The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-21
NARROW STOCK PRICES
TRADERS NOT VENTURING BOLDLY
WHILE SPANISH FLEET Is NEAR.
Shares Purchased in the Morning
Sold Again Before Night-LocaI
Trade Satisfactory.

At New York yesterday money on call
was steady at 1h@2A per cent, the last
loan being made at IL per cent.
Prime mercantile paper. 412a6 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.S614 a.. S611 for
demand and at s4.s314Q4.S51s for sixty days;
posted rates, $4.S4 and $4.S7; commercial
bills, $4S244. S21R.
Silver certificates, 57A@5Sc; bar silver,
5714c: Mexican dollars. 45Ac. At London
bar silver closed at 26ssd an ounce.
Total sales of stocks, 2S3, 800 shares, in
Guiding: Atchison preferred, 1851; Ches-
apeake & Ohio. $40: Chicago, Burlington &
HQuincy, 1883; Louisville &. Nashville $780,
Manhattan, 1924; Metropolitan, 1922; Mis-
souri, Pacific 1852; Northern Pacific pre-
ferred, BOZ; St Paul, "a. 1885, Union Pacific
preferred, 12,12S; Tobacco, $3.50; Chicago
Gas, $50; Peoples Gas, 14745; Sugar, %, $780,
Leather, $3.50; Leather preferred. 17.445:
Western Union, $780,
The indisposition of stock prices to move
widely pending decisive naval engage
ment in West Indian waters became even
more pronounced yesterday than during the
early part or the week. The professional
traders weresapparently unwilling to wait
over night for turn in the market In
the last hour they sold the stocks they had
bought in the morning, the process involv-
ing the wiping out of all the earlier gains
except for small number of stocks which
showed special elements of strength. The
supply of stocks was small and prices moved
up quite easily on the buying movement
but the demand was equally small, and the
sale of holdings involved the return of the
price level almost exactly to Thursday
iCh
atsnt level. There was the same ten
.qepcy as has been manifest for some time
past to take up particular stocks or groups
OF stocks and advance them independently
of the market. To-day the local traction
companies were selected The movement
began in Brooklyn Rapid Transit, and its
price rose points before the others of the
metropolitan Street-railway and Third-ave-
nue. all TOOK up the movement and rose be-
tween ! and points. Various reports were
put out to account for the movement There
was selling for London account during the
morning, but this was offset by some small
outside buying through commission houses.
money continued very easy in all de-
partments, foreshadowng another strong
return by the banks. This is an element of
of the withholding of credits But a greater
demand for money, showing the resumption
OF some OF the projects which were inter-
rupted by the stringency al the time of the
outbreak of the war, would be regarded
with satisfaction. Sterling exchange recov-
cred q fraction in spite of further fall
In the London discount rate. The recent
easing in the money rate in London is evil
IDENTIFY not entirely normal. being due in
part to the artificial measures taken by the
Bank of England to strengthen its gold re-
serve: There was very little movement or
activity in the bond market Total sales,
81, $4,000 United States old tours, regis
tered, declined a in the bid price The last
sale SAL. to-day of the new tours coupon, at
l22ls; showed decline of 70 from the sale
on the last preceding day
The following table, prepared by l.. w.
Louis, Room II, Board of Trade, shows the
range of quotations.: