The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-19
MOVEMENT IN STOCKS
DOWNWARD TENDENCY WAS
CHECKED BEFORE THE CLOSE.
Theorists Among the Brokers Unable
to Explain the Conduct of the Mar
ket-LocaI Trade Fairly Good.

At New York. yesterday. money on call
was steady at 1A@11a per cent; last loan,
11a per cent.
Prime mercantile paper. 3s4a4 per cent.
Sterling exchange was steady, with actual
business in bankers bills at $4.S5s4@486 for
demand and at "a. s41a@4.S424 for sixty days;
posted rates, S4.S51zQ4.S7; commercial bills,
"a. S3@4.S 1914.
Silver certificates, 591s@59a4c; bar silver,
5914c; Mexican dollars, 455sc. At London
bar silver closed steady at 27ssd an ounce.
Total sales of stocks, Isl. 700 shares, in
Guiding: 6,153 Atchson preferred, 1920 c., B.
& c., 1926 Manhattan, 11,OSS Metropolitan,
Il, $50 Reading. 1858 New York Central, 1884
ST. Paul. $3.50 Tobacco, 3,40O Peoples Gas,
1898 Sugar
The downward movement in stocks yes
terday was checked before the close and the
level of prices brought back slightly above
Saturdays close. But it cannot be said
that the market was sustained by any buy
ing demand for it's lethargy was almost
complete The break of Az points in Met
ropolitan Street-railway, due to the pend
ing suspension of traffic on some Of its lines
during the reconstruction period, was the
main unsettling factor in the morning.
Quite heavy decrease in earnings of the
New York Central for June and the shrink
age in the east-bound rail movement, due
to the lively competition Of the like lines,
were also factors of weakness. New York
Centrals decline was, however, only frac-
tional, and it recovered IA in the late deal
ings. Buying of Brooklyn Rapid Transit on
the continued increase in earnings was also
sustaining factor, and the recent pressure
against the coalers and these stocks gen.
orally show gains. All indications point to
a coming redundancy in the money mar
ket, but no evidence of an overflow of funds
into stocks was manifest to-day. The allot-
ment CT the government bonds, 1t is felt,
certainly will result in the release of large
sums on account of rejected subscriptions
The usual demand of interior merchants
for money at this period is not evident in
the New York money market, the flow or
| from the interior to New York. Lenders of
money, therefore. have little hope of getting
better rates in the immediate future. Re-
newed attention is called to the trade bal
been $615, 600 600 for the year, while the net
| imports of gold have been barely 500. 100000
Making all possible allowance for the va
| rious items in the concealed adverse trade
| balance, such foreign sales of our Sc
curities, ocean freights, payments of inter-
est and dividends to foreign holders and
| foreign expenditures by American travellers,
| it is certain that an enormous balance in
our favor remains still unliquidated and
available on demand The hesitation in the
stock market is, therefore, difficult to ex-
| plain.
Business in bonds was light and prices
| sagged early, but later recovered. Total
sales, $2,240, eco. United States old fours
registered declined a and the fives, coupon
advanced Il in the bid price.
The following table. prepared by L. w
| Louis, Room H. Board of Trade, shows the
range of quotations: