The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-21
STOCK LIST IS STRONG
DOWNWARD MOVEMENT RESISTED
AND SMALL GAINS RECORDED.
Declines on Foreign Exchanges Not
Regarded Hurfful to American
Securities-LOcaI Trade.

At New York yesterday money on call was
easier at 11sQ2 per cent; last Loan IL per cent
Prime mercantile paper, 3AG4 per cent.
Sterling exchange firm. with actual bust
ness in bankers bills at s4.s41k64s4% for demand
and at s4S1$Gl4.s2 for sixty days; posted rates,
$4.S21k and S.S5; commercial bills, s4so1@@4.s1.
Silver certificates 60ik@6lc; bar silver COO;
Mexican dollars. 4el1c. At London bar silver
closed steady at q 11-16d
Total sales of stocks were 175, 700 shares includ-
ing: Atchison preferred, 7.343; Burlington, SIPS;
Louisville & Nashville. 3,7S5; Manhattan, 80 $50;
Metropolitan Street-railway. $3.50; North Amer
lean Company. 1920; Northern Pacific. ISIS;
Northern Pacific preferred. 4,499; Union Pacific,
4,o50; st. Paul. 1882; Union Pacific preferred.
$3.50; Union Pacific, Denver & Gulf. 1900; Tobac-
co. 12.79O: Sugar 1850.
Considering the apathy and indifference which
have recently been manifested on the Stock Ex-
change, the resistance made yesterday to the de-
pressing influence existing on foreign securities
markets was rather remarkable. Even the OPEN
ing prices refused to yield to parity with those
established in London for Americans before the
opening and the rather heavy volume of offerings
for London account easily absorbed at level
sufficiently higher to make very nice profit for
the arbitrage brokers. After the London selling
had ceased in the forenoon the market took
hardening tendency and broadened out to very
perceptible extent. Prices of the grangers and
other railroad stocks including in the list
of those dealt in on foreign exchanges above
Wednesdays level, at least retrieved the
earlier losses. Many recently inactive stocks
brought into the market and there resump-
ton of buying in small lots of of the we'll
secured dvdend-paying stocks. The explanation
of this lay in the fact that what is Europes
poison is to certain extent meat." The
striking evidence OF this disclosed in the
grain and provision markets, which were all ex
cited and higher on the eager competition for our
products reflected from all European markets as
result of the fears of coming hostilites between
Great Britain and France. With a wheat crop
of unprecedented dimensions to move, this devel-
opment bound to have an influence the
gran-carrying roads. In former times the threat
Of war in Europe has brought with it the dread
that the large foreign holdings of American secur
tiles would be forced to liquidation on the New
York market. The indifferent mood in which this
possibility was viewed yesterday is striking
proof of the large reduction which has been
worked in the foreign holdings of our securities
payment for last years large trade balance in
favor. That trade balance and the continued
movement in our favor are also the grounds
for the indifference of the money market abroad.
European government securities declined sharp
fraction and money rates advanced in sympathy
at all European centers. Yet the only effect in
the New York market was to harden the rates
for foreign exchange fraction. AS for the local
money market, not ripple caused and rates
for call money actually declined to liz per cent,
against the minimum of per cent. with
range up to 215 per cent The strength of this
country's financial position could not be more
strikingy illustrated. Sugar found support at the
moderate declines and Tobacco firm all day.
The market for bonds was not active, but prices
were well held Total sales, s1.765.OO0. United
States twos declined w. the fives, coupon, u, and
the old tours, registered, the new tours, coupon,
and the fives. registered Is in the bid price
The following table, prepared by l.. w. Louis,
Room II. Board of Trade. shows the range of
nuntat tons: