The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-09
MOST SHARES STRONG
QUIET ABSORPTION OF STOCKS
LEADS TO HIGHER QUOTATIONS.
Bears Raided Coalers at the Close,
but other Lines Held Firm
Local Trade Good.

At New York, yesterday, money on call
was easy at 1Q1A per cent: last loan, ia
per cent.
Prime mercantile paper. 31z@415 per cent
Sterling exchange was firm, with actual
business in bankers bills at $4.S5a4G4.S6 for
demand. and at $4.S4AQ4.S4s4 for sixty days;
posted rates, s4.S5G48515 and $4.s612Q4.S7;
commercial bills, $4.83S4.
Silver certificates, 5S1AG5915c; bar silver
5S5sc; Mexican dollars, 45Ac. At London bar
silver closed steady at q 1-16d an ounce.
Total sales of stocks were 234, 800 shares,
including 5,727 Atchison preferred $3.50 Cam
ada Southern, 1920 Chicago, Burlington &
Quincy, 9,745 Cleveland, Cincinnati, Chicago
& st. Louis, 3,490 Louisville & Nashville,
1920 Manhattan, 1880 Reading preferred,
$50 Jersey Central, 1880 New York
Central, 1922 Northern Pacific, $500 North
ern Pacific preferred. 9,021 Reading 1922
Rock Island, 1876 st. Paul, 1854 St. Paul &
Omaha 500 Union Pacific preferred 1850
Tobacco, $500 Peoples Cas- 1882 Sugar,
1915 Rubber, 5000 Rubber preferred.
The New York stock market must still be
described as dull though the volume of
transactions yesterday somewhat exceeded
that of the day before There was still no
marked evidence of outside interest and the
many inactive stocks were brought forward
into the active list There was, however,
a steady and quiet absorption of the stand
ard railroad stocks without ostentatious eff
feet to advance prices. The vanderblts
were conspicuous. as was the case Thurs
day, and the buying, especially of New
York Central, was large and confident.
Pennsylvania also advanced sharply and
the buying was rather more conspicuous
than usual for this stock in the New York
market. The coalers were an exception TO
the strength from the start, not only on
the general depression known to exist in the
anthracite trade. but also on reports of deep
cuts in the selling price of coal and of pros
poets of a conflict of rates. In the final
hour the bears raided the coalers with the
purpose OF unsettling the advancing ten
dency in the market. Prices in the group
crumbled away without much resistance,
Reading first preferred, New Jersey Cen
trail and Delaware & Hudson declining
had little effect in the general list, scarcely
any stock losing over half and part of
was remarkably firm in the face of the
slump in coalers Much was heard in Wall
street of the prospects of an early peace and
even more was made of this by the London
spectators. There was quite an urgent de-
mand in the New York market for London
account, which had no small part in adj
vancng prices. Confidence is growing that
the country will show a<large yield of wheat
and fridays estimates of smaller stocks
in store in Europe than last year. decrease
in the total supplies in all positions COM
pared with a month and only a slight in
crease over year ago. gave assurance that
the world would need our supply. The New
York banks have been losing money to the
suhtreasury this week on account of bond
subscriptions, and interior banks have been
drawing on New York banks also to provide
funds for bond subscriptions. New York
exchange in Chicago went to 10c discount
Friday. AS a result there is slightly more
tone to the local New York money market
and loans cases were MADE at
higher rates But money still continues
easier.
There was conspicuous movements in the
bonds of Fulton and Kings county elevated
roads, the formers first mortgages rising
10 per cent. and the latter 2l2 per cent.
There was good business done in railroad
bonds at higher prices. Total sales. $3.50
0o0. United States new fours advanced a
in the bid price.
The following table. prepared by L. w.
Louis, Room H. Board of Trade, shows the
range of quotations: