The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-04
PEACE NEWS ON CHANGE
CAUSED NO GREAT oUTBURsT OF
SPECULATIVE ENTHUSIASM.
Abundant supply of Money and Not
Sluggish Trade the Key to Mar
lxet SituatiOn-LOcal Trade.

At New York yesterday, money on call
was steady at 1AG11s per cent; last loan,
III per cent
Prime mercantile paper. 31A94 per cent
Sterling exchange was firm, with actual
business in bankers bills at $4S5A04S515 for
demand and at s4.S315Q4SSA for sixty days;
posted rates, $4S41kQ4S5 and $4S6G4 S61a;
commercial bills. $4.S2$.
Silver certificates, 5S11G591ac bar silver,
Soc; Mexican dollars. 451kc. AT London. bar
silver closed steady at 27l4d an ounce.
Total sales of stocks, 322.7O0 shares, in
Guiding: 1850 Atchison preferred. 1850 Cen
trail Pacific, 24,S4O Chicago. Burlington &
Quincy 1850 Manhattan 1900 Missouri.
Kansas & Texas preferred, 1892 New York
Central 1870 Northern Pacific. $3.50 North
ern Pacific preferred, II, 16O Rock Island, 81
$50 st. Paul, 1890 Union Pacific preferred,
3225 Union Pacific Denver & Gulf, 1855
Cotton Oil, S49o Cotton Oil preferred. IA, 1876
Tobacco. 4,720 Chicago Great Western. 1895
Peoples Gas, 5000 Lead, 42es Pacific Mail,
80. 499 Sugar. 500 Leather preferred 1926
Rubber, 1893 Rubber preferred, and 10000
Western Union.
There was no great outburst of specula-
tive enthusiasm in the New York stock
market yesterday as a result of the peace
news. The market broadened out materially
and was confidentially strong all day. but
inquiring observers feel considerable doubt
whether the peace prospects had much to
do with the rise. OF much more effect is
the generally growing conviction that the
dullness of the local New York money mar
ket is not at all due to sluggish trade con-
ditions, but rather to the abundant sup
plies OF money at interior points to meet
the requirements of expanding business
and the movement thus far of the crops
Yesterdays gold imports resulted in stiff
ening foreign exchange and in appreciably
easier money rates for time loans Elk
change exporters are not able to figure any
profit on the gold import operation at the
present level of exchange and these opera
tons must be accepted as anticipative of
future conditions. IL the importers antici-
pated higher money rates abroad they prob
ably would leave their funds there without
drawing the exchange. 1t seems doubtful
also. whether the present low rates of money
here would themselves invite such an opera
ton. Prospects of an enlarged demand
through awakened business activity must
be looked to to explain the present gold
movement. The general tenor of talk
heard in Wall street is all of expected in
crease of trade and industrial expansion
The growth of the west bound freight move
ment and favorable reports from experts in
the different trades are accepted against
the shrinkage in the grain movement and
resulting decrease in earnings on some of
the Western railroads. Statements of earn
tngs for the fiscal year are being brought
out simultaneously with those for the month
of July and the heavy outlay for better
ments and improvements shown by these
exhibits Indicating possible economies in the
future. serve to neutralize the decrease in
current earnings. The general view in the
street is Enthusiastically bullish The general
strength of the market was taken advan-
tage of to realize profits in case of some
of the recently manipulated industrial
specialties, but there was broad and com
prehensive demand for the standard stocks,
the grangers and the favorite dividend pay
ers leading.
Dealings in bonds were also active and
widely distributed A feature of the day was
the rise to par of the Northern Pacific
fours. This is one of large class of SIM
liar bonds issued recently for reorganiza-
tons which have been favorites in the
bond market. The Northern Pacific mort
gage is the first of them to rise to par.
There was very large ABSORPTION of other
railroad bonds which have beer gaining
added security from the largely increased
earnings by railroads in the last fiscal year
Total sales. $500 COO. United States fours
the fives and the old tours, registered adj
In the bid price.
The following table, prepared by I. w
Louis, Room II. Board OF Trade, shows the
range of quotations;