The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-14
p BULLISH SENTIMENT
SHARES SHOWED NEW STRENGTH,
BUT BUSINESS NAs o HEAVY.
Greater Confidence in COmmercia
Circles Leads to Higher Prices
Local Markets Steady.

At New York yesterday money on cal
was firm at sac per cent; last loan. 3
closed at sos per cent.
Prime mercantile paper nominally Th0
Ss per cent.
Sterling exchange was easier, with actuai
business in bankers bills at $4S4 for de-
mand and $4.S11944.92 for sixty days; posted
rates, $4.S2u4.s31z and $.s4140f.s6; CONNER
cial bills, $3.50.
Bar silver, 6i3sc; silver certificates. GAY
M64zsc. at London bar silver closed al
29Ad per ounce.
An increased demand for cash gold is
reported by bullion dealers without a per-
ceptible change in the premium. Lots of
from $500 to $4,000 are being purchased at
New York for the account of individuals
and financial Institutions in the West and
Southwest. 1t is alleged that money, that
in thef ordinary course of events would
have been RENTED to New York. is COM
ing back very slowly. Cash gold is quoted
at 5-l6@B per cent; gold to arrive, 1s03-16,
and calls at 1AG1a per cent.
Total sales OF stocks were III, 283 shares,
including the following: American To-
bacco, IS, 900; American Sugar, 43, 400; B. &
O.. 16, 500; Chicago Gas, 400; L. & n, $500;
Manhattan Consolidated, 800; Reading.
$500; Rock Island, $500; st. Paul, 32,10o.
IEe new YOfk speculative StiliiLleHt
went around to the bull side yesterday.
The volume of business. however. was not
particularly large or the distribution OF
the dealings improved. Activity again. cen
tered in Il few of the StrOngly-cliqued
shares, with Tobacco the star performer
on manipulation against the shorts. News
Of the completion of the fortnightly settle
ments on the London Stock Exchange
without friction was coupled, previous TO
the local opening, with cabied advices of
higher prices for American securities. Re
norris of greater confidence as to the gen.
eral business and financial outlook, and of
a further sharp advance in the prices of
our cereals and other food products. to-
gether with a continued increasing export
inquiry, eXcrted strong influence in shaping
prices. Nevertheless buying other than by
professionals was the exception. Announce
ment was also made of a further engage
ment of about $500. 900 in gold for import to
this country, although experts on the eX-
change figured that the advance Monday
TO 2s per cent. in the London discount
rate precluded imports on a regular OK
change basis at above $4.S3a for actual de-
mand sterling.
The exchange market was slightly easier
yesterday, actual demand being offered in
some instances at $4.s4 net. Bankers gen.
orally are disposed to put out time money
for other than periods Of nine months and
one year. while borrowers are more con-
cerned regarding short-time accommoda-
tions. There is some comment over the
extremely light return flow of funds to
New York city that was forwarded earlier
for crop-moving purposes. Commercial pa
per of the very best quality is in increased
6uppIy al o per CClL., l q Wei iiSh VIC
mand. improvements in forenoon-share
prices were very pronounced. Tobacco was
moved up an extreme 81 per cent. to 75A.
the rise being attributed to operations
against a belated short interest. Other ad-
varces in the industrials extended to rs FER
cent. in Chicago Gas, and in the less active
group l to III per cent. In the railways the
gains ranged up TO rs in Rock Island.
Profit-taking around l o'clock caused a set
back, In which Sugar and Manhattan were
the chief sufferers. The decline was of
brief duration, and renewed strength de-
veloped generally in the final hour. the best
figures of the day being recorded. The
gains among the usually inactive shares
were notable, including St. Paul preferred.
which sold at 124. and Rubber preferred at
SSH, as compared with respective closing
bids Monday of 100 and 63. The closing
was strong at the best figures, and show
ing net gains of los points.
The bond market moved upward In SYM
pathy with stocks, and in many instances
the gains were material. The greatest adj
vance and activity were in the Atchison
and Reading issues, which averaged a
point. The sales were $6SS, DOC.
Government. bonds were quiet. but Slight
ly higher ON purchases of $15, 900.
The following table. prepared by l.. w. Louis.
Room 10, Board of Trade, shows the range Of
Cuotations: