The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-20
BETTING AGAINST WAR
CERTAIN TRADERS CONTINUE TO
BUY STOCKS ON ALL DECLINES.
Spanish Bonds Growing weaker. De-
moraIixing the Paris Bourse-
Local Trade Active.

At New York, yesterday. money on cali
was steady at gas per cent; last loan, per
cert.
Prime mercantile paper. 51zGt6 per cent.
Sterling exchange was steady, with actual
business in bankers bills at S4s34I4SSl.
for demand and at $4.79S4@4sO for sixty
days. posted rates. $4.SOGt4S1 and $i.Si; COM
mercial bills, $4791z.
Silver certificates 56@561sc; bar silver, sec;
Mexican dollars, 45ilc. AT London bar sill
yer closed quiet at % 15-1ed ounce.
Total sales of stocks, 1S4,JOO shares. in
Guiding q 766 Chicago, Burlington & Quincy,
5S90 Louisville e. Nashville, 5,245 Manhattan,
1850 Metropolitan, $3.50 New York Central,
1852 Northern Pacific. 1858 Northern Pa
cific preferred. 5,613 Rock Island, 20,41S st.
Paul. H,247 Union Pacific preferred, 9,72O
Union Pacific, Denver & Gulf, 300 Tobacco
and 1854 Sugar.
There are men in Wall street still who
believe that not a gun will be fired in war
between the United States and Spain. 1t is
difficult to find what they base this as
sumption on. but they hold it with sufficient
tenacity to decline to sell out their holdings
in securities and they buy additional Sc
curities at any material decline. These
buyers were in the market at the opening
yesterday and they sustained prices above
the London parity, thus inviting sales for
arbitrage account of many thousand shares
of the international securities which had
been bought in London at the lower prices
ruling there The early declines in London
seemed to indicate a practical abandonment
of the hopes of peace and Spanish fours
both in London and Paris dropped 3ls per
cent This weakness of Spanish securities
was especially demoraizng on the Paris
fourse The support accorded to Americans
in New York after the opening without
change in sentiment in London and also in
Berlin and later dealings there. caused a
recovery in Americans though the Spanish
bonds continued to drop. This tendency
continued in London even after the close of
the exchange in the trading on the street.
1t was a tendency that gave color to the
belief in certain circles in Wall street that
Spain is prepared to relinquish Cuba as
last resort The selling for London account
was nevertheless sufficient to effect declines
all through the list. The international
stocks led in the trading and nearly all
showed declines of point or upwards. The
bear traders were also in evidence later in
the day, but they covered TO some extent,
causing slight rally from the lowest
There was at no time a heavy pressure or
liquidation Dealings were slightly larger
than yesterday and were much better dis
tributed but the market was still very mar
row and there were no very big move
ments in prices. Operations in the money
market continue very much restricted
though there is no apparent lack of money
for call loans on the stock exchange. loans
being made at per cent. The tone or the
exchange market was rather firmer and
there were no important engagements of
gold for import. Holders of money are IN
clined to await the decision of the govern
meDt as to a bond issue The demand IRON IRON,
the interior for money continues. The high
rates at which time loans and commerclal
paper arc ruling are having their effect In
restricting business operations outside Of
speculative circles. The dizziness of specu-
lation in securities is doubtless due also IN
part to the diversion of active speculation
into the wheat and cotton markets.
The market for, railroad bonds continues
semi-stagnant and prices generally declined.
Total sales. $S25.009 United States new
fours declined u and fives, coupon, "A per
cent in the bid price Others were unr
changed. The new fours. coupon; sold at
1175s against 1851 on Monday. but there was
a sale later at liz The new fours, registered.
sold at 116% against a sale Monday at 1ls,
and the old tours. coupon, sold at 1QS as
compared with 1881 the day before.
The following table, prepared by L. W.
Louis, Room H. Board of Trade, shows the
Oman iUh- Low