The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-23
E BIG SYNDICATE TALK
PILES OF MONEY NOW IN WALL
STREET AWAITING INVESTMENT.
Better Demand for Safe Securities,
DuIl-LocaI Trade Quiet.

At New York yesterday money on call was
steady at 1A@1h per cent, last loan IL per
cent.
Prime mercantile paper, 314041a per cent.
Sterling exchange was easy with actual
business in bankers bills at $4S514d4 for
demand, and at s4S4@4S414 for sixty days;
posted rates, $a.s5 and $4s61s; commercial
bills. s4s31l.
Silver certificates, 5s1k@6O4c; bar. silver.
55%c; Mexican dollars, acc. AT London bar
silver closed steady at 275sd an ounce.
Total sales of stocks. 134,300 shares, in
Guiding 4.4l7 Atchison preferred, 4,423 Bal
timore & Ohio, 1860 Chicago, Burlington &
Quincy, 1895 Metropolitan, 7,240 ST. Paul,
z416 Union Pacific, Denver & Gulf, $3.50
Western & Lake Erie, .S05 Cotton OIL $50
Lead. 9,4S1 Sugar, 11,Sl Leather preferred
and s.27O Rubber.
The New York stock market continued in
the hands of the small room traders yester-
day. who dealt almost entirely in industrial
speciaties They advanced the prices of
these early, and this held up the standard
railroad stocks. Realizing in the special
ties later in the day caused a sympathetic
decline in the railroads, carrying prices in
many cases slightly below Thursdays close.
Except where stocks were Influenced by in
dividual causes the total range of prices
was narrow and without significance. The
dizziness may be quite equally interpreted
as indicating Discrimination to buy at the
present level or as an CnwilingneSS to SELL
The future of the international trade situa-
ton is still so obscure that spectators are
not ready to commit themselves. Very little
light was thrown on the probabilities by the
days grain markets, which were not very
active and were hesitating in tone. There
was weakness in the continental grain mar
ket and there was selling here, said to be
for the foreign market indicating the trend
of opinion that foreign crops as well as our
own, are likely to yield largely. There were
evidences of pressure of funds seeking in
vestment, but they manifested themselves
in bonds rather than In stocks. The large
demand for the new government threes
which were traded in on the Stock Exchange,
when issued had a favorable sympa-
thetic effect throughout the market This
bond sold to $1O43s, the last sale being at
that figure. Bids were for small as well as
for full share lots of 1000. The advance in
other government bonds was called sympa-
thetic. The advantages of the new issue for
purposes of circulation make a keen demand
for them from the banks, though the pres
ent and prospective cheapness of money
tends to dimish their value for this purpose
Railroad mortgages were absorbed on a
large scale The well secured bonds of re-
organized roads whose value under reorgan-
lzation has not been clearly fixed, were the
favorites. There was also active demand
from the speculative issues of the roads
still to be reorganized, or where payments
of interest are contingent upon earnings
The plenitude of money also found refiec-
ton in Wall street, in talk of syndicates pre-
pairing for financial ventures in Eastern
cuba. Time loans were made for six months
at the rate of per cellt. and sterling ex-
change continued heavy under offering of
grain bills. London also bought stocks here
in spite of stiffening of the London dis
count rate in sympathy with the fall in
London exchange here. Total sales of rail-
road bonds. par value. $4,645, 900
United States new registered q and the
Old tours. coupon. ", and the old fives a in
the bid price.
The following table. prepared by L. W.
Louis, Room H. Board of Trade, shows the
range of quotations: