The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-07
AN UPWARD MOVEMENT
STOCKS IN DEMAND, BUT TOP PRICES
NOT WELL MAINTAINED.
Peace Talk Lends Strength to Ameri-
can Securities Abroad-LocaI
Trade Continues Active.

At New York, yesterday, money on call
was easy at 1A@112 per cent; last loan, ~
per cent.
Prime mercantile paper. 3AG4A per cent.
Sterling exchange was firm, with actual
business in bankers bills al $4.S6A M4S612 for
demand and at s4.8412@4.S424 for sixty days;
posted rates, $4.S5 and $4.S7; commercial bills,
$4s315d4S3$4.
Silver certificates. 591A@61c; bar silver,
5S12c and uncertain; Mexican dollars, 4512c
At London, bar silver closed weaker at 27asd
ar ounce.
Total sales of stocks AIS, 800 shares, includ-
ing: 1920 Atchison. 37,46 Atchison pre-
ferred. 1866 Chesapeake e Ohio, 12,745 Chi
cago. Burlington & Quincy, 10,116 Cleveland,
Cincinnati, Chicago & ST. Louis, 3,0S5 Den
yer & Rio Grande preferred, $500 Louisville
& Nashville, 1850 Manhattan, II $50 Metro
politan, 4005 Reading preferred, $50 Mis-
souri, Pacific, $500 Missouri, Kansas & Tex
preferred, 1850 New York Central % $50
Northern Pacific, AZ, 05O Northern Pacific pre-
ferred, 1890 Ontario e. Western, 1920 Rock
Island. 17,745 st. Paul, 5,144 Southern pre-
ferred, 5000 Union Pacific preferred. 1898
Union Pacific. Denver & Gulf, 300 Wabash
preferred, 4,065 Wheeling & Lake Erie, $50
Tobacco, 9,17S Chicago Great Western 23,175
People'S Gas, 5,790 General Electric, 4 .440
Pacific Mail. % $50 Sugar. 1920 Leather pre-
ferred, $50 St. Louis & San Francisco pre-
ferred.
The New York stock market started YES
terday morning with every appearance of
saturdays brisk upward movement being
continued. London was a buyer at the OPEN
ing, even at the higher level over the Lon
don parity. Rumors abroad of approach
ing movement by Spain for peace helped
Americans in London The heaviness of gov
eminent bonds was due to the conviction
that an additional issue will soon be author
lied and uttered. The brisk upward move
ment at the opening was checked by several
deVelopments. One of these was the rather
emphatic disclaimer on behalf of Burlington
offcfals of any immediate purpose to pro-
ject refunding plan. Another well-defined
conviction on the part of professional spec
ulators was that Union Pacific preferred
would soon begin the payment of dividends
at the rate of 4 per cent. This was met by
the strong serhi-officia intimation that the
dividend rate r plight be, for the present only
tuted a drag on two very important ele-
ments in the market. When London saw
that the advance here was not maintained
1t turned from buyer to seller. Many of the
leading grangers and internationals are thus
nearly a point under the best prices of the
best prices; in sympathy. but the lower
priced stocks were firmly held. Net gains
are thus made to predominant in spite of the
weakness at some points which was empha-
sized by the falling off in the eaSt-bound
tonnage from Chicago and disappointing
traffic returns from some prominent rail-
roads.
Money continues. very cheap and London
sold sufficient stocks in New York to cause
firmness in the exchange market. Bonds re-
fected the pressure of cheap money seeking
employment and some of the lower grade
speculative bonds were very largely bought
at advancing prices Total sales. $5.075, 900.
United States old tours. coupon, declined l,
the seconds y and the old tours, regular
and the fives, regular, Il in the bid price.
The new tours were unchanged
The following table. prepared by J.. w.
Louis, Room H. Board of Trade, shows the
range of Quotatio