The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-04
CONFIDENCE RETURNING
PEOPLE ARE SEEKING INVESTMENTS
FOR HEIR LoNG-IDLE MONEY.
Great Demand for Securities at New
IOrk-Prices stiII Advancins-Con-
ditiOn of Local Business.

AT New York, yesterday, money on call
was easy at 1AG1Ia per cent. the last loan
being made at liz, closing offered at 1A41A
per cent.
Prime mercantile paper 3q4 per cent.
Sterling exchange weak, with actual bus
mess in bankers bills at $i.S7qI.S7A for de-
mand and $4,S5AQ4.S6 for sixty days; posted
rates. $4.S6z@4.S7h and $4~s712Q4Ss1z; com
mercial bills, $4S5a4s5R.
Silver certificates. 5SAa5s24c; bar silver,
STAG; Mexican dollars, 45c. AT London bar
silver closed uncertain at 2612d per ounce.
The total sales of stocks at New York
yesterday We're 475,425 shares. including:
Atchison. 6,035; Atchison preferred, 1898;
Chesapeake & Ohio, 10,440; c., b. & O., "a
800; Cleveland. CINCINNATI, Chicago & st.
Louis, 6,220; Louisville & Nashville, 1858;
Manhattan l., 5000; Missouri Pacific, 1925;
New Albany 81 Chicago. 1919; New Albany
q Chicago preferred, II $40; New York, Sus-
%quehanna * Western preferred. 3.105; New
York Central. 1900; Northern Pacific. BIS;
Northern Pacific preferred, $3.50; North
western, $3.50; Reading, 100; Rock Island,
1920; st. Paul, 1852; st. Paul & Omaha,
$500; Southern Railway preferred, 9,175;
Union Pacific, 5,155; Union Pacific, Denver
~ Gulf, 4,5l0; Wabash preferred, 1881;
AHeIlcdn spirits, 1850; American Spirits
preferred, 5,0l6i American Tobacco, SO, 100;
Ghlcago Gas, ~, 44U; Consolidated Gas, 1865;
Gseneral Electric, lS,O45i Lead, $3.50; Sugar
United States Leather preferred, SOLO;
Western Union, 1850; Chicago Great
Western, il, 292.
The market for securities received a fur
ther, powerful impetus towards a higher
Level OF values at New York yesterday.
Buylng was animated and in large volume
IN all departments, not only OF the stock
market but of the bond market as we'll.
Inc confidence OF the general public in the
revival of business ana the Improvement of
values TO result was plainly manifest In the
large commission house orders executed on
me MOOR OF the exchange, those being in
Such number and of such importance as to
all attempts of the professional
operators to cneck the advance and to ma
nipulate the market tor a reaction. All the
news was such as to push on the enhance
ment OF prices. Reports OF crop prospects
continued most encouraging from all quar-
lefS ana the continued rise OF price in the
grain markets reflected the confidence of
buyers that good prices were to be realized
Tor the crops. The returns of railroad traf-
nc from the West and Southwest showed
the grain movement to be in such volume
as 10 leave the amount of BUSINESS TO be
done by the railroads only Il question OF the
number OF cars they can secure TO trans
port the grain offered. The westward
movement or merchandise is also reported
10 De largc Tor the season. so that the
trains going westward as well as those
coming eastward are producing revenue for
the railroads. The buoyancy OF the indus
trial stocks was the result OF the brlgn
outlook for the trade in the particular sta
pies IN which these great corporations deal.
me gas companies especially were bene-
fitted, Consolidated Gas leading with a new
gain or 5a points. The exchang situation
was also much cleared, the quotations for
actual business i'm sterling exchange break
ing TO $4.S7 for sight bills and TO S4.S5A for
sixty days. The declining tendency is due
to the tree offering OF grain bills, which
are likely to increase from this time on.
In view of this fact, further exports of gold
are exceedingly unlikely to occur and the
animal TRttlX Of the NnllOW metal will nrOh-
ably begin at no distant day. The heavy
adverse trade balance TO result from for
eign purchases of grain is considered to be
the motive of the persistent dis~inclination
of foreign exchanges to invest in American
securities and of their disposition to take
their profits by selling these securities in
the New York market. Sales of this char
acter were large yesterday, especially of
Northern Pacltic preferred. The conserva-
tive habit of the British investor to refrain
from putting his money into foreign enter
prises when such action is likely TO depiete
the supply OF gold in currency channels is
well known. London offerings of Northern
Pacific preferred were well absorbed, and
after the close in London the stock rallied
TO a point above Monday nights close. The
following list Of advances indicates the
proportions Of the improvement: Consoii-
dated Gas, 5l2; East River Gas, 3; Sugar
preferred, 3ls; Sugar, Brooklyn Union Gas,
Chicago Gas, General Electric, Laclede
Gas. Oregon Navigation. st. Paul ~ Du-
Spirits preferred, 2 points or over. Those
stocks which gained a point or over were:
Southern, Canadian Pacific, Cleveland, Gin
Cinnati. Chicago d st. Louis, the grangers
Lake Shore. Louisville, Chicago, Indianapo-
lis IL Louisville, Metropolitan Traction,
Michigan Central, Norfolk * Western pre-
ferred, Oregon Navigation preferred, Ore
gon Short line, Tennessee Coal and Iron
preferred.
Trading in railroad mortgages were in
large volume with substantial variations in
many issues. The low priced securities
were eagerly sought for by domestic and
foreign purchases. The general tone was
very strong with specific influences oper-
ating TO enhance values of some hens, not
ably oregon Improvement consol fiNes trust
receipts We're conspicuous for a rise of 5A
per cent. to 30 with a later reaction to Is.
Inc aggregate sales were S., $3.50, 900.
The following table, prepared by l.. w.
Louis, Room IL, Board OF Trade, shows
the range Oh quotations: