The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-28
STOCKS WITHOUT TONE
SMALLEST DAYS RECORD IN HIS
TORY OF CHANGE WAS CROWDED.
Foreigners Had Few Orders, but
others Were Shy of the Market
Local Trade Remains Firm.

At New York. yesterday money on call
was steady at 1892 per cent; last loan lla
per cent.
Prime mercantile paper, 6@7 per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4.S424G4.S5 for
demand and at S4.S1@4S1A for sixty days;
posted rates, $4.S111Q4S2 and $4S51ZQ4S6;
commercial bills, $4S0@480a4.
Silver certificates, 563lQ57c; bar silver,
561sc; Mexican dollars, 4514c. At London bar
silver closed steady at 261sd an ounce.
Total sales of stocks. $1,000 shares. in
Guiding 8579 Chicago, Burlington & Quincy,
1921 Erie preferred, 1906 Northern Pacific
preferred, 6,SS7 st. Paul. 7,415 Union Pacific
preferred. 5745 American Spirits, 1905 Peo-
pies Gas, GEO Sugar.
Yesterdays New York stock market was
almost entirely without tone. The total
transactions were not greatly in excess of
the smallest days business in the history
of the exchange, the aggregate of all sales
footing ,'p only $1,000 shares The market
drifted ainllessly and over a very narrow
range. Such unusually volatile specialties
as Sugar and Metropolitan Street-railway
covered range of less than &c during the
whole day A large number of stocks which
almost always figure in the days trading
had not single sale recorded for them. A
few stocks moved quite widely on account
of special causes but the volume of bust
ness even with these was small. Canadian
Pacific and the Northern Pacific stocks
moved upwards together from the same
cause, namely, rumors which are prevalent
in London that the Northwestern rate war
is about to be settled. Canadian Pacific's
net gain is 25s and Northern Pacifics a
point. The strength of these stocks really
gave the tone to the whole market, lifting
it above the small losses at the opening to
the narrow level above Tuesday nights
close, which it retained to the end General
Electric showed strength on the showing
made by it's annual statement. Kansas City,
Pittsburg & Gulf recovered "a points of yes
terdays loss. which was said to be due to
apprehension that its terminal port on the
gulf would be closed by the war. Hawaiian
Commercial recovered four points of its
cent losses, which were said to be due to
apprehension that it's stocks Of sugar in
transit might be captured. Arbitrage deal
ers sold most of the international stocks
but bought Northern Pacific. Their trans
actions, however, were insignificant. The
dullness in stocks is no doubt due in part
to the transfer of speculative interest to the
wheat market.
Conditions in the money market seemed
to be working to an easier basis. Call loans
at the banks which hold out for per cent
are being repaid, as money can be had for
less than that in the street, and time loans
are said to be made at a shade below per
cent Which has been firmly held for some
time. The demand for funds from the in
terror continues, but is not as large as
earlier in the week. The rise in exchange
checked the rate for demand sterling, hold
ing steady at about $4S4$z.
The bond market was intensely dull in
sympathy with stocks and prices were held
about steady. Total sales, 100000. United
States old fours, registered, declined "A in
bid price, and the new fours. coupon, were
= lower bid than the sale price of Tues
day.
The following table. prepared by L. w.
Louis Room IL Board of Trade, shows the
range of quotations: