The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-21

At New York, yesterday, money on call
was steady at 2Q3 per cent; last loan, per
cent
Prime mercantile paper, 51kG6 per cent.
Sterling exchange was steady. with actual
business in bankers bills at s4.S314@4. S31A
for demand and at s4.79ssd4.S0 for sixty
days; posted rates, s4.SG1kq4S1 and s4.S4@
4S41z; commercial bills. s4.7S1S@4.79A.
Silver certificates, 5e1kc; bar silver. SIC;
Mexican dollars, 45Kc. At London bar sill
yer closed steady at 25 15-16d an ounce.
Total sales Of stocks 2645OO shares. in
Gliding: Chicago, Burlington e. Quincy, &c.
III; louisville & Nashville, 6.S45; Manhat-
ian, 1861; Metropolitan, $3.50; New York
Central, 5.624; Northern Pacific, 5,T3S;
Northern Pacific preferred 11,7s5; Rock
Island, 1913; ST. Paul. 81, $50; Union Pacific
preferred, 25,197; Tobacco, 25,O97; Sugar. as
SIS.
The New York stock market offered a
firm resistance all day yesterday to the de-
preston which was reflected on it from
every other exchange in the world. it's de-
clines at time reaching more than a
fraction over point for the active stocks.
In the final hour active trading on the
foreign bourses had been suspended for the
day. There was lively movement to buy
developed on the New York exchange,
which wiped out practically all the earlier
losses and lifted the level Of prices sharp
ly above that of Tuesday night. The final
recovery was brought about by the dis
semination of q rumor that the period al
lowed Spain for reply to the ultimatum
had been extended to Monday, with a
chance that settlement would be effected
before that time There were some evil
dences of manipulation for the purpose of
making last prices show striking gains. For
instance. Burlington sold at 90a4 and on the
next and last sale jumped to 911s. A broad
view of the financial world shows that New
York was less affected by the crisis than
any other financial center. At no time were
prices depressed to the London parity. AS
q consequence there was large arbitrage
selling of international stocks, New York
prices showing a fair profit over London
quotations The depression in London and
on continental bOurSeS was more due to
the panic in Spanish tours than to any
other one cause. These securities fell IA
in London and 81 in Paris on forced liuqida-
ton, due to financial difficulties in France
and Spain. Whatever depression there was
on the New York exchange seemed to be
due to sympathy with the depression in
foreign markets. New York absorbed the
offerings of it's own securities for foreign
account at prices above those prevailing
abroad, and there was no heavy liquida-
ton for local account. Il is to be observed
that American securities have held fairly
SlCduy dS CSAuJdISQ Will Tie LudIk0u weak
ness of Spanish securities 1t is alsA6 to be
observed that weakness in foreign MARKETS
is due in part to the DEAFNESS of money
and this in turn is caused by the pressure
for gold to reinforce the American money
market. The United States is still heavy
creditor to the world, and the continued
drawing in of these credits, while serving
to fortify the financial fabric at home, is a
factor in the weakness of foreign markets.
Doubtless a part of the selling in New
York for foreign account is due to an eff
fort to equalize exchange conditions. That
these offerings should be so well absorbed
is a demonstration of the sound financial
conditions existing in this country. Evil
dence to the same effect is given in the
case of call money. which loaned yesterday
at per cent, although time money con-
tinues to be firmly held at per cent. 1t is
still further significant of the same condi-
ton that the stringency of money abroad
should have resulted in declines in the
while United States tours of 1925 showed
gain of 11s per cent. for the registered and
IL per cent. for the coupons. Considering
the contrast in money market conditions
between New York and European centers 1t
is not strange that the days engagements
of gold for import were very small. That
further importations of gold only wait on
the needs of the local money market is,
however evident.
i've, and after early weakness showed some
recoveries. Total sales, $1.025,0OO United
States new tours. coupon, advanced Ia and
new tours, registered, 112 per cent. in the
bid price Others were unchanged.
The following table, prepared by i. w.
Louis Room II, Board of Trade, shows the
range of quotations: