The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-15
"A DARING STOCK DEAL
BULLS TURN TRICK TO SAVE
PRICES ON NEW YORK CHANGE.
Wide Fluctuations and Drop ON Re-
drawaI-LocaI Trade Fair.

At New York. yesterday, money on call
was firm at 2a4 per cent; last loan, per
cent.
Prime mercantile paper, 512 per cent.
Sterling exchange was easier. with actual
business in bankers bills at $4.S3A94S319
for demand and at $I79a4Q4SO for sixty
days; posted rates, 4.SO@4SOAG4a and
$4.s414S4iz commercial bills. s4.79@47s1z.
Silver certificates, 56@56@4c: bar silver sc;
Mexican dollars duh. AT London bar silver
closed at % 15-16d an ounce.
Total sales of stocks to-day 255 100 shares,
including 23111 Chicago, Burlington &
Quincy, S.435 Louisville & Nashville, $685.
Manhattan, 1906 Metropolitan 40S1 New
York Central. 1851 Northern Pacific pre-
ferred, 6oS4 Rock Island, 2S,755 st. Paul, "a
S45 Union Pacific, 5O,467 Tobacco, $3.50 Peo-
pies Gas 1885 Sugar.
There was professional buying of stocks
yesterday which gave the New York mar
ket a firm tone all day. The extreme adj
vance from the low level at the opening was
a point in most of the leading stocks. but
the net gains are less than point. except
in a few cases. The professional buying
was more or less influenced by the very
ostentatious espousal of the bull side by
large and daring operator in published utter
ances and by distribution of buying orders
The following thus invited was sufficient to
effect an advance in prices in the very mar
row market in spite of the depressed senti-
ment reported from foreign exchanges. This
depression was reflected at the opening in
New York but was soon overcome by the
bull movement. The bears seemed to be
very active on London exchange, especial
ly in Spanish fours and the fact that they
were forced to cover helped the bulls in
New York in the later dealings. The bull
movement is based on the argument that a
protracted delay in the Senate over the in
tervention resolution is likely and that if
the Senate resolution is adopted there will
be further delays in the conference. The
President is credited with having expressed
his preference for the House resolution and
the bulls professeG to believe that if the
Senate resolution were sent to him it would
fail OF his approval. All of these possible
complications are accepted as furtherng the
chances of delay, and delay to the minds OF
the bulls means additional chance for peace
ful settlement. One of the possible plans
OF settlement suggested by the bull party
was the sale of the Island of Cuba after
the meeting of the Spanish Cortes. A large
part of the days activity was centered in
sugar, the grangers and Union Pacific pre-
ferred. Prices fell from highest in the last
hour on the report that the Spanish minister
was preparing to leave Washington. Tobac-
co fluctuated violently but advanced at one
time nine points. The keen borrowing de-
mand for the stock indicated acute distress
on the part of the shorts. against whom the
movement was designed Rates for call
money eased off to per cent. in the after
noon and only $550000 of gold was engaged
for import. The rise of London exchange
in Paris and Berlin in response to the stiff
fleming of the London discount rate was fol-
lowed by lower rates for continental ex-
change in New York. indicating that the
pressure for gold is being shifted from Lon
dor to the continent. The demand for cash
by interior banks to strengthen. their re-
serves against the contingency of war con-
tinues unabated and the supply of legal
tenders ha become so depleted tina. New
York bank likely to offer gold to supply
the interior demand If it shall continue.
Business in the bond market was confined
to few speculative issues and prices show
net declines There was a sale of block
of $4,000 of Union Pacific tours at 80. tho
low point. Total sales. $1274,000 United
States twos and the old tours, coupon. de-
clned /. the old tours. registered. and the
price.
The following table. prepared by T.. w.
Louis. Room II. Board of Trade, shows the
range of quotations: