The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-19
AN ADVANCE IN STOCKS
CAUSED BY RUMORs OF COMPROMISE
ON THE CUBAN QUESTION.
Fluctuations Wide During the Day ON
Change, with Net Gains SMALL
Local Market Barely Active.

At New York yesterday money on call
was easy at 115Q1A per cent; last loan. IL
| per cent.
Prime mercantile paper, 41595 per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4.S334 @4.84 for
demand and at $4.S0sl for sixty days; posted
| rates, $48115G4S215 and $4S412Q4S512; COM
mercial bills $4.S0Q4SO24.
Silver certificates, 55G55s4c; bar silver, soc;
Mexican dollars, 45c. At London bar silver
was steady at 251kd an ounce.
Total sales of stocks to-day 800 200 shares,
including: Chicago. Burlington & Quincy.
%, 200; Louisville & Nashville, 1850; Manhat
tan, 23OO5; Metropolitan, 1875; New York
Central, 6,493; Northern Pacific, 1855; North
ern Pacific preferred, 1875; Rock Island,
1855; st. Paul, 26,O55; Union Pacific, 1854;
Tobacco, 12,910; Peoples Gas, $3.50; Sugar.
&C, 800.
Yesterdays New York stock market
fluctuated over quite a wide extreme. first
upwards and then downward, and with
later recovery above the early high point.
But it is noticeable that the days net
changes, although mostly on the side of
gains, We're not very large The extreme
dizziness was a feature. This and the char
acter of the rumors which affected the mar
ket indicated the manipulation of small pro-
fessional traders, whose existence depends
on a movement of prices, whether up or
down. The late rally was the feature of
the day and significant of the nervous
waiting attitude of the speculative world.
This rally was effected on detailed rumors
as to what had been taking place at the
secret meeting of the Cabinet in Washing
ton. Compromise with Spain over Cuba
was the burden of this rumor, accompanied
by the information that Spain perfectly
willing to grant everything on the sole con-
dition that her flag remains in Cuba The
professional short sellers FASTENED to cover
open contracts on the strength of this re-
port and another to the effect that dis
tinguished officer of high rank in the United
States navy had expressed the opinion tnat
the Maine was destroyed by an internal ex-
ploSion due to accident. Business in the
active than at any time during the day. but
was not on an unusually large scale, eS-
pecially considering the wide movement of
prices. Neither was the rally we'll held, the
reaction touching practically all stocks and
amounting to a substantial fraction in many
cases. AS for the opening squirt, it was
cal traction stocks, based on the reported
offer of the rapid transit commission for
an extension of the elevated system. Man.
haitian more than recovered its dividend on
the first quotation on the strength of this,
subsequent movement downwards was
equally conspicuous in these stocks and
other specialties. The heaviness and dull
ness were without the slightest interruption
in the last hour. The relapse in Spanish
tours in London and Paris was not reassur-
ing. Notwithstanding Thursdays slight
hardening in the rates Of exchange and the
distinctly easier tone in yesterdays money
market further gold to the amount of $780,
600 was engaged for import
The bond market showed weakness in the
early dealings, and firmer tendency at the
close. Total sales, 81 300 coo. United States
new fours and the old fours coupon were
lac lower and the old tours regular nc lower
bid.
The following table. prepared by L. w.
Louis, Room IL. Board of Trade, shows the
range of quotations: