The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-16
GAIN in STOCK PRICES
BULL MOVEMENT STARTED THURS
DAY CONTINUED YESTERDAY.
War Rumors Caused Reactions, WHIP
ing Out Most of the Advance
Local Trade Active.

At New York, yesterday. money on call
per cent.
Prime mercantile paper 5l2G6 per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4S3A M4.S3la for
demand and s4.79a4a4SO for sixty days;
posted rates, $4sOl3@4S1 and $4S4Q4 S412;
commercial bills. $4.79Q4.791k.
Silver certificates, 55a4d561zc; bar silver
E5%c; Mexican dollars. 454c. At London
bar silver closed dull at 257sd an ounce
Total sales of stocks POS 300 shares includ-
ing: Chicago, Burlington & Quincy, 1920;
Louisville & Nashville, 4172; Manhattan,
1856; Metropolitan. 3275; Northern Pacific
preferred, 6,244; Rock Island, 4235; st. Paul,
1865; Union Pacific preferred, 1921; Union
Pacific, Denver & Gulf, 4,475; Tobacco, 49,
920; Sugar, 1890
Professional traders bought stocks yes
terday morning, causing an advance in
prices of point or over in the speculative
favorites, but most of these takings were
sold again before the expiration of the
days session, carrying prices back over
their own course and leaving net changes
in almost all cases insignificant, but with
the small gains predominating. The party
in the exchange which espoused the bull
side Thursday found cause for a continu-
ance in the advance in the price of Amer
leans on the London exchange Friday morn
ing. Other European bourses also showed
firm tendency for Americans, and Spanish
tours rallied FROM early depression be-
fore the opening of trading in New York.
The cause of this strength was a rumor
that the powers had interviewed between the
United States and Spain and the Cuban
1raAa4 l,s4A fn
This rumor seemed to have force in foreign
circles and erected a sympathetic rise at
the opening, which was assisted by the
professional manipulation. Reports from
LONDON indicate that there has been eX-
tensiVe dealing iii options on Americans in
that market, and yesterdays demand was
in large part from the sellers of these or
lions ror the purpose of covering their con-
tracts. Whatever creCence attached to the
deemed important IN this country. and the
buying movement iii the final was quickly
exhausted. The midday period of intense
guinness and sagg1ng prices gave way to a
more active selnng movement in the final
hour on belief that the Senate would take
action before adJourning. The definite in
formation from London that Great Britain
would refuse to join in naval demonstra-
tion In behalf of Spain and the Austrian
ambassadors open avowal that he had
were not received in Wall street until after
the close. Neither was the news that the
regular army had been ordered to the sea-
board Dealings were on a small scale, and
the wide movement of prices indicated a
small flowing supply of stocks. holders
maintaining their waiting attitude. fea-
ture. of the day was the reaction of 4Ss
points ex. dividend in Tobacco, the corner
against the bears having been closed out.
Another was the active demand for Union
Pacific, Denver & Gulf, which rose at one
time n point on the belief that the pending
reorganization will not bear heavily on the
stock.
The money market continued firm and the
demand from the interior continued I'M
abated. AS was foreshadowed, the supply
of currency has become so scarce that some
of the city banks are shipping gold in re-
spouse to the interior demand Further en-
gagements of nearly $l,500,O00 in gold for
import were made. Notwithstanding the
hardness of the London money, market and
the disinclination of Paris Or Berlin to sup
ply gold. Paris exchange on London as
result jumped liz centimes to % francs and
SO centimes. being an advance of centimes
over week ago.
The bond market was dull and about
steady. Rock Island extension fives We're
largely dealt in, three separate blocks of
100000, 100000 al $100000 changing hands
during the day. Total sales, 81, 100000. United
States fives were Il lower (the registered
ex. interesD and the old tours, registered,
4 higher bid. Others were unchanged.
The following table, prepared by l.. W.
Louis, Room H. Board of Trade, shows the
range of quotations: