The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-11-05
PROSPERITY in STOCKS
M'kIXLEY'S ELECTION STARTS A.
INSTANT BOOM IN NEW YORK.
sugar Led the Market with an Ad-
vance of Seven Points-LocaI Mar
kets Expected to Pick Up.

AZ New York yesterday money on call
vas easy at 414Q1O per cent; last loan, i
per cent: closed. 5Ad5A per cent.
Prime mercantile paper. car per cent
Sterling exchange was firmer. with actual
business in bankers bills at 4.S for de-
mand and SiS1 for sixty days; posted rates.
&S21zq4S3 and $4.S414S6; commercial bills,
s4.7g%.
Bar silver, 6f1Ac; silver certificates, 64z6
sc; Mexican dollars. soc. AT London bar
silver closed at % 15-16d.
Total sales of stocks were sol. ia shares,
including the following: American Tobacco,
$500; American Sugar. 5000; Burlington &
Quincy. 200; Chicago Gas. 24.Soo; Cleve-
land. Cincinnati. Chicago & St. Louis, 300:
Chesapeake & Ohio, $500; Erie. 400; Cen
eral Electric, 500; Louisville & Nashville,
21.7Oo; Manhattan, $500; Missouri Pacific.
$500; Northwest. $500; Northern Pacific.
b,2O0; Pacific Mail. 500; Reading. 9,OO0;
Rock Island, 1880; St. Paul, 81. 700; Tennes-
see Coal and Iron. 1920; Union Pacific,
1850; Wabash, 1900; Western Union. $500;
Lake Erie & Western, $500; Southern Rail-
road. 200; Southern Railroad preferred,
1920; United States Cordage, $500; Silver
certificates. $4,000.
The first post-election trading on the
Stock Exchange this morning was strong
in tone. and buoyant i'm character, and for
the first quarter of an hour prices rose
sharply. The advances ranged up TO Z per
cent. With Sugar as the leader in the mar
ket. There was, however. "a feverishness
about the transactions. which early led to
Tealzlng sales. resulting in reactions of
about ld2le per cent. These were followed
by sharp. but only partial recoyeries. the
dealings being on AN enormous
scale and reaching proportions that have
not DeGn Witnessed for "A long time mast
There was good buying on orders from out
OF town, which was stimulated by the re-
celpt OF cables reporting highe prices for
american securities on the London Stock
Exchange. Foreign buying orders Also
were executed in fairly large volumes. and
maternity assisted In the upward move
ment. There was. however. large selling
Tor the account of operators. who desired
10 a k advantage of the rise. which was
opinions differing as to the stability of the
adv3nce; The hour preceding noon was
marked by a fairly steady tone on a moder-
ate business, which brought the market to
ABOUT Its normal condition.
TURNING UPWARD.
Approaching midday the market again
was on the upward turn, and The special
ties attained considerable prominence by
reason OF wide fluctuations The inquiry
Tor the low-priced shares also excited in
terest and comment, and in some instances
the best prices of the day were attained,
notably in Chicago Gas. Reading and Rock
Island. Cotton Oil stocks. which, in con-
trast TO the general tendency, had early
sasged on the postponement of the consid-
Grafton OF the preferred dividend. through
lack of a quorum, moved upward at the
close la for the common and 81 per cent.
Tor the preferred. The trading in the after
noon was characterized by considerable
nervousness and a diminished volume of
business. which was, however, better dis
trtbuted than in the forenoon. The news
developments bearing upon the tributary
market were varied and extremely inter-
esting and i'm sharp contrast to recent rul-
Ing conditions. Foreign exchange was ir-
regular and 10 a large extent the quota
tons were nominal Early in the day ac-
tual sterling was quoted at &c and posted
fSureS i cent below the final rates on
Monday. bat later rallied slightly. Leading
houses were reported undecided as to the
Immediate cause of exchange and appeared
dtsincllned 10 transact business. Premiums
on gold that have ruled for a. long time
past largely disappeared and people who
had withdrawn the gold some time ago
made Intellectual efforts to exchange their
holdings for currency ut the office of the
bullion brokers. At the subtreasury APP
piicatiOns were rejected, except subject TO
delay for examination and in return for
receipts, 1t being stated that the entire cler-
Teal force of the establishment was taxed
TO the utmost in counting heavy accumu-
lations of silver. Finally the gold was
turned over to the banks and savings insti-
tUtIons. and some of the banks that are
understood TO be short of currency will. ii
- GL4N. pay their balances at the clearing
house temporarily in gold. Money was dis
tnctly easier. Large transactions were
made on call and the rate was early forced
down from 10 per cent, the initial figure. to
3 and finally TO 4 per cent, closing offered
at that price. All StringenCy in time money
aiso disappeared and all borrowers on good
collateral were accommodated at 8 per cent.
for all periods from sixty days 10 one year.
The inquiry for funds was not pressing.
a correlated removal of restrictions in the
mercantile paper market being noted. ard
the demand for choice paper was in excess
OF supply. Rates were lowered to 6G7 per
cent. and a fairly large business was re-
ported at the lower figure.
Silver certificates Were conspicuous by a
purchases. a rally ensued 10 64Ac. The to-
tai transactions were $780, eco.
SHARE LIS BOOMING.
Aside from Sugar, which came third in
point OF activity. and scored the extreme
advance OF I per cent. in the active list,
the industrials were overshaGowed in ex-
tent OF trading by the railway shares, with
Reading and ST. Paul leading the last
ramed class. The initial prices were in
most instances the best figures of the day.
in the so-called specialties the changes in
prices were very material, particularly in
Bay State Gas. which, after an early rise
OF 4 per cent. broke and left OF y per cent.
higher than on Monday. Wheeling * Lake
Erie preferred jumped 54 10 80. reacted 10
2I and closed at 80. Commercial Cable,
which was at I33 bid on Monday. sold TO
l5S on a transaction or 100 shares, and
closed at rs bid: 147I2 asked.
Goyerument and railway bonds made sub
stantfal gains with the International issues
in the last named the most prominent
Some regularity was evident in the nnal
dealings. and the market left OF easy in
tone, closing prices. however, at net gains
from 1 to s per cent. In the prin-
cipal shares. The advance at the top lever,
as compared with Mondays final prices
was: Sugar. 81: Lake Erie * Western pre-
ferred. 4: Pullman skies. New Jersey Cen
trail and United States Express, b; Tennes-
zee Coal. ~: Adams Express, Brooklyn
Union Gas and Consolidated Cas- IN;