The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-18

STOCKS UP AT NEW YORK
THE MARKET MANIPULATED BY
BULLS TO GOOD PURPOSE.
More Gold Coming from Abroad and
Rate on Call Loans Reduced
Local Trade Good.

AT New York yesterday money on call
was firmer at 4dS per cent, the last loan
being per cent. closing offered at 4n5 per
cent.
Prime mercantile paper nominally 7Q9 per
cent.
Sterling exchange steady, with actual
business in bankers bills at s4.S41aQ4.S4$t for
demand and $4.s11a@4.S1&I for sixty days;
posted rates, aS204S31z and $4.S41a04lS51A;
commercial bills $4.S0A.
Bar silver 6534c. Silver certificate, 651aGD
661ac At London bar silver closed at 30asd
per ounce.
The New York stock market yesterday
as had been expected, reflected in a con-
siderable falling off in business, the close
celebration of the great Hebrew festival.
The total record was of holiday proper
tons, and that very fact rendered practical
adroit manipulation by a few leading opera
tors. The undertone was strong through
out, and the closing marked by a de-
cidedly effective movement against the
shorts in Manhattan and several other
properties. The developments of the day
were of favorable character, with the
single exception of stiffness in call money
rates The extreme high figure reached
was 3 per cent, but the market was not
affected, while, on the other hand, weak
enlng tendency in rates late in the day gave
further impetus to the upward movement
in stocks The financial community at
large was encouraged by the failure of the
Bank of England to advance it's minimum
rate of discount, and by predictions of i'm
pending further large shipments of gold to
this country. In addition, the foreign ex-
change market displayed heaviness of tone
on an absence of demand and increased
offerings of commercial bills. The opening
was rather tame, but was relieved to an
extent by a moderate covering demand
from the shorts. Some buying for foreign.
account was noted, and this fact, together
with cabled advices of a slightly improved
condition of affairs in the Levant, impaired
increased firmness to the speculation. ana
encouraged demonstrations against the
shorts by insiders in number of special
rs per cent. above the final prices on
Wednesday. A number of other advances,
occurred extending to a point. Intervals OF
extreme dullness succeeded until the last
hour, when the bulls took hold with a
will, and, under the leadership of Manhat-
tan, which rose an extreme IA per cent
prices were lifted all along the line. Near
the close the market was further stimu-
lated by the news of an order for $4, 900, 900
in gold for import to this country by a rep
resentative foreign banking house that has
been the most conspicuous in the present
movement and by offerings of call money
at per cent The more important gains
Island. 21s; Chicago Gas, 2; Burlington and
New Jersey Central, 1%, Tobacco, 49,
Lead, 15s; Missouri Pacific, ~, and Louis
vile & Nashville and ST. Paul 13s per cent
in Manhattan was attended by revived
runors of a deal between that company
and the Metropolitan Traction, which were
denied by a prominent director of the first
mentioned property.
Railroad bonds ruled dull and strong
with fractional advance in the speculative
issues. The sales were $4,000
Government bonds We're firm, and State
bonds dull.
The following table prepared by L. W. Louis.
Room 49, Board of Trade. shows the range of
quotations: