The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-28
STRONG S Took MARKET
UPWARD TENDENCY ALMOST UNIN-
TERRIFIED ON CHANGE.
Grain-Cnrrying Roads show Large
Increase in Business-LOcal Mar
kets Quiet and Firm.

At New York yesterday money on call
was easy at 101h per cent. last loan, IA
per cent; closing at 1d1A per cent.
Prime mercantile paper, 312q412 per cent.
Sterling exchange easier, with actual bus
mess in bankers bills at $4.S512 for demand
and at $4.S3A@4s314 for sixty days; posted
rates, $4.A1ad4S51a and &S612Q46; com
mercial bills. $4.S2Q4s21z.
Silver certificates 5l%c; bar silver 5lAc
Mexican dollars, 40Ac. At London bar Sill
Yer closed steady at 23$sd per ounce.
Total sales of stocks were 375,113 shares,
including: Atchison, 3,270; Chesapeake q
Ohio 2O210; c., b. & G., 1865; c., c., c.
d st. L., $3.50; Louisville & Nashville, &c.
439; Manhattan 800; Missouri Pacific, 49,
375; New York, Chicago & st. Louis seconds
preferred $50; Northern Pacific preferred,
$3.50; Ontario q Western, 4,190; Reading, o.
535; Rock Island, 2S,475; st. Paul, 81, $50;
Southern Railway $780, Southern Railway
preferred 14315; Wabash preferred $780,
Bay State Gas, 1920; Chicago Gas, $780,
General Electric, 1910; Laclede Gas, $780,
Sugar, BIAS; Tennessee Coal and Iron, 49,
zoo; Western Union, 1920; Chicago Great
Western, II, 465.
Yesterdays New York stock market was
strong throughout and the upward tenden-
cy of prices was practically uninterrupted
by reactions Anything like a recession in
the bids for stocks elected no offerings and
led to a lull in the activity, which soon
gave place to renewed buying and a higher
level of prices. Many inactive stocks were
sought out and moved in the market, all
at notable gains. The movement even
touched some of the extremely lowpriced
almost discarded issues. The strength of
the market was apparently based on a re-
Of full fhn riYorr
tendency of general business. Some of the
railroads are making record earnings, but
all are showing increased earnings. Fuller
reports OF some western grain carrying
roads show that the total Improvement
IN their business is due in larger part to
the movement of general merchandise
westward than to the movement of grain
eastward, and this is taken as an impoI
tant index of the Improvement in general
market in view of these evidences of awak-
ening industrial activity causes surprise
but cheap money is an incentive to specula-
ton. The break in grain was regarded in
the stock market as proving the safety and
abundance of the grain crops and melted
special activity in the granger shares. Rock
Island took the lead in the group and
moved up two points net during the day.
burlington gained over a point and st.
Jagged and fell off a fraction. The coalers
were the exception to the buoyancy in the
cit1c was active and aggressively strong all
day and gained IA net. Southern preferred
also was prominent, with an advance of
49, Pennsylvania was dealt in on the ex-
change for the first time in a long time at
liza. Colorado Fuel and Tennessee Coal
rose over a point during the day. OF the
inactive list Cleveland c., c. & st. L. pre-
ferred sold at points over Thursdays
hid price. The common stock also advanced
point. Baltimore & Ohio gained 11A. La
clede Gas showed net gain Of "a; Metro
politan Traction, 27s; Manhattan, 12; Ma
tional Starch second preferred, 3; New
York, Chicago & st. Louis and New York
Chicago e. st. Louis preferred each over
a point, and Great Northern preferred, 3$4
Stocks of local gas companies were all
strong on talk of consolidation. Northwest
preferred was conspicuous for a loss of 2
points just at the close.
The bond market was very active and
generally higher, total sales being 81, 772, 000
Government fours were Il and dves rs
higher.
The following table, prepared by L. w
Louis, Room II, Board of Trade, shows the
range of quotations: