The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-26
A DEMAND FOR STOCKS
STARTS FRESH BUYING MOVEMENT
AND SHARP RECOVERY.
engagements of Gold for Import the
Predominant Infiuence-LOcaI
Markets Fairly steady

At New York, yesterday, money on cali
was firm at 2Q3 per cent; last loan, 2 per
cent.
Sterling exchange was weak, with actual
business in bankers bills at s4.S4 for de-
mand and at $4.slAa4.S2 for sixty days;
posted rates, S4.s3t2 and A.s512@iS6; COM
mercial bills. s4.s1a4S115
Silver certificates. 5512q56i5c; bar silver,
59]2e; Mexican dollars. 4514c At London bar
silver closed unchanged at 255sd an ounce.
Total sales of stocks, 500 shares, in
GLIDING: 4,740 Atchison. 7475 Atchison pre-
ferred, s,165 Chesapeake & Ohio, 81 $50 Chi
cago, Burlington & Quincy, 1875 Louisville
& Nashville, 1880 Manhatton, Sis Metro
politan, 1886 Reading preferred, 1852 Mis-
souri, Pacific, Ia, no New York Central, $3.50
North American, S.720 Northern Pacific. 49,
$40 Northern Pacific preferred $50 Rock
Island, 31,506 st. Paul. 1850 St Paul &
Omaha, $3.50 Southern preferred, 10 175
Union Pacific, II. S99 Tobacco, 20 $50 Peoples
Gas. 1885 General Electric, $3.50 Sugar.
$500 Tennessee Coal and Iron and 1880
Western Union.
There was a sharp recovery in the prices
OF stocks yesterday, in which the engage
1aent of gold for import was the FREEDOM
inant influence. The course of the exchange
1oFeSnduOWeu the early
importation of gold which is the direct out
come of the stiffening in rates for call
money. The amount of sterling exchange
held in New York is varousy estimated
at from $40, 100000 upwards. A large part OF
it has been used collateral for loans and
the large liquidation of loans has released
a quantity of this exchange and brought it
on the market. In other words rise in
money rates makes it more profitable to
bring home funds which have been left
abroad on account of the higher rate hith-
erto prevailing there. The import move
ment of gold is likely to continue unless
there should be a sharp advance in the
money market in London and Paris. The
calling in of this country's gold credits
abroad is likely to put a stop for the present
to foreign buying of our securities, which
has been large of late and which continued
even yesterday. The bears made an effort
to retain control of the stock market at the
opening by raiding few of the specialties,
notably Manhattan and the Metropolitan
Street-raiway, but they were unable to
wipe out the gains shown in sympathy with
London. Trading was nervous during the
first hour, but after that the upward ten
dency became fairly settled and continued
throughout the day with occasional slight
ness was the large number of small lots of
stocks changing hands, rejecting a large
investment demand which was invited by
the low prices after Thursdays slump. The
large short interest created in the recent
decline was material factor I'm the rallies
the bears having evidently placed stop loss
orders, which were uncovered as the rise
progressed. Large corporation interests
Were credited with continued absorption of
stocks. The days highest level of prices
WAS not fully maintained. but net gains
generally were from l to points. Great
Northern preferred gained six points on
renewed rumorS of a valuable distribution
TO be made to stockholders. The effort be-
ing made to adjust rate differences on
Western and transcontinental lines was a
favorable factor in the marSet.
Money on call was loaned at per cent,
but later became easier in response to the
gold engagements Rates were firmer in
both the time money and commercial paper
markets. There is Il continued large move
an expanding demand for money there.
With regard to assertions that this move
ment of money is designed to strengthen
bank reserves against possible contin-
gencies, it should be borne in mind that
banks are allowed to keep a part of the
reserve in the New York city banks which
are designated as repositories. These de-
posits still figure in the legal reserves of the
interior banks much though they
We're in their own vaults.
There was a sharp recovery in bonds
yesterday in sympathy with stocks. Total
sales, $3.50 coo. United States new tours
coupon declined 112; United States new tours
regular |. and the old fours regular and the
fives u bid
The following table. prepared by l.. w.
Louis, Room H. Board of Trade, shows the
range of quotations: