The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-18
ADVANCE IN STOCK LIST
IMPROVEMENT IN UNDERLYING con-
OPTIONS OF THE MARKET.
American Securities of All Descrip-
tions Stronger and Higher-LOcal
Trade satisfactory.


was steady at 11aQ2 per cent; last loan, 2.
Prime mercantile paper, 5@61z per cent.
Sterling exchange was heavy, with actual
business in bankers bills at $4S5$4Q4.S6 for
demand, and at AS294@4.S3 for sixty days;
posted rates, $4.S3d4S31a and $4.S6hQ4S7;
commercial bills, A.S1z@4S2.
Silver certificates, 5714G574c; bar silver,
57Ac; Mexican dollars, 43Ac. At London
bar silver closed steady at rs 5-16d an ounce.
The total sales Of stoc1s $4,000
shares, including: Atchison, 3,4S5; Atchison
preferred, 14,279; Chesapeake & Ohio 1851;
Chicago, Burlington & Quincy, 27,770; Louis
vile e. Nashville, II, S35; Manhattan, 11,215;
Metropolitan, 1886; Missouri Pacific, $3.50;
Northern Pacific preferred. 1850; Rock ISL
and, 1885; st. Paul. 32,745; Southern pre-
ferred, 1920: Union Pacific preferred, 1880;
Tobacco, 1873, S37; Peoples Gas. 6,22O; Sugar,
54O46; Leather preferred, 5,673; Rubber,
3,O6l; Rubber preferred. 5,571.
Yesterdays advance in the prices on the
New York Stock Exchange was the result
of a movement among professional oper-
atorS to renew the upward course of prices.
These operators argued that the MARKET
had undergone fair degree of reaction
during Monday and the latter part of last
week. The reaction had invited fair short
interest," anu Hdu WlpeO out the weak HOlu-
ers on the long side of speculation. This
represented an Improvement in the tech
meal conditions of the market. The days
trading started off with the advantage of
an Improvement in London, where prices of
American securities were advanced a sharp
fraction all around. There was also some
buying for London at the opening here hut
London afterward turned seller when prices
had risen. Trade was active in a number of
stocks which enjoy the special support or
friends and inside interests, and these i'm
parted firmness by sympathy to the rest of
the market The combination of these cir
cumstances made the bulls feel warranted
in pushing up the prices of their favorites
ments of the naval situation in West In
dian waters. There was no evidence of any
large outside interest. and any slackenng
of the professional demand prccipitated
duilness The absence Of outside demand
was indicated clearly also by the way in
which prices fell away in the realizing
movement in the final hour. The days ex-
treme advances were curtailed from 70 to
q by this movement, but the net advances
cpal stocks still remained Tobacco led
the list in point of activity. and vibrated
very feverishly all day over a range of
nearly 5 points. Enormous single blocks
of this stock figured in dealings both in the
downward movement and on. the recovery.
This stock shows net gain of 2Ac. The
bull campaign was accompanied by the
usual crop of rumors, one of which reported
Spain as suing for peace. The rates for
money went lower, TO per cent. lot Sixty
days, 31s per cent. for ninety days, and 4
per cent for four months. The abundant
supply of money in the country and the
prospect of trade balance for a year in
our favor of over $500, 900, 900 are taken much
account of by those who study the specu-
lative outlook. A plethora of money seek
ing employment and a continued foreign de-
mand for our products means an era of
higher prices and of speculative and indus
trial activity. The weeks exports Of general
merchandise from New York were s11,SS2,~
1OS, compared with $6,S76S73 last week. In
view of these figures. coupled with some
buying Of stocks for London account. it is
not surprising that the price of demand
sterling bills should have lost nc o. yes
terday's gain.
The bond market was 1uiet: but prices
are higher all around. Total Sales $1,65OOOO.
United States new tours fell 70 and the fves
"A in the bid price. There was a sale Of the
new tours, regular, at an advance If 31a
over the last sale, which was several weeks
since.
The following table. prepared by L. w.
Louis Room II, Board of Trade, shows the
range of quotations: