The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-27
STOCKS MOVED LAZILY
TENDENCY UPWARD, PRACTICALLY
REGAISING MONDAYS LOSS.
Belief in Neutrality of Powers Leads
to London buying Our Securities
Local Trade Active.

At New York yesterday money on call
was steady at 2021z per cent; last loan, 3
Prime mercantile paper, 6a7 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4s4s4G4S5 for
demand and at $4.S04@4.S1 for sixty days;
posted rates, s4S11k94S2 and $4.S512Q4S6;
commercial bills. s4SOA.
Silver certificates. 56s4@57c; bar silver,
$3.50; Mexican dollars, 45Ac. At London
yesterday bar silver closed steady at 26 Lied
an ounce
Total sales of stocks, 1877 600 shares, in
GLIDING: c.. B. & O., 12,S45; Manhattan, s.
300; Northern Pacicfic preferred 1921; Rock
Islapd, 5,235; st. Paul. 15.77O; Union Pacific
preferred 5.942; American Spirits, 4,fO5;
Tobacco, 1920; Sugar, 3O51O.
Prices of stocks on New York Change
swung lazily upwards yesterday, covering
about the same range as in the downward
course Of Monday. 1t was a traders mar
ket, as on the day before. No operations
on large scale were ventured nor is there
any outside interest in the market aside
from some desultory buying of small lots
through commission houses. The advance,
however, soon put stop to even this, as
the buying of this character comes from
bargain hunters whose orders are placed
on scale of prices downwards. The mar
ket was so narrow that the buying for Lon
don account was quite a conspicuous fea-
ture, though in itself small. But this buy
ing is rather significant in spite Of it's small
volume. 1t was induced by the declarations
Of neutrality on the part of Great Britain,
France, Italy and Mexico, and intimations
Of similar attitude soon to be adopted by
other powers. The demand for Americans
IN nr1dn eft loto ole hxy bn
strength of the general markets, which
were active and strong on the easier money
conditions there. This strength reflected
from London was sufficient to induce the
local traders to take the bull side for
short turn. While there was no reaction of
any note during the day, none of the prom
lnent stocks made large net gains. A few
less active stocks showed conspicuous
movements; Spirits preferred rose 31A and
points each; Sugar, Tobacco and the
grangers made up the bulk of the dealings.
The money market continues to attract
much interest and attention. Reserves con-
tinue to be pretty closely held against fu-
ture contingencies. The demand from the
interior for currency, which had almost
ceased last week. has regained some force.
1t is impossible to forecast how far this de-
mand will go, and it is the handspring of
has given notice in effect that it needs all
Of it's supply of small currency, and the
local New York banks are obliged to meet
the demand from the interior almost alto
gether by shipping gold. This is likely to
act as check to that demand for bills are
desired rather than gold coin. There was
another advance in the rate of exchange,
carrying it well above the gold import
point The rate of discount in London and
Berlin was also quotably lower. Both of
these quotations reflect a subsistence of APP
prehension here of the likelihood of any
stringency. Probably government payments
for purchase of war material made abroad
are not without some effect in giving
strength to the exchange market
The bond market showed weakness early
in the day, and there were later recoveries
in some cases, making the net changes
mixed. Total sales 81, 100 900. United States
old fours declined 1s per cent. in the bid
A sale of the new fours, coupon, was made
at 11SA, which is a above the bid price and
the last sale.
The following table. prepared by L. w.
Louis, Room H. Board of Trade, shows the
range of quotations: