The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-29
STOCKS MORE ACTIVE
TRADERS LOOKING FOR ADVANCE
AFTER FIRST NAVAL BATTLE.
Money Market the Object of COnsid-
cradle Speculation Mt Home and
AbrOnd-LocaI Trade.

At New York yesterday money on call
was steady at 115@29a per cent; last loan,
IL.
Prime mercantile paper, Sal per cent.
Sterling exchange was easier, with actual
business in bankers bills at $4.S41aG4.S424 for
demand, and at $4S1A for sixty days;
posted rates. $4S2 and $4S51aq4.S6; CONNER
cial bills, 81 sO1a.
Silver certificates. 57AG5Sc; bar silver, SIC;
Mexican dollars, 451ac. At London bar sill
yer closed firm at 263sd an ounce.
Total sales of stocks, 49, 100 shares, in
Guiding: c., B. & O., S,795; Louisville IL
Nashville, 1855; Metropolitan 1906; New
York Central. 1886; Northern Pacific, 3115;
Northern Pacific preferred, 1912; Rock
Island, 1856; st. Paul, 1864; Union Pacific
preferred, 1889; Tobacco 1862; Peoples
Gas, 3,142; Sugar, As $50.
The stock market was quite active and
animated to-day, compared with the lethar-
gy and sluggishness of yesterday. The
days business was not by any means large,
and there were prolonged periods of dull
ness between the spurts of activity. There
was no outside interest in the market of
any Importance and the buying was due to
the initiative of one or two prominent ope-
rators. who distributed orders with liberal
hand all through the active list. This ag-
gressive leadership invited more or less fol-
lowing among the small room traders. The
buying was based on the confident assump-
ton that the approaching naval engage
ment off the Philippines would result in
favor of the United States forces. Bull OPP
orators expressed themselves as confident
that such victory would be good for
o-point rise in the active stocks" The
lob Aalfv
heaviness Of the London market, and which
did not at any time fall to the London
parity, were quickly overcome. The excel
lent traff1c statements of the granger roads,
the st. Paul statement of Wednesday being
supplemented by Burlingtons yesterday,
were also factors in the strength. The
grangers We're conspicuous in the trading,
ana led the advance in the railroad list.
NO doubt the distinctly easier tone in the
money market had something to do also
with the awakening of the speculative
spirit. The friendly consultation Wednes-
day between the secretary of the treasury
and a number of prominent financiers
found its reflection yesterday in a feeling of
confidence that the needs Of the United
convenience to the money market. Call
money was quite abundant, and loans were
made as low as ~ per, cent. Rates for
Tune loans were quotably lower, at from 5i5
to per cent. for all periods. 1t is signif-
cant also of future prospects in the money
market that lenders hold out for long
periods at existing rates, while borrowers
want money for not more than sixty days.
In spite Of easier conditions in money, for
eign exchange yielded a fraction The
keen demand abroad for food stuffs is maxi
ing exchange all the time and the prospects
of the foreign money markets point to
higher discount rate. The demand for ex-
change by the government to paw for war
materials has also ceased. Shipments of
money continued to the interior, but in
small volume. The currency famine makes
it necessary to ship, and that is not what is
wanted. In Boston currency has command
ed nominal premium.
There was some increase Of activity in the
bond market, but it was confinedSalmost en-
tirely to the speculative issues, which
showed higher prices in sympathy with
stocks. Total sales, $1,025,O00 United
States new fours, registered, advanced -,
and the old fours, registered, a. while the
new tours, coupon, declined Is in the bid
price. Others were unchanged.
The following table, prepared by L. w.
Louis. Room H.. Board of Trade, shows the
range Of quotations: