The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-02
LIVELY STOCK BIDDING
BROKERS BELIEVE SCHLEY HAS
WON AN IMPORTANT VICTORY.
Some Heavy Profit Taken i'm Granger
shares, Which Have Been Boost
ed-LOcaI Trade Active.

At New York, yesterday, money on call
was easy at 1A@11s per cent; last loan, ia
per cent.
Prime mercantile paper. 1905 per cent.
Sterling exchange was weak. with actual
business in bankers bills at $4.S5A@4.S6 for
demand and at S4.SS34Q4S4 for sixty days;
posted rates, $4.S419Q4.S5 and $4.s7; COM
mercial bills, $4.S3@4S3A; silver certificates,
5Ss4Q59Ac; bar silver, 5S1kc Mexican dol
lars, 451ac. AT London, bar silver closed
steady at 26 15-16d an ounce.
Total sales stocks, 447 300 shares, including:
1885 Atchison preferred, 81 495 Chicago, Bur-
lington G. Quincy, 500 Chicago & Eastern
Illinois, 1855 Louisville & Nashville, S,S75
Manhattan, 1850 Metropolitan, Il, O10 Read
ing preferred, 1910 Missouri Pacific, S,725
New York Central, 1900 North American,
1850 Northern Pacific, 15,O35 Northern Pa
c1c preferred 10000 Rock Island, $3.50 st.
Louis & San Francisco second preferred,
1854 ST. Paul, 5,155 Southern, 5,O61 Southern
preferred, 1854 Union Pacific preferred,
6,e35 Chicago Great Western. 4O.355 Peoples
Gas, 1901 Illinois Steel, 400 Laclede Gas,
20,792 Sugar, 1917 Western Union.
Wall street has interpreted Commodore
Schley's engagement at Santiago as a sue
cess for the United States forces. Even with
meager accounts of the affair and counter
claims coming through Spanish sources did
not greatly disturb this conviction. It is not
entirely sentimental result that prices of
stocks should rise on news of a naval vic
tory, for dealers in stocks take practical
view that it insures an early termination
of the war and a consequent revival of COM
merce and industry. Prices bounded upward
at the opening and further activity devel-
oped together with the buoyant tone, the
buying demand permeating pretty much the
whole list. But it must be remembered that
there had been quite a large volume of buy
ing recently in anticipation of a naval VIC
tory. There has also been the remarkable
advance in Rock Island, carrying with it
group of allied stocks in anticipation of yes
terday's action at the annual meeting on the
dividend. This meant, according to invari-
able rule, large selling TO take profits on the
elimination of the event. There was in fact,
enormous profit-taking during the day,
which was most marked in Rock Island and
Peoples Gas. The placing of Rock Island
on per cent. dividend basis and the dis
tribution of 10 per cent. stock dividend
was even better than many rumors on the
subject had foretold. But this did not save
It from the inevitable reaction on realizing.
There was very pronounced undertone of
strength all through the list and it was suffi-
cient to sustain fairly we'll the proft-tak-
ing in the stocks which have recently c, in
their turn. sustained the list. The days net
changes are in consequence, very much
mixed, many important Stocks/ showing
losses and the extreme advances in others
being very much reduced by declines, In
sympathy with the weakness of special
stocks. London was a buyer in the New
York market and there was large commits
sion house demand.
There were very large Individual trans
actions in bonds. and prices advanced
throughout the extensive active list. Total
sales, 81, 225, 900.
Tod
tered. advanced u. and the old tours cou-
POM the new fours and the fives advanced
a IN the pid prices. There were sales of the
new tours. coupon, at 122, a gain of q over
the last sale.
The following table. prepared by L. w.
Louis, Room H. Board of Trade, shows the
range of quotations: