern mept bonds were weak throughout. New As, coupon, fell 2A; do. registered, 2; the old, As, registered, 5A bid in the price. There were Sales of the new 4s coupon at 121M, a decline of 1as from last nights bid price,