The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-22
QUICK STOCK RECOVERY
WORLDS MARKETS RELIEVED by
FRANCES ORDER TO MARcHAND.
American Securities Instantly in De-
mand and Prices Advanced
Dull Local Markets.

At New York yesterday money on call was
easier at iika2 per cent; last loan, tx per cent
Prime mercantile paper ShG4 per cent.
Sterling exchange was firm. with actual bust
ness in bankers bills at s4s5a4s5h for demand
and at s. s204 g2I4 for sixty days; posted rates.
s4ss and s4.ss; commercial bills. $.SOz
Silver certificates. 6oa6lc: bar silver. 60hc: Mex
lean dollars. 4sasc. At London bar silver closed
hrmer at q 13-l6d ounce.
Total sales Of stocks were 2f5 200 shares incud-
ing Atchison preferred. 1900; Canadian Pacific
1910; Chicago Burlington & Quincy i. $50: Man
haitian E.4is Metropolitan strect-railway, 4s79;
Northern Pacific, 5.5SS; Union Pacific. 3.O25; ST.
Paul, 1s.f45; Union Pacific preferred 9.f71; Union
Pacific. Denver Gulf. $3.50; Tobacco, 1886;
Sugar 42.sI0
Tho motor nerve of the worlds markets was
touched yesterday by the reported orders of the
government Of France TO Major Marchand to
retire from Fashoda. There was prompt re-
ccvery in government securities in London and
Paris and IN corporate stocks at all foreign mar
kets. For the reason there was a weaken
ing in the wheat markets of the world. including
Liverpool New York. Chicago and San Fran
cisco. This checked the advance in the stock
market But when it became evident later i'm the
day that there was good support in the wheat
market from continued heavy demand for ex-
port IN spite 81 the subsistence of the scare
and OF the continued heavy receipts at the
primary points there sprang up a demand for
railroad stocks which showed itself more con-
hdent and urgent than anything that has been
seen IN the stock market for several weeks. Nat
rrally the demand was most manifest for the
stocEs Of grain-carrying roads The strength was
manifest only in the granger group proper,
but also in the Taeifcs, including Northern.
Union and Atchison. The preferred stock of the
latter road was. next to ST. Paul. the leader OF
tile railroads in point OF activity. and was firm
throughout the day, closing with a net gain of 1
per cent. The absorption of the stock in the late
dealings was on a very large scale. The dulIness
and heavinesss of the stocks Of the great Eastern
trunk lines was in strong contrast. although. ac-
cording 10 quoted utterance of the chairman
Of the New York Central directors. many COM
paniea cannot get cars enough to carry the freight
coming forward. but are cutting rates and making
contracts ahead at figures below the rate sched-
ue r Is in line with this view to find the gross
earnings Of the Central for the quarter ending
sept 50 falling nearly 100000 below those for the
corresponding quarter last year. while the balance
available for dividend is 55-loO per cent. for the
quarter compared with To-1o0 last year The
strength OF Western. Southwestern and Southern
stocks was quite general. Louisville leading the
latter with an extreme rise of point. The move
ment Of industrial specialties relatively much
less important than Of late Tobacco advanced an
extreme three points. but met heavy sales. Sugar
was raided below Ill but met the resisting point
and Manhattan, although it weakened early on
published utterances tending TO discredit reports
Of early electrical equipments, rose over point.
Sterling exchange advanced further late in the
day in response TO stiffness OF foreign money
markets, which the clearing of political pros
poets did not relieve, but the local New York
money market continued easy. The gain of the
New York banks in cash from gold imports, from
the subtreasury and by reason of the marked
decrease in the movement of currency to the in
terror, Is estimated to be not far from 5000 900
for the week How far the reserve requirements
have been expanded through enlarged deposits by
reason Of loans made sterling exchange cannot
be closely estimated. but It may run as high as
s15.0OO.O00.
The bond market broadened and improved In
the course Of the day and shows gains generally
Total sales. s2,s4o,Oco. United States twos. reg
istered advanced z and the threes registered,
declined 4 in the bid price
The following table prepared by L. w. Louis,
Room II, Board Of Trade. shows the range Of
mn