The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-02
A RUSH TO BUY STOCKS
ANNOUNCEMENT THAT SPAIN WoUE.D
NOT BE HELD RESPONSIBLE.
Purchases for London Also Helped
Run Up Prices of StOcks-LocaI
Trade Satisfactory.

At New York money on call was active
at 1AQ2 per cent: last loan, per cent.
Prime mercantile paper, 31s04 per cent.
Sterling exchange was firmer. with actual
business in bankers bills at $4.S4l4 for de-
mand and at s4.S11zQ4S2 for sixty days;
posted rates. $LS21zQ4SS5 and S4S5Q4S6:
commercial bills. $81G4s115
Silver certificates. 552sq56ssc; bar silver,
55l.c Mexican dollars, 45Ac. At London
bar silver closed at % 9-15d an ounce
Total sales OF stocks, 452,7O0 shares, in
Guiding: $3.50 Atchison preferred, 4,225
Chesapeake & Ohio, 1865 Chicago, Bur
lngton e Quincy. G,6S1 Louisville & Nash
vile. $3.50 Manhattan, 1920 Metropolitan,
3.705 Hawaiian. $500 Reading preferred SAL
Missouri Pacific, 1850 New York Central,
14l2O Northern Pacific, 1890 Northern Pa
cifc preferred. 1920 Rock Island, 1890 St
Paul, 5000 Union Pacific, 500 Northerr Pa
cifc, Denver s; Gulf, 1850 Tobacco, 1O020
Peoples Gas. $3.50 Consolidated Gas, 1928
General Electric, 1890 Sugar, 4,13O Tennes-
see Coal and Iron. 1920 Western Union.
The New York stock market took on no
we'll defined character yesterday until after
the publication of the statement attributed
20 the secretary of the navy that the ele-
ment Of Spanish official responsibility for
the Maine explosion might be considered to
be eliminated from the situation. This was
fl the last hour of the session and the whole
short interest apparently rushed to cover
the short lines that have peen put out in
the last few days the developments fol-
lowing the Maine disaster. There had been
covering of shorts early in the day i'll con-
tinuance of Mondays movement, but a lit
lie later other short selling developed on
the theory that the market would certainly
sag again after the large interest had been
covered The market had apparently swung
TO a standstill and was drifting rather aim
lessiy without yielding when a buying
movement set in on the Long statement,
and the trading took on all the appearance
Of a runaway bull market Some of the adj
Xances were violent, Metropolitan Street
Railway being pushed up to 1879, net rise
of Is points. This stock closed at Isl. Man
haitian, Sugar and New York Central were
also conspicuous in the movement the for
mer showing an extreme advance of
points, and the latter two rising points
each. There was large buying also of the
grangers and Rock Island rose over points
above Monday nights level. The whole list
felt the upward movement TO a very no.
uceable extent and this late bulge, added
TO the very substantial advance already
achieved, makes a showing of very striking
net gains; ranging from to points in the
general list and above that in exceptional
cases. Buying for London account helped
the strength in the early dealings. There
was some recovery in Spanish securities in
London and this seemed to restore conf
dence TO some extent over the relations be-
tween Spain and the United States. The re-
sumption of buying for London account is
in the face of a continued hardening of the
money market in London The inquiry for
gold for American account in London and
Paris is reported to be still very keen. but
no further engagements of gold for import
were announced and the rate for sterling
exchange hardened fraction, but is still
a the gold import point.
The conditions in the local New York
money market have become somewhat more
settled, the interior demands for currency
being somewhat less eager. The announce
ment by the treasury that no further with
drawal will be made for the present of gov
CruInent deposits in New York banks of
Union Pacific payments also aided this re-
suit. The bond market was somewhat more
active and prices were higher all around.
Total sales. SO, 900, 600. United States
fours, registered. showed u recovery of rs,
and fours. coupon, the old feurs, registered
and the fiVes, / each; the old TOURS, coupon
OF y per cent. bid and the twos declined 4
per cent
The following table. prepared by l.. w.
Louis, Room IL, Board of Trade, shows the
range of quotations: