The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-07
WAR TALK AND STOCKS
PRICES ADVANCE AT ONCE ON RU-
MORED PEACE NEGOTIATIONS.
News ON Delay of Presidents Message
First Received from Abroad-LOcaI
Markets show More Life.

At New York, yesterday, money was firm
at 21aQ3 per cent; last loan. 21A per cent.
Prime mercantile paper, soc per cent.
Sterling exchange firmer, with actual BUSH
ness in bankers bills at $4S3A CASH. for de-
mand and at $4.S0l4QLS0lz for sixty days,
posted rates, $4S1Q4s11a and $4.s4a4S4la;
commercial bills, $L79%l.
Silver certificates, 56Q57c; bar silver, SIC.
Mexican dollars, 45Ac.
Total sales OF stocks, 800 700 shares, in
GLIDING: Atchison preferred. 1856; Chicago,
Burlington 6 Quincy, 1920; Manhattan,
1880; Metropolitan, 9.210; Reading pre-
ferred, 6.725; Missouri Pacific, 3,o47; New
York Central, 1880; Northern Pacific. 6.445;
Northern Pacific preferred, 1880; Rock ISL
and, 1890; st. Paul, 34S65; Southern pre-
ferred. 3.017; Union Pacific, 1915; Union Pa
cific, Denver & Gulf, $40; Tobacco, 1915;
Peoples Gas. 5720; Sugar. $500.
There is strong conviction in Wall street
that delay in the sending in of the Presi-
dents message is favorable to the avoid
ance OF war. This was clearly manifest
yesterday in the response of the market to
the early rurnor from abroad that the Pres
idents message would not go in and to the
later authorized announcement from Wash
ington that it would be withheld until Mon
day. The disposition of the message was
the central point about which the whole
market turned all day. The assertions Of
the newspapers in the morning that 1t would
without question go in yesterday and that
it would declare for forcible intervention
caused the decline at the opening, opening
prices in almost ali cases being the lowest
of the day. The resistance to the decline
and the quick recovery were a surprise to
outside observers, who were prepared for
something like a war panic on the ex-
change. The recovery was due to cabled re-
ports of rumor in London that the mes
sage would not come until next Thursday
This rumor was quickly discredited by
statements from Washington, and the mar
ket drifted to a lower plane again. but not
to the lowest. The stagnation of the trad
ing during this period of waiting was al
most absolute, and the sudden outbreak OF
activity when the later authentic reports
came from Washington that the message
would be delayed until Monday was in
strong contrast 1t was evident that the
conclusion was leaped to that the withhold
ing of the message was due to a reception
OF further proposals from Spain or
to movements for mediation by Eu-
ropean powers giving promise that
the two countries might emerge peacefully
from their ENHANCEMENT. The violent ad-
vance was checked and reaction set in when
it was stated that the delay was due to adj
vices from Consul General Lee that he
would not be able to secure the departure
in safety of Americans from Cuba before
next Monday. Prices stiffened again, how
ever, before the close on the strength of
the general sentiment that delay favored
peace.
the money market maintained waiting
attitude. Time money was firm at per
cent. for all dates, but the exchange market
showed a hardening tendency. Gold contin-
ues to come, however, from abroad.
Bonds moved in sympathy with stocks
and were stagnant until the last hour, when
prices advanced on a squirt of activity. To-
tai sales, 81 $4,000 United States new fours.
registered, were u lower bid. Prices other
wise were unchanged on the day. The new
tours, coupon, sold all the way from 120
at the opening to 1211s, the last transaction
The following table, prepared by L. w.
Louis. Room II, Board of Trade, shows the
range of quotations: