The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-04
FIRMER STOCK MARKET
SLIGHTLY INCREASED DEMAND AND
BETTER PRICES ON 'CHANGE.
Exports of GOId Now Spoken of as In
dicating Healthy American Market
Local Business Inactive.

At New York yesterday money on call
was easy at 1132 per cent; last loan, 2
per cent; closed offered at 11aq2 per cent.
Prime mercantile paper, S12@4 per cent.
Sterling exchange was steady, with ac-/
tual business in bankers bills at $4.S7A@
4.S715 for demand and at $4.S6A@4.S614 for
sixty days; posted rates, $4.S7 and $4SS12;
commercial bills, $4.S5h.
Silver certificates, 61Ac; bar silver, Gle;
Mexican dollars, 4SAc. At London bar sill
yer closed at rs Lid per ounce.
There was a greatly improved tone to the
dealings in stocks on New York Change
yesterday and values held appreciably firm
er. The volume of trading also increased
somewhat, but it is still extraordinarily
small. This reflects the increased conf
dence of the stock market concerning the
shipments of gold to Europe. Fears on this
score have partly abated. The fact that
new engagements for export were made
yesterday with actual business being done
in demand sterling for $4.S7A to the pound
confirms the belief that the gold movement
is not the result of a natural settlement
of trade balances, but of a special demand
for gold involving the payment of a prem
ium for it. The closest estimate that can
be- made shows the profit on gold ship
ments to cease when demand sterling goes
to Sass. The fact that a premium must be
paid for the present gold shipments is COM
ing to cause the operation to be regarded
as a business operation profitable to the
country and as a healthy indication of the
abundant supply of gold in the country,
marking it as the best source of supply
for a special demand, such as that at Aus
tria at present with Russia and Japan also
strongly attracting gold, all of this de-
T1nnh hninO for III rTannu nnnXvoRcinp nm
poses. Although the United States treasury
has supplied nearly all of the stock of gold
for the present movement, the movement
of gold into the treasury continues at ap-
parentIy the same rate as for some time
past. The current government receipts also
are in excess of expenditures because of the
heavy importatiOns of dutiable merchandise
to anticipate the new tariff bill. While these
importations serve to make the exchange
situation more adverse their benefit to the
United States treasury and the consequent
safeguard to the currency is viewed as a
compensation in part at least. The fact that
the price of gold bars and American eagles
was reduced in London and that the Paris
rates for sterling exchange rose slightly
nave also given rise to a belief that there
may be only d small shipment of gold or
none at al by next Saturdays steamer. 1t
remains to be seen whether this hope is
justified. The brighter aspect of affairs on
the London exchange was also a favorable
factor. in yesterdays market. Gains rang
ing from to Ia occurred in Northern Pa
cifc preferred, Louisville & Nashville, New
Jersey Central, Sugar, Tobacco, Console
udlSh .0dS liz bIoDklyn Union GdS. Inc
gains in the grangers averaged q and frac-
tional gains were general all through the
list, the railways closing near the top
prices. The bears attacked special stocks
in an effort to stem the Improvement and
worked the lines successfully in the Gould
stocks, Missouri Pacific losing a point. Man
haitian 7s and Western Union ", the lat
ter recovering and closing with a gain of
a. Metropolitan Traction fell pa and rail-
lied Is. Tennessee Coal suffered a net de-
cline of ~ on talk of labor troubles inn
pending. The closing was firm and with
the exceptions noted, net gains were gem
eral.
The bond market displayed increased ac-
tiV1ty and there was material broadening
to the dealings. A number of the usually
inactive shares participated in the specula-
laIh The changes lacked consequence, but
a decidedly firm tone was apparent. The
aggregate of the sale was $1,050, 900.
Government bonds were pressed for sale
and showed concessions of a slight traction
in. the more active issues. The sales were
SIS. 1000.
The following table. prepared by L. w. Louis.
Room H. Board Of Trade, shows the range of
quotations.: