The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-31
BULLS WERE RAMPANT
NOTABLE ADVANCES IN STOCKS ON
NEW YORK EXCHANGE.
Conviction that Spanish-American
situation VIII Not End in War
Local Trade Dull.

At New York, yesterday, money on call
was steady at 11zl2 per cent; last loan,
IA per cent.
Prime mercantile paper, 5Q61k per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4S3I5@4. 1914 for
demand and at $4.SOalG4.S1 for sixty days;
posted rates, $4.S11z94S2 and S4S4kd4S5;
commercial bills, $3.50.
Silver certificates, 551zG5615c bar silver,
55asc; Mexican dollars, 44a4c. At London
bar silver was uncertain at Is 11-16d an
ounce.
Total sales of stocks, SCI, 900 shares, includ-
ing: Atchison preferred, 1866; Chesapeake
& Ohio. 500; Chicago, Burlington & Quin-
cy, 56,342; Louisville & Nashville Is, $50 Man.
haitian, 1865; Metropolitan Il SS1; Reading
preferred, 5,64G; Missouri Pacific, 1900;
Northern Pacific, $500; Norther Pacific pre-
ferred, 26,070; Reading, $3.50; Rock Island,
S2,515; st. Paul, 71,116; Southern preferred,
$780, Union Pacific 4,320; Union Pacific,
Denver & Gulf, 4425; Tobacco, Is 420; Peo-
pies Gas, 1880; Consolidated Gas. APPS;
General Electric, 5,345; Sugar, 1852; Ten
nessee Coal and Iron, 3195; Western Union,
$3.50.
Yesterdays transactions in stocks might
fairly be termed runaway bull market.
tors on Wall street seemed to be that a
peaceful adjustment of the controversy with
Spain is probable. Any of the minor de-
velopments of the day which seemed 20 con-
tradict this assumption or threaten the de-
feat of this outcome were persistently and
confidently ignored. There were reactions
at times during the day, but these were evil
IDENTIFY due merely to realizing sales by
those who were content to take large
profit already assured. These realizing
sales were absorbed without at any time re-
ducing the level of prices to Tuesday nights
Close even near it, and the market sew
eral times rallied to near the top figures of
the day under renewed buying. The day
closed with such a buying movement in full
force and with prices near the highest level.
The days net gains in the railroad list
ranged from l to points. and in the spe-
clalties gains of over points in Sugar and
nearly points in Metropolitan Street-rail-
way were scored. Some of the shorts put
out in Mondays bulge were covered to-day
and perhaps helped on the advance ma
terialiy, but the leading influence in the
markes was rampant speculative buying
movement. London was credited with being
sa, large 3 buyer S here, but foreign exchange
change being firm. This might be due to
slightly easier time money, which was no
less significant of the prevailing confidence
in peaceful outcome than the strength in
stocks. Prices of Americans in London had
risen before the opening here, but cabled
New York orders. Spanish government
bonds also showed strength in Paris and
London. but this was called a reflection of
the strength of American securities rather
than the cause of it. Early reports from
Washington that Spain had agreed to free
Cuba for $200,000,O00 indemnity caused the
nrSt powerful upward impetus. Abstenta-
ZION OF the Senate foreign relations commit
tee from reporting any of the warlike reso-
lutfons in its custody and the refusal of
the House to interrupt the progress of the
Presidents negotiations with the Spanish
government were interpreted as favorable
Factors. No account was apparently taken
or the implied suggestion accompanying
these actions that the Presidents demands
on Spain were sufficiently firm and far
reaching to meet the objections of those
who had threatened to oppose him in Con-
gress. The underlying conviction in finan-
| cial circles was that whatever these de-
mands may be Spain would accede to them
and thus avert hoStilitieS.
The bond market was by no means as ac-
tive as stocks, but the tone was strong
and some notable gains in prices were
tours, coupon, advanced H. and United
states new fOurs, registered, / bid There
We're sales of the tours, coupon, at / per
cent over Tuesdays bid price and of the
old fours, coupon. at ~ over Tuesdays
bid price.
The following table, prepared by l.. w,
Louis, Room IL, Board of Trade, shows the
range of quotations: