The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-23
FIRMER STOCK PRICES
DEMAND ny FOREIGNERS STARTED
A BUYING MOVEMENT.
Money Easy, and Runror of Specu-
lation i'm Spanish Bonds-LOcaI
Business More satisfactory.

At New York, yesterday. money on call
was steady at 2Q214 per cent; last loan. 2
per cent
Prime mercantile paper, 6G7 per cent.
Sterling exchange was firm. with actual
business In bankers bills at $4.S315q4.A for
demand and at A.7ss4Q4.80 for sixty days;
posted rates, $4.sO1z04.8 and $4.S4Q4.S41z;
commercial bills. s4.79Q4791A.
Silver certificates, 552zc; bar silver, 55szc;
Mexican dollars, 45c. At London bar silver
closed at 251sd an ounce.
Total sales of stocks 237 800 shares, includ-
ing 31.675 Chicago, Burlington & Quincy,
5,325 Louisville & Nashville, 1850 Manhattan,
4,610 Metropolitan, 412O New York Central,
1852 Northern Pacific, 1850 Northern Pa
ciic preferred, 1895 Rock Island, 2S,562 ST.
Paul, 1870 Union Pacific preferred, 51,765
Tosacco. 1922 Peoples Gas, 34.9O5 Sugar.
When New York operators in securities
got down to Wall street yesterday morning
they found cabled reports from London in
dicating a somewhat feverish activity in the
speculation in Americans with a tendency
to rebound from Thursdays depression.
Cabed inquiries from the other side indi-
Gated an eager anxiety there to know what
tack Wall street would take. This was
sufficient to admonish the bears, who sold
In yesterday afternoons slump to cover
their contracts. The covering of the shorts
was coupled with some buying for London
account. The result was very sharp. adj
yances all around. This advance was al
most lost at one time during the morning,
but in the late afternoon the buying was
renewed, carrying prices to the highest of
the day with only slight reaction at the
close. The net result shows rather more
a n
The market was highly speculative all day
and the favorite stocks were the highly
volatile Specialties such as Tobacco, which
was exceedingly erratic all day and very
active, and Sugar. In the railroad list the
grangers and the internationals led in the
trading. raid on People Gas, which
carried that stock down over points, was
the impelling cause in the morning, re-
actions. The stock. full recovered all its
decline before the close.
The conditions in the worlds money mar
kets had a salient effect on the security
markets. The handspring of the money
markets action was the decreased demand
from banks in the interior of the United
States for funds, Chicago exchange on New
York rising to par. This had the effect OF
relaxing the New York demand on London
for gold and as consequence no gold was
engaged for import although rates foT
firm call money was to be had on the ex-
change at per cent The subtreasury made
heavy, payments on account OF ene navy ANY,
house OF 81, 256564. Part Of this doubtless
went into the exchange market and helped
to maintain it's firm tone. despite the buy
ing by London of securities. The resultant
relief of the London market from the pres
sure for gold accompanied by a rise in Ber-
lin exchange on London gave promise OF
easier money there and relieved the situa-
tion in Paris as well. The result was a
cessation of the heavy liquidation for Paris
account. The selling of American securities
which had been large for both Paris and
London account was checked. These i'm
proved conditions were reflected back on
New York and helped the recovery. There
were besides sanguine expectations that the
war would be short or that the Pope would
still prevail on Spain to abandon Cuba.
There was a curious story current in Wall
street that some of the operators in Ameri-
can stocks had been buying Spanish bonds
as hedge on the theory that if Americans
went down the Spanish bonds would go up
as in the case of Spanish naval victory.
In the expected event of early American
success the profit on Americans 1t was ar
gued would more than wipe out the loss on
tho Spanish bonds.
The bond market was not active as
that for stocks and prices held only about
steady Total sales, 1925 900. United States
new tours, registered. declined y, United
States new fours, coupon. u and the. old
fours. registered, u in the bid price. Others
wers unchanged.
The following table, prepared by L. w.
Louis, Room II. Board Of Trade, shows the
range of quotations: