The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-24
LEVEL OF PRICES HIGHER
SMALL DEMAND FOR STOCKS. BUT
MARKET CONTINUES FIRM.
Both Spanish Fours and American Sc
curities Advance in LOndon-LO-
caI Trade More Active.

At New York, yesterday, money on call
was 1G11a per cent; last loan. 11s per cent.
Prime mercantile paper, 41a@5 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.S61a04.S6$4 for
demand and at $4S3s4G4S6 for sixty days:
posted rates, $4s41a and $4S71z; commercial
bills, AS21.Q4.S3 Silver certificates, $3.50
5SAc; bar silver, size; Mexican dollars,
45Ac. At London bar silver closed steady
at 20 9-16d an ounce.
Total sales of stocks, 297, 200 shares, in
Guiding: Atchison preferred. S,077; Chicago,
Burlingtoun & Quincy, 1850; Louisville &
Nashville, 1925; Manhattan, 1902; Metropol-
tan, $780, Missouri Pacific, 3,445; New York
Central, 1850; Northern Pacific preferred,
5175; Rock Island. 1920; st. Paul. 1855;
st. Paul & Omaha, 3775; Union Pacific pre-
ferred 1928; Wheeling & Lake Erie, $3.50;
American Spirits, $3.50; Tobacco, 1928; Chi
cago Great Western, 1925; Peoples Gas,
6,340; Pullman, 1866; Sugar, 49, 1855; Leather,
5000; Leather preferred, 20,440
The level of prices of stocks on New York
Change was lifted another notch as a re-
suit of yesterdays trading. The dealings
were not large and there was no general
activity in the market-that is to say, the
volume of dealings in the speculative favor
ties was not very large and a number of
important stocks were inactive. AT the same
time it was notable that a number of usu-
ally inactive shares was moved, and this
gave the market the appearance of a broad
ening tendency, which a closer analysis did
not altogether confirm There was a large
number of individual transactions of the
small dividend-paying stocks, indicating a
demand from investment sources. Buying
or this character is usually designed for
permanent or longtime holdings and al
ways accompanies plentiful supply of
money. There was no evidence, however,
of any widespread general interest in stocks
and the speculative public evidently prefers
to wait for a definite outcome of the naval
maneuvers in West Indian waters. There
was good market for Americans in Lon
don, and prices were we'll sustained on a
belief that Spain would shortly sue for
point or over in Spanish tours in London
and Paris. A rumor that this was due to a
hurt Americans in London. London was
also buyer of st. Paul here, and alto
gether was quite a factor in the strength of
the New York market. Northwest respond
ed to its excellent statement of April earn
ings with a rise of points and radiated
strength through both the Vanderbilt and
the granger groups, with each of which it
was coordinate. Early in the day there
was further advance of over 2 points in
New York Airbrake, 81; New HaVen. ~;
Minnesota Iron, 4; Metropolitan Street
TaiIySay, 2s and Leather preferred and
Traders realizing in the late dealings caused
a break of nearly points in Pullman, of
"a in the Consolidated Gas and points in
unsettled closing, considerably below the
best in some cases and with net gains, as a
rule, only small. The rate for money con-
tinued to droop. and the early desire for
some evidence of more active demand as
indicated by business activity began to ex
tend the circle of the money lenders. The
accumulation and withholding of exchange
resulted in further advance of - in the
rate for demand sterling and of n for six
ty-day bills. Discount rates declined in Lon
don, Berlin and Paris in consequence of the
relief of those centers from the pressure of
exchange for New York.
Railroad bonds were narrow and inactive,
but prices were we'll held. Total sales,
81. $50 900 United States new tours declined
The following table. prepared by l.. w.
Louis, Room II, Board of, Trade, shows
the range of quotations:
Omen High Low