The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-12
CLOSED AT TOP PRICES
ACTIVE DEMAND FOR STOCKS AND
BONDS IN WALL STREET.
Scaiping Periods Brief and with
Slight Eject on the Market
Local Trade Active.

At New York, yesterday, money on call
was steady at 2G21s per cent; last loan, 2
per cent.
Prime mercantile paper 512@6 per cent.
Sterling exchange was steady with actual
business in bankers bills at $4.S41204. S4s4
for demand and at AS1A@4S1H for sixty
days; posted rates, $4.S2Q4 s514; commercial
bills, s4.s0G4.S08l.
Silver certificates, 56AG57c; bar silver,
5612c; Mexican dollars, 45c. At London bar
silver closed firmer at 261sd an ounce.
Total sales of stocks Co., shares includ-
ing: Atchison. $500; Atchison preferred,
49,050; Baltimore & Ohio, S,O25; c. & l., A. $50;
Chicago, Burlington & Quincy, $3.50: Erie
preferred, 4,206; Louisville & Nashville 2S-
800; Manhattan, $3.50; Metropolitan, 1880;
Reading preferred, 7,640; Missouri Pacific,
1852; Missouri, Kansas Texas preferred,
1920; New York Central 1920; Northern Pa
cific. 700; Northern Pacific preferred, 43 22O;
Ontario & Western $3.50: Reading, $500;
Rock Island 1920: st. Paul, 73,240 South
ern preferred, s,337; Union Pacific preferred,
32.170; Wabash preferred 1885: Tobacco, 49,
$50; Chicago Great Western, II $40: Peoples
Cas- 1880; General Electric, 1885, Laclede
Cas- 4,257; Sugar, $500; Tennessee Coal and
Iron, 1878; Leather preferred, 7,12O; Western
Union 3,120.
The active demand for stocks and bonds
was renewed with great vigor and conf
dence yesterday on New York Change. An
enormous volume of business was done on
the Stock Exchange and prices are substan-
tally higher all around large number
of the leading stocks show net gains ex-
ceeding two points, and a great many more
nave risen one point or over in the price
as a result of the days trading. The up
ward movement was not resumed until a
period OF hesitation and uncertainty at the
opening, curing which prices in nearly all
cases declined. This heavness was due to
the sharp declines established in London
Tor American quotations before the open
ing mere and to the placing of selling or
ders for the London account at the open
ing There was also a well-organized raid
against number of leading industrial
stocks. Sugar and Tobacco We're conspcu-
cusly singled out for this attack. but the
bears were in haste to cover their short
contracts, even at the small decline
achieved. Evidently many of the large bull
operators who had taken the profit Tues
day were also anxious to get back, and saw
an opportunity at the lower level of prices
resulting from yesterdays trading. The de-
mands of stocks in the first hour was urgent
and many blocks of 1000 shares were eager
~ bought. BY the time the news of the
Wall-street attitude had reached London
that market faced about and sent orders
to New York to buy. Although there was
realizing on a larger scale at different times
during the day, the recessions in prices were
insignificant. The day closed with a re-
newed burst of activity and prices at about
the top level. A belief that the termination
of the war is near at hand was the i'm
polling motive for the strength of the mar
ket The return of the Spanish fleet to
home waters was in itself locked on as an
unaggressve purpose to push the war The
continued recovery of Spanish bonds found
an explanation that was considered even
more significant. The recovery seems to be
without doubt due to the making of pro-
vision for payment of the July coupon. 1t
&c hat no .adx for
purpose was on condition that Spain should
end the hostlities. The reference to the war
by the Emperor of Austria was also thought
to indicate an early yielding on the part
of the Spanish government. Strong traffic
returns by prominent railway companies
and the continued tendency towards easier
conditions in the money market also had
their influence in encouraging the rise.
small enga cement of gold for import dem
onstrates that exchange is still at the gold
point.
The bond market shared quite fully in the
activity and strength of the stock market.
Atchison adjustment fours advanced ia per
cent. Total sales, $3.475,0O0 Prices of gov
eminent bonds were unchanged throughout.
The following table prepared by l.. w.
Louis Room II, Board of Trade, shows the
range of quotations: