The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-19
STOCKS ARE NEGLECTED
SMALL TRADING ON CHANGE OUT
SIDE OF THE RAID ON TOBACCO.
Mondays business One of the Light
est Days on Record--LocaI Trade
More Promising.

AT New York. yesterday. money on call
was steady at 2a3ls per cent; last loan,
per cent
Prime mercantile paper 51zd6 per cent.
Sterling exchange was steady, with actual
business in bankers bills at SLs3Am4 S3Ia
for demand. and at $4.7934@4S0 for sixty
| days; posted rates. s4.SO12d4.M and a.S4@
ASH; commercial bills s479@4791a.
AT London bar silver closed steady at
| % 15-l6d an ounce.
! Total sales of stocks, 10000 shares in
GLIDING: 7,12S Chicago Burlington & Quincy,
| $40 Northern Pacific preferred, $500 st.
| Paul, 9,251 Union Pacific preferred, ALSO
Union Pacific, Denver & Gulf 1886 To-
bacco, 1855 Sugar
| There was buying of stocks by profess
| SIGNALS in the first hour yesterday morning,
which raised the prices Of most of the lin
| tied number of stocks traded in point or
over. After midday traders sold again, WHIP
| ing out the early advances. The days
changes are Insignificant and are mixed be-
| tween gains and losses The amount of bust
ness done was almost the smallest in the
history of the exchange and a large pro-
portion Of the small total was made up of
Tobacco This stock continued to reflect the
contest between insiders and shorts and the
indications all went to show that the shorts
were in distress. After falling more than a
point the stock mounted in an eccentric way
six points and closed a point below the best.
The buying of the morning, which advanced
the general list, was apparently based on
the presumption that the differences at
Washington on the Cuban question added
to the chances of a peaceful solution by de-
laying war. There were slight advances in
the price of Americans in London before
the opening in New York. which helped on
the rise. The selling was due to the action
of the House of Representatives in receding
from it's resolution and concurring in the
Senate resolution after eliminating the
recognition of the Cuban republic. The fea-
ture of the market is the small floating
supply of stocks This makes an ideal mar
ket for professional operations on account
of the ease with which prices move But it
is evident that the present market is but
tressed with buying orders below the pres
ent level OF prices. Any considerable adj
vance is met with large selling to realize
1t is this that produces the almoS+ unyield-
ing steadiress of the market. A one-point
turn seems to be about the utmost that the
professional room-traders are able to ac-
complish
The gold received by Saturdays steamers
still further fortfies the cash reserves of
the banks and engagements announced for
Monday were over $l000,O00. besides $1,000
VUU Engaged tate on saturday. line money
market, however, showed little disposition
to yield although call money was loaned
On the Stock Exchange at per cent Banks
and trust companies generally hold out for
per cent. for call money and per cent.
for time money. The movement of funds to
the interior continues, but it is regarded as
very significant that outside banks be-
ginning to loan money in New York. The
expectation of a government loan without
doubt influences the banks to hold their re-
serves and the marked weakness of govern
ment bonds yesterday was taken as indicat-
ing the approach of a new bond issue. The
market for railroad bonds was almost abso-
lutely stagnant and there were no changes
of significance in prices. Total sales $500.
eco. United States new fCurs declined IA;
the old tours. registered IA: the old fours
coupon. l. and the fives, "a per cent in the
bid price
The following table; prepared by L. W.
range of quotations: