The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-29
STOCKS ARE BENEFITED
BY IMPROVING FINANCIAL OUTLOOK
ON GOLD IMPORTS.
Higher quotations Likely to Follow
Continued Shipments from London
Local Markets. Quiet.

At New York yesterday money on call
was strong at eGS per cent: last loan. Z;
closed. q
Prime mercantile paper. nominally. 7GS
per cent
Sterling exchange was weak. with actual
business in bankers bills at ~$4.s3lzuis3A
for demand and sAs1%0Ls2A for sixty days;
posted rates. s4.s21zm4S5 and $4s4Kd4S6;
commercial bills. s4.s1.
Bar silver. 66Ac; silver certificates, 66Aa
sc AT London bar silver closed at So7sd
per ounce.
Total sales OF stocks were 129,10O shares,
including: American Tobacco. 400; Ameri-
can Sugar. p. 600; Burlington. 1900; Louis
vile & Nashville. $500; Manhattan consoli-
dated. 400: Reading. 1900; st. Paul, 24.5OO;
Western Union, 1850.
The transfer of stocks yesterday. while
on a moderate scale. was fairly well us
tributed with the activity In spots For
the first time the market appeared to re-
feet with some degree of spirit the i'm
proving financial outlook, which is chiefly
based on the substantial gold imports and
the implied relaxation or the present still
ness in money and in the commercial paper
brought $1.743.O00 in gold. of which s500.0O0
was deposited in the subtreasury i'm ex-
chang for legal tenders. and news of fur
ther orders for the metal was received.
bringing the total engagements up TO over
So. 100000 AS foreshadowed during the last
NV AaJ9F q aAAAODill VI liz
imports viii be turned into the subtreasury.
"A special to the New York Evening Post
heavy Withdrawals of gold this afternoon
from the Bank of England for America.
The bank has raised its selling price for
bar gold TO us 11tad. Money rates rising
here. which, III continued. NAV have some
Influence on prices of stocks a quarter of
a million pounds sterling will go by the
American line Tomorrow. while between
900. 600 and &S00. OO0Lperhaps more-will go
by the Campania."
Other now familiar conditions were fur
ther weakness in the exchange market and
a distinctly firm money market, although
the bulk OF the loans on call were made
at or below Z per cent. The advocates of
higher prices for stock exchange securities
were gr9tifled by a more favorable state
ment OF operations for July by the Burling-
ton than had been expected. The report
showed an increase i'm surplus of $93, 1923. as
against a deficit of s10.3e0 for the same
month last year Actual rates for demand
exchange fell TO s4.S31zd4.SS4 and posted fig
ures were twice reduced. l cent in the ag-
sregate. TO sf-s214 for long bills. A feature
OF the dealings was a eViva of foreign
buying Of American stocks and bonds. The
opening was strong and fractionally high
e.. with the more important gains i'm the
industrlals and Sugar. As the morning
progressed the market continued to trend
higher and a decided inquiry was noted
Tor some or the Industrial properties. The
dealings generally were marked by a more
confident sentiment. The more extreme adj
vances were in New Jersey Central. 3h:
Manhattan and Burlington. pa: Tobacco
and Western Union, 2: Louisville & Nash
vile and Rock Island. ~; Leather pre-
ferred. Us. and IL per cent. in Lake Shore.
Consolidated Gas and Northwest. In the
specialties Illinois Steel advanced 4 per
cent, to 3S5s. with a reaction to 36Iz. and
tnNthe inactive list Michigan Central and
Lead preferred rose 2 and other shares of
this class averaged an Improvement of a
point. The market had sagged slightly
from the early top figures on the increas-
Ing tension in money rates. aside from
Manhattan and Tobacco, which yielded l
and IL per cent, respectively. Later the
general list resumed the uptack and the
market closed at about the best figures of
the day.
The bond market exhibited decided
strength. The speculative issues were in
good demand. particularly those with an in
ternatlonal market Southern fives rose 2.
Atchison general fours rs and Atchison adj
!ustments. Ia per cent. The sales were
Silver certificates eased off to &c on sales
OF $4,000.
Government bonds were active and gem
orally firm on dealings OF $3.50, 900.
The following table. prepared by L. w. Louis.
room IL. Board OF Trade, shows the range of
quotations: