The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-10
STOCKS WERE FEVERISH
HIGHER PRICES FOR GRAIN SENT
AMERICAN SECURITIES UP.
Competed with New York
Brokers i'm Demand for Shares
Local Trade Stronger.
At New York. yesterday, money on call

At New York. yesterday, money on call
was steady at 214 per cent.
Prime mercantile paper, car per cent.
Sterling exchange firm, with actual bust
ness in bankers bills at $4S424Q4S5 for de-
mand and at A.S1@4S1$4 for sixty days;
posted rates, $LS2@4 ssh; commercial bills.
$4S0G4S01a
Silver certificates, 5Sa5S%c; bar silver,
J61sc Mexican dollars, 45c. At London bar
silver was steady at % 15-16d an ounce.
Total sales of stocks $40. 700 shares, includ-
ing: Atchson, 1886; Atchison preferred, 90
200; Chesapeake & Ohio, 7,7O5; Chicago, Bur-
lington Quincy, 25,740; Erie preferred. s.
240; Louisville SS Nashville, 1880; Manhat-
tan, Il, 800; Metropolitan, $3.50; Reading pre-
ferred, 6,S21; Missouri Pacific, 1870; New
York Central, $780, Northern Pacific, 1000;
Northern Pacific preferred, 24,310; Reading
4730; Rock Island 45,725; st. Paul, $500
Southern preferred, 9,125; Texas & Pacific,
4.710; Union Pacific preferred, 1920; Union
Pacific, Denver & Gulf, 4075; Wabash pre-
ferred, 1920; American Spirits, 1000; To-
bacco 10, $50; Chicago Great Western, 49,
s70 Peoples Gas, 24,S3O; General Electric,
6,O25; Pacific Mail, $50; Sugar, $3.50; Ten
nessee Coal and Iron. 1920; Western Union
9515; st. Louis & San Francisco preferred
3,S4O
Probably Mondays New York stock mar
ket owed it's firmness and at some points it's
strength to the extraordinary course of
prices in the wheat market. With May
wheat selling in that market at $1.90 a
bushel before the middle of the month and
with July option almost keeping pace with
it, there is assured promise of abundant in
crease of wealth for this country. The out
breaks of violence and of bloOdShed in Italy
and Spain on account of the DEAFNESS or
bread and the advancing price for that
necessity at other points in Europe are onlF
too convincing evidence that the hlgn prices
for wheat are not due to speculative manip-
ulation, but the urgent need OF foreign con-
sumers. With this demonstration of the
countrys potential command of wealth It
was natural that prices of securities should
continue to advance. But the market had
to carry the burden of an extensive liQuida-
ton of profits in many stocks ana or large
selling for foreign account induced by the
stiffness of money rates abroad. There was
besides positive depression in some of the
stocks which are usually most prominent III
the market. With three such conspicuous
leaders as Sugar Manhattan and Metropon-
tan Street-railway suffering from special
causes of weakness, it was natural that
some slight depression should radiate from
them through the list There was hating
tendency manifest even in some OF the
grangers, Notwithstanding the special al
vantages to them from the active demand
for wheat and corn. Rock Island showed
the most notable strength OF any rallroad
stock and ST Paul was also well sustained.
Otherwise the grangers were good deal
weighted by profit-taking sales. Ot the IN
ternational stocks Louisville was about the
only one outside of St. Paul to show posi-
tive strength. Wabash preferred and Atch-
ison preferred were advanced sharply on
heavy buying, but the former lost most OF
the gain There were some sharp gains
shown i'll a few other cases, notably P9o-
pies Gas and Pacific Mail. Tobacco lost
all of it's gain before the end of the day.
There was a general downward movement
in the whole list on profit taking and bear
pressure during the final hour, which made
the days changes extremely irregular.
Prominent stocks are found showing sharp
gains and others equally prominent show
marked losses. The days business was the
heaviest since last fall the total sales or
all stocks reaching 62O.7O shares. A feature
of the day was the sharp advance OF halt
a cent in sterling exchange. Not only the
easier tendency of money here, but the
large demand for exchange created by the
selling of stocks for foreign account had
to do with this advance. The sales Tor
foreign account reached over $4,000
The bond market shared in the ACTIVITY or
stocks and was strong throughout. Total
sales So 10000. United States new tours ad-
vanced g. the flves and the old tours,
coupon, u and the old fours, registered, a
i'm the bid price. There were sales OF the
new fours, coupon, at 1924, an advance OF
81 over the last sale
The following table, prepared by L. w
Louis Room II, Board of Trade, shows the
range of quotations: