The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-08-04
APPROACH TO STRENGTH
81. Pauls Good Showing for Earnings
Was a Moving Factor-Mids"m-
mer Dizziness i'm Local Trade.

At New York. yesterday, money on can
was easy at 11<G1lz per cent
Prime mercantile paper, 4A45 per cent.
Sterling exchange was firm, with actual
business i'm bankers bills at A.S17s for de-
mand and S4S4 for sixty days; posted rates,
ss.s4lk@4S5 and s4sS15; commercial bills,
"a S3gf.ss1z.
Bar silver was eO34c; silver certificates,
e1ixas21kc: Mexican dollars. 4Sl5c.
At London, silver bars sold at q 15-l6d an
ounce.
Sugar Brooklyn Transit, Baltimore
Ohio and Union Pacific fell somewhat into
the background yesterday. An effort WAS
made by the traders to bring forward some
CT the other railroad stocks to take the
place CT these recent fayorites. They did
lot avail TO ill the gap left by the quietude
of the mercurial speculator. but the days
dealings had an appearance of rather bet
ter distribution as result of these new
elements of activity, and the general tone
OF the market was firm and approached to
positive strength at times. The center of
this strength was the granger group. which
was favorably affected by the show of in
creased earnings for the fourth week In
July by the ST. Paul system The showing
was particularly effective because 1t COM
pared with very high level OF earnings
last year and because St Paul has been
looked upon the leader of the reaction
sry tendency i'm railroad earnings incident
&c the falling off I'm general business There
no special feature of traffic to explain
the recovery, which contrasts with a de-
crease for each of the earlier weeks of the
month 1t is attributed TO general mer-
chandise traffic. There was a renewed eff
tort also to advance Union Pacific, which
met with some success. At the high level.
the grangers, Pacific and SouthwesternS
were generally point or more 10 the good.
The movement was directed in part against
the short interest, and when it covered the
market went into semi-stagnation and
dropped lower. The traders made some
thing of the large increase in cash in pros
Iect In to-day's bank statement. The sub
treasury has yielded TO the banks this
week. routine operations. s2.Si4.000. The
receipts from the interior are known to
have been heavy and are estimated 10 be
sufficient TO bring the total gain up to
more than 100000. The time money mar
ket continued to show an easy tone yester-
day, In response 10 this condition. Sterling
exchange advanced a fraction and ex-
change houses expect gold TO go out to
London next week. Possibly the policy of
the Sank of England In refraining from ad-
vancfng its discount rate this week finds
its explanation in the announcement made
late In the afternoon, that subscriptions Will
be invited I'm this country for the new f10.-
10000 war loan, which will be issued in the
fern of three year per cent. exchequer
bonds. Leading banks in New York, Bos-
ton and Philadelphia are authorized to re-
ceive subscriptions. The bonds are issued
at o.
The bond market only slightly active,
and without any feature. Total sales, ar
par value. were $685.. 900. United States re-
funding twos. when ISSUED, and the fves
declined Il. and the threes and old and
new fours. coupon. Il on the last call.
Following are the days share sales and
The closing bid prices: