The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-02
FIRMER STOCK MARKET
IMPROVED DEMAND IN THE FACE OF
ADVERSE INFLUENCES.
Almost Complete Recovery After At
tack Sending Prices Under SAT-
urday's-LOcaI Trade.

At New York, yesterday money on call
was steady at 1AGl2 per cent; last loan, IL
per cent
Prime mercantile paper. 1904 per cent
Sterling exchange was steady. with actual
business in bankers bills at $4.S5Q4.S5A for
demand and at $4S3AQ4S31a for sixty days;
posted rates, $4S41h64S5 and $4.S6Q4S615
commercial bills. 81. s204S211.
Silver certificates 5S15@59Ac; bar silver,
IS 9-16c; Mexican dollars, 451kc.
Total sales of stocks 235 400 shares, includ-
ing: 1920 Atchson preferred, 1879 Chicago,
Burlington & Quincy 1850 Manhattan. 5,847
Northern Pacific preferred 5.4S1 Rock
Island, 1888 st. Paul, 7135 Union Pacific pre-
ferred, 1880 Tobacco. 34S5 Peoples Cas-
3,525 General Electric, 14,0S2 Lead. 1870 Pa
cific Mall 22,050 Sugar. 10015 Leather pre-
ferreds % 455 Rubber, 6,555 Rubber preferred,
1882 Western Union.
The New York stock market held firm yes
terday against several adverse influences and
showed greatly improved demand in the
later dealings. The supply of American
stocks left in the foreign exchanges has be-
come much reduced and dealings in them
are so insignificant there that little account
was taken of the fact that London was
closed for it's bank holiday. Railroad stocks.
tinued to suffer from the neglect which has
recently made the market almost stagnant.
The bears availed themselves of the quie-
tude to make an aggressive attack, direct
ing their efforts chiefly against Brooklyn
Transit and Rubber preferred. because
these stocks have recently gone up sharply
and there were known to be heavy specu-
lative commitments to the long side in them.
There was, besides, a disposition to take
profits that prices shaded off easily and
uncovered stop-loss orders Peoples Gas
was also subjected to vigorous attack and
was sold down to SO. The motive offered for
selling Brooklyn Transit was the fear that
the profitable traffic over the Brooklyn
bridge would be interfered with to allay
public apprehension regarding the strain on
the bridge. The speculation in sugar was
also very feverish though the price did not
get away from 139. The bears. in addition.
had reports that the rains in the West had
come too late to prevent serious harm to the
corn crop. Prices fell quite materially be-
low Saturdays close, under this combined
attack, but inside support was forthcoming
in the stocks which were most severely
effected and the shorts were driven to COW
er, making the recovery in these stocks al
most complete. OF the grangers, Rock ISL
and and Burlington, the diStinctiVely corn
carrying roads, rose from l to rs from the
lowest, and the SouthwesternS, as a group,
were strong. Inc RuDper STOCKS CLOSED To-
day with gains of IA and 212, respectively.
New York Air Brake, Pacific Mail, Lead
and Tobacco were strong features all day.
The stock market was also. materially
aided by the increased demand for bonds in
the afternoon, in which there was active
business especially in the per cent bonds
of lately reorganized roads and the junior
issues which are gaining in security from
the recent increases in earnings. Total sales,
g. 12O 600.
Government bonds were strong the
peace prospects, although this factor had
only a small influence in stocks The new
government threes advanced to new high
level, allotments of subscriptions selling at
1919. United States tours. both the new and
old issues, advanced IL; the threes when
issued. 2s and the fives, registered, "a per
cent. in the bid price.
The following table, prepared by L. w.
Louis, Room IL, Board of Trade, shows the
range of quotations: