The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-14
FIRM AND MORE ACTIVE
SHARES ON CHANGE TAKE A SMALL
UPWARD Squirt.
Grain Carrying Roads but Little At
fected by the Bulge-Local Trade
Good for the Summer season.

At New York yesterday money on call
was easy at 1A@2 per cent: last loan. 1z
per cent.
Prime mercantile paper, sz9p4 per cent.
Sterling exchange was steady, with
actual business in bankers bills at $4.S7ss
@4.s71z for demand, and a.s47s@4s5 for sixty
days: posted rates. AS5lA and A.sS1k: com-
merciaI bills. s4.S44.
Silver certificates were 60d61c: bar silver,
6osc; Mexican dollars, 47kc.
At London bar silver was q 11-16d an
ounce.
Prices advanced early yesterday under
the twofold influence of a better tone on
foreign stock markets and some relief by
rain for the drought-stricken districts in
the Northwest. The smallness of the de-
mand from the short interest was a COM
mentary on the listlessness Of the recent
bear speculation. Notwithstanding the high
ly alarming rumors which have circulated
regarding conditions in the spring wheat
belt. The movement in the wheat market
Indicated that the fate of the spring wheat
crop is by no means yet decided. The
Northwestern grain-carrying roads. in fact.
failed to share in the strength of the days
market. and the grangers. as a group.
came late into the movement Baltimore
& Ohio radiated a strengthening influence
throughout on the excellent showing made
in its May statement of net earnings and
the favorable predictions made by Presi-
dent Cowan of the results to be expected
from the heavy coal traffic. Norfolk &
Western was helped by the same cause.
New York Central, as a trunk line, showed
sympathy. London was a buyer here to the
extent of about 1900 shares, and estab-
lished the high range of prices. After the
arbitrage brokers had ceased to operate
the market became exceedingly narrow and
~1istless, with little of note The strength
of Americans In London was attributed TO
the rains in the Northwest. Professional
traders here also laid some stress on the
expected arrival late to-day OF a prominent
financier from a visit in Europe. The ex-
port OF S3, SOC. 900 gold. a figure In excess of
the estimates, had no effect whatever on
the stock market. A feature OF the day
was the rally in the steel stocks. due to
reports or prospects OF an charging ex-
port demand for iron.
The market closed firm with gains well
maintained The strength in the foreign
stock markets was attributed to the easier
money conditions in London. and TO the ex-
pectation that the Bank of England would
reduce its official discount rate to-day. The
payment of an installment of the British
war loan and the taking up yesterday of a
loan for the London County Council OF
So. 100000 having failed to harden the Lon
don money market. there is no further rea-
son apparent for the maintenance of the
bank rate so far above the private dis
count rate The local money market shows
n slightly firmer undertOne. but no quotable
changes as a result of the gold exports.
The subtreasury operations show that the
process of taking up the second installment
of government deposits. amounting to S.
coo. 900. have not commenced, and there are
some surmises as TO the effect OF the OPP
Grafton on the money market in connection
with the renewed export movement of gold.
No deep apprehension exists, however. as
TO the immediate future of the money mar
ket. Sugar and the New York city stocks
shared In the strength of the days mar
ket.
The bond market was dull and Irregular.
Total sales at par value were 81. 100, 600.
United States fives advanced u and the
new tours Il in the bid price.
Following are the days share sales and
the closing bid prices: