The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-26
PRICES RULED LOWER
LITTLE DEMAND FOR SECURITIES
AND QUOTATIONS WEAKER.
Traders waiting for Events to show
Probable Duration OF War-Lo-
cal Trade Satisfactory.

AT New York yesterday money on call
was steady at 2G2is per cent; last loan,
per cent.
Prime mercantile paper. 6dT per cent.
Sterling exchange was strong, with actual
business in bankers bills at $4S4A for de-
mand and at $4S0Ad 1902 for sixty days.
posted rates, $4.S1G4.S11a and $4.@1ad4.S5l2;
commercial bills, $4S71a.
Silver certificates, 561kM56$ic; bar silver
561sc; Mexican dollars, 45Ac. At London bar
silve- closed steady at % 15-16d ounce.
Total sales of stocks 49, 100 shares. in
Guiding: Chicago, Burlington & Quincy,
1890; Erie preferred, $40; Manhattan
1858; Metropolitan, $3.50; New York Central,
3,0S7; Northern Pacific preferred 1929; Rock
Island, 1885; st. Paul, 1S,457; American
Spirits, 1850; Tobacco, 1886; Peoples Gas,
1856; Sugar 1924.
The New York market for securities was
sluggish and almost stagnant Monday.
Prices ruled below Saturdays close all day,
and while there was a brief pause at one
time during the morning in the downward
course due to strength shown by or
two of the industrial specialties, the sag
ging tendency of the market was practically
uninterrupted. The trading was narrow
and professional and declines really repre-
ton from Saturdays advance. The supply
of stocks continued very limited, owners
apparently being content to hold their prop
erty for higher prices. Neither is there any
very active demand for stocks at the pres
ent level The consequence is that the
movement of prices is rather narrow. There
being no genuine demand for stock and no
real pressure of liquidation prices naturally
lose one day what they gained the day be-
fore or gain the next day what they lose
to-day. There was some selling in the New
York market to-day for London account,
which may have represented liquidation by
timid foreign holders. There was some
speculative activity also, and quite a wide
movement of prices in some of the high
priced industrial specialties. Otherwise the
market was in the hands of the room
traders. The waiting attitude of traders
is likely toNcontinue until the occurrence of
some event giving a clear indication of the
course or probable duration of the war
with Spain. The future OF the stock market
is also dependent largely on the course of
the money market. There was nothing in
to-day's developments to indicate accurate
~ what that course will be. There is some
demand for currency from the interior,
Chicago exchange on New York falling
again to discount The subtreasury also
issued a notice that it would receive no fur
Their deposits on account of shipments of
currency from Washington or of Geographic
transfers to any point. The transfers of this
character yesterday amounted to 100000,
and in view of the depletion of the treas
ury's supply Of currency and good supply
of gold. the above notice was made neces-
sary There was change in the rates
for time money or commercial paper, al
though call money continued to be fairly
well supplied. No apprehension was ex-
pressed of stringency in the immediate
future. There was a sharp advance in the
foreign exchange rates, demand sterling
bills rising a. There is no very active de-
mand for exchange, but the stocks which
had accumulated in New York had been
largely worked off by the importation of
gold. The gold import movement has for
the moment evidently ceased, though any
active demand for money, it is believed,
would promptly bring about its resumption.
The bond market was very dull, and prices
drifted to lower level. Total sales, 1915 900.
United States new tours advanced q while
the seconds declined l, the old tours,
coupon, H. and the old tours, registered, a
Fer cent. in the bid price.
The following table, prepared by L. w.
Louis, Room IL. Board of Trade, shows the
range of quotations: