The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-08
BETTER TIMES COMING
WALL STREET BELIEVES THE DE-
LAY MEANS NO WAR WITH SPAIN.
UndertOne of Strength to stock Mar
ket Not Understood by Outsiders
Local Trade Fairly Active.

AT New York, yesterday, money on call
was steady at 202sl per cent: last loan,
per cent.
Prime mercantile paper, 51596 per cent
Sterling exchange was steady with actual
bushes in bankers bills at s4.S3Ad4.S31a for
demand and at $4.S0A for sixty days; posted
rates, s4.S01aq4S11a and 81. S4a4. Say; CONNER
cial bills, $3.50
Silver certificates. 5eG57c; bar silver. 55a4c;
Mexican dollars, 45c. At London bar silver
closed inactive at 257sd an ounce.
Total sales of stocks 237. 300 shares includ-
ing: Chesapeake e Ohio, 3,165; Chicago, Bur-
lington & Quincy, PATS; Louisville G. Nash
vile. 6,795; Manhattan, 1901; Metropolitan,
1915; Missouri Pacific, $500; Northern Pa
cific, $780, Northern Pacific preferred, 1926;
Rock Island, 1850; ST. Paul, %, 1855; Union
Pacific, 1885; Union Pacific, Denver & Gulf,
S,675; American Spirits, 5,43O; Tobacco, 1910;
Sugar, 75 1873.
The conviction is evidently unaltered in
Wall street that the delay in presenting the
Presidents message to Congress adds to
the possibilities of peaceful solution of the
Cuban question. The market closed shade
lower yesterday in the average price. In
dividual losses were in almost all cases con-
fined to fractions, and there is fair sprink-
ling of gains among leading stocks. Only
small proportion of the sharp advance
which came with Wednesdays news that
the message was to be delayed until Mon
day was wiped out The professional bears
showed no disposition to renew their short
contracts. Neither there any sign of
liquidation of long holdings. The only buy
ing demand was caused by some slight COW
ering Of and a very limited amount of COM
mission house buying. There was an almost
stagnant market. There was no develop
ment of the day which awakened it from it's
lethargic condition. That this dullness is
due to an attitude of waiting was evident
from the sudden activity when it became
known Wednesday that the Presidents mes
sage was delayed, and when it was sup
posed that the delay indicated probable con-
ceSSlOnS by the Madrid government. The
pubic feeling in Wall street lis that the I'M
dertone OF nrmneSS in the market is due
TO some hidden motive, generally supposed
to be the expectation that Spain will yield
to pressure from the European powers and
from the Pope and will concede the demands
of the United States. Yesterdays small
losses in face of the generally threatening
aspect of the situation can only be ex-
planned on the hypothesis that a. peaceful
solution is still hoped for There was, how
ever, q demonstration in Wednesdays late
bulge that large offerings to realize are
brought out by any sharp advance in prices.
Professional operators on either side
warily watching for the definite develop
ment OF the situation. 1t MS thought posi-
BILE that liquidation usually incident to a
war scare is waiting for the expected heavy
demand from the large short interest which
undoubtedly exist in the market This
short interest is waiting for ar actual
declaration of war to cover. On the other
hand, there are those who hold that actual
war has already been sufficiently discounted
and that the firmness in the market is due
to this cause.
The situation in the money market is felt
to be one fortified against even a severe
shock
have been greatly strengthened. The gold
reserve both of the government and of the
New York banks is large, unprecedentedly
SO in the case of the latter, and is constantly
growing. A large proportion of the pay
mentS at the custom house are made in
gold, and the clearing house balances are
in a great part settled in the same metal.
There is no immediate prospect of internal
exchanges turning against the United
States. and until this occurs there will be
gold imports to replenish the money mar
ket. Yesterdays advance in the Bank of
England rate did not check the engagements
of gold. but served to shift the demand
somewhat from London to Berlin. The rise
in money in London resulted in a rise in
the Berlin and Paris rate of exchange on
London.
The bond market was almost wholly
neglected. but prices were firm. Total sales,
81 050, 600. United States new tours advanced
/ per cent, the old tours registered n and
the fives u per cent in the bid price. and the
tWoS declined u per cent. There were sales
of new tours, coupon, at 122A, an advance
of q over Wednesdays sale price. Yester-
days last price was 122.
The following table. prepared by L. W.
Louis, Room IL, Board of Trade shows the
a N n