The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-06
WALL STREET FEARFUL
OF THE RESULT OF THE PEACE
MESSAGES SENT TO CONGREssMEN.
Brokers stu Believe the Pope and
Others VIII Induce Spain TO Back
DOwn-LOcaL Trade quiet.

At New York yesterday money on call
was firm a 2aS per cent; last loan. 2ls.
Prime mercantile paper. 5Q6 per cent.
Sterling exchange was weak, with actual
business in bankers bills at $4SS@4.S314 for
demand and at si.S014a4S01a for sixty days;
posted rates, s4S1a4.S2 and s4.S4@4.S5; com
mercial bills, $4791s
Silver certificates, 551a@561ac bar silver,
55a4c; Mexican dollars. 45c. AT London bar
silver closed at 257sd an ounce.
Total sales of stocks, 257,100 shares, in
Guiding: c.. B. & O.. 25,547; Louisville &
Nashville, 1929: Manhattan, 15,71o; Metro
politan, S,S55; New York Central, 3,2S5;
Northern Pacific preferred, 1920: Rock ISL
and, 1920; st. Paul. 1850; Union Pacific,
26, 312 Union Pacific, Denver & Gulf, 1920;
American Spirits. 500; Tobacco, 12,05S; Con-
solidated Gas, 1922, and Sugar, 1928.
Yesterdays New York stock market was
almost utterly stagnant and there were
minutes a. time during the session of the
exchange when no quotation for any stock
was recorded. Small as the total volume of
business was most of it was made up OF
transactions in few of the leading stocks,
Sugar and the grangers absorbing the larg-
est proportion. The dullness itself was ex-
pressive of the prevailing sentiment or
waiting and of extreme doubt. Not only
were reports very conflicting as to what
would be the tenor of the Presidents mes
sage to Congress tomorrow, but opinions
as to how the message would be received
and disposed of differed widely. There was
practically nothing left of yesterdays SAN
guine anticipationS that a sentiment would
grow in Washington against warlike meas
ures. There We're in fact significant reports
that the organized pressure which has been
exerted on Congress during the last few
days against hostile measures has rather
defeated it's purpose by awakening resent
ment. Wall street counted much on the eff
feet of these united representations to Con-
gress. Prices show small losses throughout
as a net result of the days trading. The
opinion is still tenaciOusy held in some
quarters that hostilities may yet be averted.
Such hopes of this were entertained were
based on the possibility that Spain would
be induced to yield to demands of this gov
eminent by the representations of the Pope
and the European powers An expression
of the prevailing uneasiness was the de-
ciSion by the Stock Exchange governing
board 10 keep open for business on good
Friday.
The money market continues to reflect
the stress over the relations with Spain as
forciby as in the stock market. Funds con-
tinue to move to the interior for the pur-
pose of strengthening the reserves of in
terror banks. The proportion of reserves
of all the banks in the country have been
enormously increased in the last few weeks
quent drain on it's reserves by large con-
traction In loans and by heavy imports of
gold from Europe. The owners of money
are very loath to put it out in loans. The
prevailing rates of 5 per cent for time
money and the varying rates for call loans
are admitted to be largely sentimental and
based on apprehension of war. The position
of the banks is admittedly strong, the sup
ply of available funds large and the demand
for the use of money not very active. But
with rates .stiffiy held gold continues and
will continue to come from Europe. An
easing of money in London and Berlin
facilitates the import gold movement and
the engagements announced yesterday
amounted to nearly $3.000,000.
transactions in bonds were on a very
small scale, but the market shared the de-
preston with stocks. Total sales, 81, Do, 600
United States new tours and the old tours
registered are Il lower bid
The following table. prepared by l.. W.
Louis, Room II, Board of Trade, shows the
range of quotations;