The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-05
NET GAINS IN STOCKS
RUMOR or PoPE's MEDIATION
HELPED PRICES on CHANGE.
Bond Market Dull, but Closing Quota
tiOns Showed Advances-LO-
chi Trade Quiet.

At New York, yesterday money on call
was easier at 115@4 per cent; last loan,
11z per cent.
Prime mercantile paper. sac per cent.
Sterling exchange was weak, with actual
business in bankers bills at 81. S312GI4S334 for
demand and at $4.SO1s for sixty days; posted
rates, S4S115@4.S2 and $4S415@4S5; CONNER
cial bills, $4.S0Q4.SOA.
Silver certificates, 555sQ5614c; sales, 1000
ounces at 561zc; bar silver, 55lkc; Mexican
dollars, 45c. at London bar silver closed
quiet at % 11-16d an ounce.
Total sales of stocks, 322, 300 shares, in
GLIDING 1905 Atchison preferred, ,23O Chi
cago, Burlington & Quincy, 10OS5 Louisville
& Nashville, 1920 Manhattan, 1876 Metro
politan, 5,525 Missouri Pacific, 4,961 New
York Central, 1915 Northern Pacific, 7,710
Northern Pacific preferred 1000 Rock ISL
and, 42,125 st. Paul, 32,O2S Union Pacific.
11,76O Tobacco, 4,742 Peoples Gas, 94,7SO
Sugar.
The interest and principal activity in the
New York stock market yesterday were in
the first hour The bulge at the opening
was caused by the scramble to execute all
at once buying orders for several thousand
shares in each Of the leading stocks. These
orders were placed by frightened bears.
tone assumed by American securities on
foreign exchanges and who had in mind the
sad experiences of the shorts Of last Mon
day. On the execution of this mass of or
ders at the opening, prices promptly sold
off again. The decline was arrested when
rather more than one-half of the advance
had been wiped out Transactions for the
remainder CT the day were small and fuc-
tuations were narrow outside few special
cases and there was little of interest or
Importance in the stock market. NOtwith-
standing the later weakness, net gains of
from L to over points were saved for
nearly all the active stocks. The opening
jump in prices was in sympathy with the
buoyancy of Americans in foreign ex-
changes where the reported mediation OF
the Pope between the United States and
Spain was viewed as of the utmost impor-
lance. This Importance was enhanced by
the fact that the reports given out from
Spanish sources had it that the Pope ;
mediation was offered at the request or
the United States. The sentiment Tor
sion in many pulpits in this country at
Sundays religious services tended to give
stock traders who were after the bears
Scalps were also very busy disseminating
an allegation that President Mckinley had
determined to embody a recommendation
against war or forcible intervention in Cuba
in his forthcoming message. The early
view it was soon believed, had exaggerated
from Washington that the Pope had been
accepted as a mediator between the United
States and Spain was potent in dispelling
| this view Expressions by men in Wash
| ington who are strenuous for firm action on
| the Cuban question and who expressed their
| contentment with assurances given them
| after having seen the President, indicated
| the purpose of the administration to insist
on Cuban independence. Notwithstanding
| these later revisions of opinion the active
measure taken by the Pope was felt to offer
| a possible means of influencing Spain to
| yield to the demands of the United States,
| especially as the opinion of the Vatican
| heretofore reported inclined favorably to-
| wards the granting of Cuban independence.
| This constituted the sustaining force which
| saved the market from a full reaction from
| its opening gains.
The bond market was dull and after open
| ing strong prices eased off a little. but stiff
fened again before the close. Baltimore &
| Ohio skies, Parkersburg branch, sold at 104,
a decline of II points from the last sale.
Total sales ST. .0O0 United States new
tours, regular, advanced IL; United States;
| coupon, 1ss; the old tours, regular, /; old
| tours, coupon, and fves. II, and the twos
| declined IL per cent. bid.
| The following table, prepared by L. w
| Louis, Room IL, Board of Trade, shows the
nf nI0fa fiOnS.