The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-03
MORE LIFE IN STOCKS
A DEMAND FOR RAILWAY SHARES
SETTING IN ON 'CHANGE.
Gold Imports Inaugurated from Lon
don and Australia Yesterday
Local Trade Promising.

At New York yesterday money on call
was steady at 1AQ11a per cent; last loan.
IL per cent.
Prime mercantile paper, 31zQ4 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.S504S515 for
demand; at $4.SS14a4. 1894 for sixty days;
posted rates, s4.S41aQ4.S5 and $4.S6Q4S615;
commercial bills, s4.S2@4s211.
Silver certificates, 5S5s@593sc; bar silver,
5S%c; Mexican dollars, 451ac. At London
bar silver closed steady at H1sd an ounce.
Total sales of stocks. 269. 100 shares in
GLIDING: c., B. O., 24.120; Louisville &
Nashville, 1926; Northern Pacific, 5,42O;
Northern Pacific preferred, 14,4S2; Rock ISL
and. 11,7s2; st. Paul, II .12O Cotton Oil. 15,479;
Cotton Oil preferred, SIC; Tobacco, 2O,664;
Peoples Gas, 3.645; Lead, 4,01O; Pacific Mail,
5,275; Sugar, 1906; Leather preferred, 1880;
Rubber, 1905; Rubber preferred, 1887;
Union Pacific preferred, 17,444.
The tendency Of the speculation in rail-
road stocks to separate itself from that
in the industrial specialties became more
marked on New York Change yesterday.
The industrials have not yet fallen to a
minor place in the speculation, as they are
likely to do at time when a widespread
general demand springs up for standard
railroad securities, but there were evidences
of elimination of speculative movements
in some of them to-day and the realizing
was covered by manipulative advances in
Others Brooklyn Transit and Rubber were
the most conspicuous sufferers from liquida-
ticn, while Tobacco and Cotton Oil
tinusd to advance. By far the most signifi-
cant movement in the market was the
enlarged demand for railroad stocks. This
was most conspicuous in the grangers, but
the Pacific railroads also shared in the
movement and there was distinctly broad
ening tendency all through the list, various
inert stocks making large, belated advances
TO the higher level established in the last
rev days. The granger movement turned
on traffic possibilities and was accompanied
by intimationS that some of the group will
show an increase in earnings for July in
spite of the large falling off in the grain
movement as compared with last year.
Much importance given to the report
received by the State Department from the
United States consul at Moscow that Russia
is considering a proposition to forbid the
portation of grain owing to the failure of
the crops to make good the past years
large depletion in reserves. The fact that
gold imports were fairly inaugurated yester-
day with the announcement that over ST.,
O0,000 was engaged in London for import
and over 81, 600 shipped from Sydney for
San Francisco had sentimental effect in
hardening the market. There was nothing
in the local New York money market how
ever, to indicate the need of additional
funds. The subtreasury is again losing
largely to the banks on account of war
expenditures and there is no appreciable de-
mand from the interior, in spite of the
large increase in business and the move
ment of the crops
The bond market was active in middle
and lower grade issues which quite gener-
ally advanced. Total sales, SO, 245, 600 United
States threes touched 105 on sales and the
governments were strong all around on the
announcement by a treasury official that
there would probably be no need of another
of bonds large n
ternal revenue receipts under the new law.
United States seconds and the old fours,
tours. coupon, and the new tours advanced
H. bid price.
The following table, prepared by l.. w.
Louis, Room II, Board of Trade, shows the
range of quotations: