The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-06
OPERATORS ALL BULLS
AMERICAN SECURITIES RISING, BE-
ING IN DEMAND ABROAD.
Standard Dividend-Paying Stocks
Figure Largely In Trading-LO-
cal Business Active.

AT New York yesterday money on call,
21ztl3 per cent; last loan. Pc.
Prime mercantile paper, 6a7 per cent.
Sterling exchange was easier with actual
business in bankers bills at $4S4Q4S4H for
demand and at $4.S034G4.S1 for sixty days;
posted rates, $4.S11ad4.S2 and $4S5@4S51a;
commercial bills, $4.SO15.
Silver certiac~ tes 56d57c; bar silver 561sc;
Mexican dollars, 45c.
Total sales of stocks 5150O shares, includ
Ing: II, 450 Atchison preferred, 500 c & o.,
3O,SS3 c., B. & O., 1880 l.. & N, %, $50 Man
haitian, $3.50 Metropolitan, S,265 Reading
preferred, 1910 Missouri Pacific, 1880 New
York Central, $3.50 Northern Pacific pre-
ferred, 94,420 Rock Island 1880 ST. Paul,
As 40 Union Pacific preferred, 81, 235 Tobacco,
1851 Peoples Gas, $3.50 General electric. 1856
Pacific Mail, 9o,S32 Sugar. 1923 Tennessee
Coal and Iron, $500 Western Union.
Professional New York operators all
turned bulls yesterday after brief period
of doubt and hesitancy after the opening
of the Stock Exchange AS matter of fact
they were forced into this position by the
unmistakable temper of the outside pub
lic manifested by their disposition to come
into the market and buy stock in large
blocks at the market price. The profession
al operators were made somewhat wary by
the failure Of the London market to show
any independent interest in American Sc
curities Wednesday, while Wall street was
taking holiday. The same elements were
apparently rather suspicious of the advance
in London before the opening here yesterday
morning, and were disposed to attribute it
to manipulation from this side. Prices failed
to respond at the opening to the London adj
vance and ruled below the London parity
for q considerable time The market was
full of outside buying orders and business
was on a large scale, but had a
very heavy burden of profit taking
sales to carry and the small opening gains
were in large part wiped out dur
ing the first hour. The reaction here
failed to impair the confidence in London
where Americans continued very active and
strong. The buying here for foreign ac-
count was also on a very large scale in all
to the bull side. Large operators who had
taken profits on Tuesday and this morning,
impelled by an apprehension that the rise
was progressing too fast felt renewed con-
fidence on account of the support accorded
by London and the outside public and
turned buyers of stocks again. The market
presented all the characteristics of the ram
pant bull spirit From time to time the gen
eral strength was taken advantage of for
heavy profit taking in special stocks. AT
other times when there was disposition
for business to languish, individual stocks
were pushed vigorously upward for the pur-
pose of sustaining the general market. Trad
ers were busy seeking out obscure stocks
which had not yet felt the renewed impetus
to business, to lift their prices to the higher
level The large number of small lots of
standard dividend paying stock was also
conspicuous feature of the trading, arguing
the reawakened confidence of the investing
public and the greater ease in the money
market where the sales are no longer so
inviting for the employment of ready cash.
Rock Island was the center of largest IN
terest in the railroad list on account OF It's
excellent traffic statement for April and was
lifted 3M points to a parity with st. Paul
Sugar was furiously active and very Vola'-
tile all day, covering an extreme range OF
Az points and gaining 35s points net. Man.
haitian West Chicago Street Railway and
Consolidated Gas are over points higher
The large majority of stocks traded in are
at least a point higher and net gains range
from that up to 3 points. There was no
special development in the situation to &C
count for the buoyancy of the market pc
yond the general conviction that Spain
capacity to carry on the war is nearly eX-
hausted and that the danger of any serious
impairment of this countryS prosperity by
reason of the struggle is about passed. rms
confidence was felt. also, as to the aDlllty
of the money market to meet easily oil re-
quirements of the government for war ex-
penses Tenders of money were consequent
~ not so stiff in their requirements ana con.
ditions were easier. large number OF
confidence in the strength of the business
situation The renewal of gold imports also
tended to the same end.
The bond market shared the activity and
higher prices all around. Total sales
$2525 900. United States new fours regis
tered, advanced u, new tours, coupon, Is in
the bid price. Others were unchanged
The following table. prepared by Il. w.
Louis, Room II. Board of Trade, shows the
range of quotations.: