The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-31
CLOSED AT TOP PRICES
MONEY SLIGHTLY LESS STRINGENT
AND STOCKS MORE BUOYAsT.
London Prices for American Securi-
ties Came Higher Yesterday-LOcal
Markets still Dull.

At New York yesterday money on call
was easier at 6G50 per cent, regular, and
at the rate of 100 per cent. per annum for
three days: last loan, 6; closed offered at g..
Prime mercantile paper was nomInaliy
7laG19 per cent.
Sterling exchange was irregular, with
sctuaI business in bankers bills at s4.S41a@
4s4a4 for demand and A.S1h04.Sla4 for sixty
days; posted rates, $4.S2d4.s212 and s4.S51ap
4.Sf, commercial bills, $480G4.S0l4.
Ear silver, 647sc; silver certificates, 6512c;
Mexican dollars 5OHc. At London bar sill
Yer closed at 20 15-1ed.
Total sales of stocks were 1S9, 1855 shares,
including the following: American Sugar,
1880; Burlington & Quincy, H,3O0; Chicago
Gas, IL 800; General Electric, $500; Lake
Shore, 5000; Manhattan, 1900; Reading,
Is, 01O Rock Island, 1900 ST. Paul, %, 400
Union Pacific, 1900; Western Union, 800;
Southern railroad preferred, 800; silver
certificates, 100000
The prevailing monetary conditions were
again the dominating influence in the New
York stock market yesterday. The rank
and lille of the traders, figuring on even
stringent rates for call than had
ruled Thursday, were prepared to see
Iecline in stocks yesterday. The actual
movement, however was aggresslvely
strong, the course of prices being governed
by the early intelligence received by pow
erful speculative interests that a combined
effort would be made by the banks to pre-
vent rates rising to a point likely to pre-
cipitate disaster. London prices for Amer
lean securities came higher and to this IA
vorable development was soon added the
inspiriting semi-official news that a number
of leading banks and trust companies had
pooled their surplus reserve resources, va
riously estimate at from SIS, 1000, 900 to $20,-
100000, and would put out as much money
might be needed by legitimate borrow
ers, though at rates not low enough to en-
courage boarding. The extreme t1uctua-
tions in call funds ranged from 60 per cent.
soon after the opening, to per cent. at
the close. In addition the bank syndicate
or pool loaned money for three days trans
36 per cent. Business was well distributed
with Sugar leading in point of strength and
activity, The stock scored on extreme adj
vance OF 4l4 per cent. to 1151a. The rise was
partly attributable to the covering of shorts
based on reported Improvement in trade
conditions The American Sugar Refining
Company was reported Il week oversold on
the refined grades of the product The low
priced shares attracted attention on the
part of commission houses and cash buying
OF odd lots of the hgh-priced stocks were
also reported Foreign purchases. were also
was very dull at intervals, the bulls met
practically no opposition in advancing
prices. Aside from Sugar the extreme adj
Nances ranged up to 3l@ per cent, and the
last in ST Paul. and the upward movement
aside from IL temporary halt early in the
day, was steadily continued. Chicago Gas
rose 2$s to 101s on report that a dividend
of IL per cent. would be disbursed on Nov
Is and also further distribution of T.,
per cent. on Jan. ID next. The market
closed at the highest prices of the day
Dealings in bonds were on an Increased
scale and decided strength was displayed
The Reading and Atchison issues were the
most prominent both i'm point of activity
and advance. The sales We're 81. ;335 600. The
gain ranged between 1M25s per cent the
last in Reading second incomes.
The new fours government bonds rallied
sharply: the other issues were unchanged
The sales aggregated $33 600. Silver certif-
icafes were firm on dealings of 500. COO
The following table, prepared by l.. w Louis
Rooin IL Board of Trade, shows the range OF
quota tons: