The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-03
ACTIVE STOCK DEMAND
LARGE ORDERS IN SPITE OF LOWER
PRICES FROM LONDON.
News from Washington of "a Nature to
Local Markets Strong.

At New York yesterday money on call
was easy at l1zq2 per cent; last loan. Ia
per cent; closed, 111q2 per cent.
Prime mercantile paper 3q312 per cent
Sterling exchange steady at $4.85A s5s
for demand and at $S3l4S3h for sixty
days; posted rates, $4s4 and $4.S7; CONNER
cial bills, $4S2h.
Silver certificates 59q6Oc; bar silver. 5915c.
Mexican dollars, 461zc. AT London bar sill
yer closed at 2715d an ounce.
Total sales of stocks were 4439OO shares.
including: Atchison preferred. S.4O5; Chesa-
peake & Ohio, 1900; c., b. & O., 41,6S5;
Louisville & Nashville, $40; Manhattan.
1886; Missouri Pacific, 25. s25; Missouri, Kan
sas & Texas preferred, 3,105; New Jersey
Central 1875; Northern Pacific, 1870:
Northern Pacific preferred, 1885; Rock ISL
and, $3.50; st. Paul. 1885; st. Paul &
Omaha, $3.50; Southern Railway preferred,
5,925; Union Pacific. 14.634 American To-
bacco 1850; Bay State Gas, $780, Chicago
Great Western. 1880; Chicago Gas, 1920;
Sugar, 5.432; Western Union, An.
The character of the buying of the last
few days was disclosed by yesterdays re-
suit on the New York Stock Exchange. The
day opened with every appearance of
Wednesdays sharp demand for stock being
still in force. The lower prices from Lon
don were ignored and large orders placed
on special stocks caused sharp advances in
the whole market. The amount of commits
sion house buying indicated considerable
awakening of outside interest. The buying
of the grangers, Sugar and Union Pacific
was especially bold and confident and by
the close of the first hour the market had
become very buoyant and some ShaIT, adj
without any diminLtion of activity it be-
came evident that the advance in prices
had come to stop and that a heavy re-
alizing movement was in progress. When
, Sugar fell a point and the general list
showed an actual decline the market be-
came dull and efforts were made to rally
1t by pushing up the prices of special
stocks. First New Jersey Central, then Peo-
pies Gas and Rock Island were rushed up
by manipulation. But this plan proved I'M
awaiting to effect renewal of the advance
and during the final hour the tone of the
market had become decidedly weak and
there was lively throwing overheard of
stocks to save losses. The bears added the
pressure of short sales and before long had
succeeded in wiping out almost every gain
on the list. Net losses were not large in
any important case, but the fail in prices
from the high point was marked extending
TO points in Sugar, 4 points in Console
dated Gas, about points in many of the
specialties and over point in the grangers
and many leading active stocks. The news
of the day was not important in its rela-
ton TO the stock market The forecast of
the Presidents message sent out by the As
ISOLATED Press had reasSuring effect. Re-
lief was felt over the prospects that West
ern railroad rates would be shortly
stored. Reports that an adjustment was
probable between the government and the
Union Pacific reorganization committee
over the Kansas division of the road gave
special strength to Union Pacific and was
a sustaining factor in the general market.
There was some selling of stocks for Lon
don account, but IL was without much eff
feet and was about concluded by the time
the reaction set in.
The market for bonds was broad active
and strong Sales for the first hour footed
up to a value of over a million and half
dollars. Total amount of sales for the day
was S4,69O,0O0. United States bonds were
steady and unchanged.
The following table, prepared by L. w.
Louis, Room II. Board of Trade shows the
q