The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-26
RECOVERY IN STOCKS
FRESH DEMAND INDICATING CONFI-
DENCE IN HIGHER PRICES.
Less Prospect for Stringency In the
Money Market and Elements of
Weakness RemOved-LocaI Trade.

At New York yesterday money on call was easy
at 1h@S per cent; last loan. 11s per cent.
Prime mercantile paper 31964h per cent.
Sterling exchange heavy with actual bust
ness in bankers bills at s4.S5Q4.s5A for demand
and at s4.s414d4s4% for sixty days: posted rates,
s4.s4Q4.s5 and S4.S612; commercial bills. 4.s2%.
Silver certificates, 59AQ5SAc; bar silver 6OAc;
Mexican dollars, 461ac. AT London bar silver
closed quiet at q 13-16d an ounce
Total sales stocks. 451 401 shares including $50
Atchison preferred. 1854 Chicago Burlington &
Quincy, 1850 Chicago & Eastern Illinois, $40
Louisville & Nashville. 3O.79o Manhattan, 4195
Metropolitan, s.135 Reading preferred. 4,7s2 New
York Central $1,000 Northern Pacific, 21s2O
Northern Pacific preferred, $50 Rock Island
1880 Union Pacific 292S5 St. Paul. 1880 Texas
Pacific 1920 Union Pacific preferred, 1856 Union
Pacific Denver & Gulf 100 Cotton Oil, $500
Spirits. $3.50 Spirits preferred O22O Tobacco,
1925 Chicago Great Western, 2S.575 Peoples Cas-
7545 Rope and Irvine, 45, 1885 Sugar $3.50 Tennessee
Coal and Iron and $3.50 Leather preferred
The close of the New York stock market yes
Sterday gave every indication of renewed absorp-
ton on large scale by powerful speculative
interest. which counts on an additional rise in
prices. The buying in the last hour followed a
period of extreme dullness during which the
market was left to itself. The tone of the trad
ing in the earlier part of the day showed that
there was considerable outside element disposed
to take profits or to stop losses If they were the
unfortunate ones who bought stock at the top
last week. But it was also evident that the
pressure of this liquidation was not severe and
that the offerings of stock were not increased at
the low level of prices. On the contrary there
were sufficient buying orders by the commission
houses at level below the market to check the
decline. Some Of the recent elements OF weak
ness were also removed For instance Manhat-
ton showed recuperative power by rising two
points, to the distress of the bears. There was
also sufficient vigor in the upward movement of
Sugar to give color TO the rumors prevalent of the
conclusion of a working agreement with new COM
petitors. The quarterly statement of Lake Shore
significant exhibit of the possibilities of
refundng. the large decrease in net earnings for
the quarter being far offset by the decreased
charges that the surplus is Still above last year
level The buying of New York Central was in
duced by this exhibit, and the buoyant recovery
of Burlington probably had in view the possb-
tiles for that property in refunding of its mort
gage indebtedness.
The ready response of sterling exchange to any
hardening tendency to the money market gives
assurance of relief from that quarter of any
money stringency. The fast-increasing supply of
the new government bonds, made available for
use as security against government deposits with
national banks is also safeguard against undue
depletion by division of funds in the United
States treasury. The special strength of the
Paciics due to the transference of specu-
lative interest to othe- stocks notably St Paul
and TO conviction of great benefits to accrue
from the agreement to arbitrate the trouble with
the Canadian Pacific. If loanabie funds are to
continue plentiful 1t removes the only element of
doubt in the general situation
There was yielding tendency in some of the
standard railway bonds, which was possibly a
reflection of the frmer tone in money. Low
priced speculative bonds. however, showed sharp
advances. Total sales, So, 725,OO0. Government
bonds unchanged.
The following table, prepared by l.. W. Louis
Room II. Board of Trade. shows the range of
quotations.: