The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-01
STOCK PRICES BETTER
NEW YORK TRADERS IGNORED DE-
CLINING LONDON TENDENCY.
Easier Money at Home, but Sitter
Rates Abroad, Spanish Bonds De-
cIining-LOcaI Trade Steady.

At New York yesterday money on call
was steady at 11@q2ls FER cent; last loan,
2 per cent.
Prime mercantile paper, 31ad4 per cent.
Sterling exchange was weak, with actual
business in bankers bills at $4S4Q4S41s for
demand and at $4.S1AQ4.s115 for sixty days;
posted rates, $4.S21kd4SS and $4.S5Q4. S513;
commercial bills, $4.S1@4S115.
Silver certificates, 55ssQ56ssc: bar silver
BOISE Mexican dollars, 45l4c. AT London
bar silver closed quiet at 255sd an ounce.
Total sales of stocks, Ss1, 200 shares, in
Guiding: Atchison preferred, 1852; Chicago,
Burlington q Quincy, 36,137; Manhattan,
1920; Missouri Pacific, 4,24S; New York
Central, 1851; Northern Pacific, 1O,490;
Northern Pacific preferred, 1O,99O; Rock ISL
and, $780, st. Paul, 5O592; Union Pacific,
s5l5; Tobacco, 14,1S5; Peoples Gas, H,72O;
Sugar, j7SS2; Western Union, $500.
Yesterdays New York stock market was
strong, but the activity was largely centered
IN the leading stocks, such as Sugar the
grangers. Union Pacific preferred and few
others. The most notable strength was also
shown by these stocks. The total sales
showed a considerable falling off from the
recent average, and the market lacked
breadth, business being poorly distributed.
London was u seller of stocks at New York
for the first time in q considerable period.
The New York market was as little affected
by this movement as it was by London's
persistent buying during the recent declines,
If Il temporary heaviness at the opening be
excepted The fall in international stocks
in the early dealings was sharp, but was for
only brief time. Added to the days net
gains the early weakness makes the range
of Prices in the stocks affected very con-
siderable. Apprehension over the Cuban
question seemed to he in allegiance, and the
course of the market was continually up
ward after the opening, with the exception
OF q slight reaction after noon and some
yielding from. the highest near the close on
protit-taking. The noon reaction was at
tributed to disappointment because the Su-
prelne Court RETAINED from handing down
lis decision in the Nebraska maximum
don and New York on the Cuban question
seemed TO be completely reversed for the
recent disposition in London to look conf
IDENTITY for u peaceful solution gave way to
depression the declines i'm Spanish fourS
both in London and Paris being particularly
SSignihcant In London it was Is and in
Paris 3-32.
But it is none the less highly significant
mat the simultaneous 1ecline in stock prices
III London and the rise in New York were
accompanied by stiffening of money rates
II London and notably easier tone in New
per cent. at New York, presumably i'm re-
sponSe TO the gold shipments, Sl,UOOOO adj
Oltunal being announced Sterling exchange
failed to be stiffened by the gold movement,
and demand bills fell to $4.S4. posted rates
1or long and short being marked down an
additional 115c. Considerable additional
shipments Of gold, under the circumstances.
are expected later I'm the week. There is
talk also that efforts will be made TO have
the remaining government deposits of the
Union Pacific money left in New York
banks for the present, although notice had
been given out OF the intention to withdraw
them in 10 per cent. weekly installments.
Che amount of these deposits still remain
ing In tile New York banks is estimated at
NJ.oJ0.0JO. The average debit balance of the
subtredsury at the clearing house shows u
constantly diminishing tendency, and yes
1erday statement shows a small credit bal
anee due to the fact that the governments
obligations for the last few days of Febru-
airy are very small The replenishment OF
the money market by a government deficit
Is much less however. than was the case
few weeks ago The days net gains in
active stocks ranged UP to per cent. and
~ few cases over that, Sugar having
sained points.
The bond market was not active, and
showed early depression, but recovered in
sympathy with the strength in stocks Total
sales. s.. 100 GO. United States new tours,
E-@iStered. declined q; United States new
Tours. coupons. rs. and the old fours and the
lives y per cent. bid
The following table. prepared by L. w.
Louis, Room II, Board Of Trade, shows the
range OF quotations: