The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-15
BETTER STOCK MARKET
POLITICAL OUTLOOK UNCHANGED,
but PRICES WENT HIGHER.
Foreign Selling of Spanish Bonds Re-
suits in Depression at Both Paris
and LOndOn-LocaI Market Active.

At New York yesterday money on call
was steady at 2Q21A per cent; last loan, 2lz
per cent
Prime mercantile paper, 41AG5h per cent.
Sterling exchange was soft, with actual
business in bankers bills at 81 1924 for de-
mand, and at $4.SO3l for sixty days; posted
rates, $4S2Q4.S3 and $4S5Q4S 515; commercial
bills, $3.50.
Silver certificates, 54ssG55Ac: bar silver,
sac; Mexican dollars, 44Ac.
Total sales of stocks, $4,000 shares, in
GLIDING. 1920 Atchison preferred, 1855
Chesapeake & Ohio, 1,150 Chicago, Bur-
lington & Quincy. $3.50 Erie preferred, 9,315
Louisville e. Nashville, 265S1 Manhattan.
1887 Metropolitan, 3575 Reading preferred,
1880 Missouri Pacific, 3,4S5 Missouri, Kan
sas & Texas preferred, 1850 New York
Central, 5,OS9 Northern Pacific, $3.50 North
ern Pacific preferred, IA ESQ Rock Island, co.
34 st. Paul. $3.50 Union Pacific, 9,110 To-
bacco, 1880 Peoples Gas, 3,19S General
Electric, Cos Sugar, Aba Western Union.
The stock and bond markets were strong
throughout yesterday. Different opinions
We're offered as to the cause Of this and
probably all had some truth in them. That
the excess of buoyancy was surprise to
many professional traders, even to those
who expected some natural rebound from
Saturdays excessive depression, was evil
dent. There was nothing in the news of the
day to change materially the political out
look and that there were many holders OF
securities who continued nervous was evil
dent from the large offerings to realize
which met the sharp rise at the opening,
but the reaction which resulted from these
offerings was more than overcome, even
those stocks which showed the largest gains
at the opening rising again to the highest,
and those which had been less affected
at the opening rising in some cases over a
point above the early high prices. Prices OF
americans were advanced in London before
the opening here. This was the more not
able on account of the acute depression of
the Spanish government fours, which fell
~ in London on Paris selling and showed
an extreme decline of Ia in Paris. The
course of these bonds has been looked to as
true index of the diplomatic relations be-
tween the United States and Spain. This
discrepancy might mean that capital looks
favorably on the excellent financial and in
dustr1al conditions III the United States in
that the acute financial distress of the
Spanish government detracts from the value
of its bonds in spite of the chance of peace.
II Is not TO be lost sight of that the United
States bonds, in local market, declined "a,
per cent. in the bid price, in face of the
strength of all other securities 1t is posi-
BILE, however, that the stiffening of the
money rate may have accounted for this
movement. Certain it is that there was
very large covering of short contracts
which had been left open over Sunday on
the belief that some new and dangerous de-
Velopment was imminent in our relations
with Spain. Traders were indisposed to put
out fresh short lines and there was no evil
dence of various familiar devices for bull
ing prices to show that some of this ele-
ment was in the market for at least a short
upward turn in prices. The tirmness of
prices was sustained to the close. This was
a demonstration that the underlying
etfr ~, IN hA0
try would quickly bring about a recovery
of prices on any relaxation of the tension
over the Cuban question.
Gold continues to be engaged abroad for
import, yesterdays announcements aggre-
eating considerably over $4,000, 900. The fall
lin and the relative steadiness of the rate
on London indicates where the pressure for
gold is being felt, and there was a response
in the Stiffening of the money rate in Paris
and Berlin. Money is still moving to the in
terror from New York and receipts of gold
had no effect in easing the money market.
Over 81, 0000 00 will be withdrawn from the
ury for the second payment on account OF
the Kansas Pacific sale. Nearly all active
stocks are from 2 to over 3 per cent. higher
as a result of the days trading.
Prices of railroad bonds rose in sympathy
with stocks, but the overwhelming proper
ton of the dealings was in the Atchison
adjustments and the Union Pacific new
bonds were IL per cent. lower bid, except
the fours, registered, and the twos, which
were unchanged.
The following table, prepared by L. W.
Louis, Room II, Board of Trade, shows the
range of quotations: