The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-22
BETTER STOCK PRICES
BUSINESS ON CHANGE DULL, WITH
QUOTATIONS FIRMER.
Pressure of Investment Funds Causes
Rise i'm BOnds-LOcaI Trade
Conditions Better

At New York yesterday money on call was
steady at l@1l2 per cent; last loan, IL Fer
cent.
Prime mercantile paper, SlaG4 per cent.
Sterling exchange was weak. with actual
business in bankers bills at $4.S5A@4.S51a for
demand and at $4.S40LS4A for sixty days;
posted rates. $4.S519 and $4.S612Q4S7; COM
mercial bills, $4.S3ia.
Silver certificates, 59lzQ59Ac; bar silver.
80 5-16c; Mexican dollars. 4534c. Bar silver
at London closed steady at q 7-16d an ounce.
Total sales of stocks were 122 100 shares,
including: Atchison preferred, 4,420 Man
haitian, 3,240; Metropolitan, 1858; Reading,
3,OlO; New Jersey Central, 1926 ST. Paul,
$3.50; U. p, D. & c., $3.50; Cotton Oil, 1926:
Tobacco, 4,340; Lead, $500; Sugar 1896;
Leather preferred, 1856, and Rubber, 9O25.
There was no effort to disturb the quiet
of the New York stock market yesterday.
few of the industrials were pushed up on
consideration individual to the stock. The
strength of these had some sympathetic eff
feet on the general list, which showed ap-
probation in price on a very small volume
of dealings. Not all of these gains were
held, but prices at the close showed small
net gains as a rule Rubber, Leather Met
ropolitan Street-railway, Lead and Cotton
Oil were all advanced materially, and there
were a few of the railroad stocks which
rose as much as a point. London was
small buyer on balance. The hesitation of
the wheat market had it's reflection in the
stock market, though the fact is ac-
cepted that we are TO have wheat crop of
unprecedented proportions. Of rather more
significance was to-day's report that there
were prospects of d very large crop of Rou-
manian wheat, supplementlng yesterdays
report of an expected heavy increase in the
french crop. Current prices for the future
deliveries of wheat snow a tendency to
spread from the prices ruling at the corre-
spending period last year, the active specu-
lation in the coming crop at this time last
year being in full force, with reports of
pective heavy shortage The price for the
September delivery in New York is about &c
under the price for the corresponding period
of last year. The interrupted grain move
ment already shows signs of recovery, and
a good export demand gives hope that the
present prices will be we'll maintained and
the movement of the new crop continued
Sterling exchange was reduced Ac in the
actual rates under the influence of grain
and cotton bills in the market, and there
was no hardening tendency in the money
market.
The pressure of investment funds was
conspicuous in The bond market, notably
for highy-secured bonds of reorganized
roads. Very heavy blocks of the Union Pa
oific and the Atchison fours were taken
bonds, Wisconsin firsts being the leading
example This bond appreciated 25s and re-
acted sharply on profit taking, but hardened
again before the close. Total sales 81, SIC. 0O0
The new government tours rose to 1884 on
demand, attributed to the banks for pur-
poses of speculation. The profit in circula-
tion with these bonds over that by the use
of the tours of 1895 has a margin still re-
naming with the premium above 1O4 United
, registered advanced a. and the old tours,
coupon. declined a i'll the bid price.
The following table; prepared by l.: "
range of quotations.: