The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-21
STOCKS MORE ACTIVE
BUSINESS WELL DISTRIBUTED AND
SHARES SHOW STRENGTH.
Extreme Advance of Several Points
Scored In the Leaders-LocaI Mar
kets Quiet and Unchanged.

At New York, yesterday, money on call
was easier at 4QS per cent; last loan 5;
closed offered at 5.
Prime mercantile paper nominally 1913 per
cent.
Sterling exchange was irmer, with actual
business in bankers bills at 1881 for de-
mand and $4SO1a for sixty days; posted
rates. $4.S01A94S21a and s4.S312Q4.S5; COM
mercial bills, $4.78A.
Silver certificates, 65hQ65Ac; bar silver,
67Ac. At London bar silver closed at 301sd
per ounce.
Total sales of stocks were 1870, 500 shares,
including the following: American Sugar,
$500; Burlington & Quincy, $4,000; Chicago
dividend scrip, "a, 900; Louisville & Nash
Vile, 600; Manhattan Consolidated, 10000;
New York, -Susquehanna & Western pre-
ferred, 3,4O0; Pullman Palace Car Com
pany, 11,600; 3. e. w. r. certif-
Gates, third assessment paid. $500;
Rock Island, 20. 700; Southern Pacific, $500;
Wabash preferred, 1900; Southern railroad
preferred. 3, ZOO; silver certificates, $4,000.
The New York stock market displayed a
substantial increase in activity yesterday
and business was fairly well distributed.
Aggressive strength was noted. and in one
or two cases the shorts We're severely
treated, notably in Burlington and Chicago
Gas. For several days rumors have been
current OF a probable squeeze of shorts in
both properties. Especial significance was
attached to the fact that the largest buy
ing orders in the last mentioned stock were
received from a prominent banking house
that has chiefly been identified with the
management. The extreme advance scored
was As per cent, to 65ss. AT intervals the
speculation was quite animated, and the
inactive shares. The upward course OF
prices was again engineered In the face of
a stringent money market, and again the
chief motive power came from forecasts OF
a continuation of the present extraordinary
grain movement and advances in the prices
or cereals. An additional bull factor was
the reported engagement of an aggregate
of over 100000 in gold from Europe. to-
gether with reports of a car famine at the
West. Higher London quotations and mod
crate purchases for that account stimulated
fractional advances at the opening, with
the greatest activity in Sugar and the
grangers. Increasing strength ruled until
midday, When a reactlonary tendency de-
yeloped on realizations, and Manhattan and
Sugar, which had earlier exhibited a sag
ging tendency in contrast to the general
list, dropped Us and 3s per cent, respective
ly. The other reactions were trivial, and the
upward trend was soon resumed, and on
gains were recorded. Sugar and Manhattan
subsequently made fun recoveries. The ex-
tended in the railways to 2A per cent. in
New York Central. In the usually inactive
l liz illinois Ste rose S1&; Gonsolidated Gas;
and St. Louis seconds preferred 2, and Met
ropoiitan Traction, ~ per cent. Wheeling
& Lake Erie preferred was in good demand
at the close and jumped to 293s, against %,
Mondays final bid.
Money on call ranged between 4 and s per
cent, closing at 8 per cent, and in the
afternoon a slight stiffening in exchange
rates was noted, due to the arrangements
made by gold importers. The speculation
in the late dealing was stimulated by a re-
vival of strength in the wheat market. The
closing was at the best prices of the day.
Railroad bonds were strong and more act
I've. Texas & Pacific seconds rose 2!2, Kan
sas & Texas seconds ia and Reading sec
ond incomes 1a per cent. The gains other
wise were less notable in the speculative
issues, but Atchison, Colorado d Pacific
firsts figured for IA rise of 7A per cent.
Sales were 81, 23i,00
Government bonds made a further slight
gain on purchases of So. 000. Silver certif-
Gates were steady. The transactions ag-
gregated Sc. 600 at Sc.
The following table, prepared by L. w. Louis,
Room 13. Board OF Trade, shows the range Of
quotations: