The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-02
STOCK PRICES HIGHER
STEADY UPWARD TENDENCY ALL
DAY ON NEW YORK 'CHANGE.
Speculation More Aggressive and Con-
fdent than for Some Time
Local Business Fair.


was easy at 1902 per cent; last loan, l120
Ia; closed offered at ia per cent.
Prime mercantile paper, 3a312 per cent.
Sterling exchange easy with actual
business in bankers bills at $4.S5AG4.S6 for
demand and at $4.SSQ4S3A fer sixty days;
posted rates, $.S4q4.S7; commercial bills,
$4S21k.
Silver certificates, 5911@6Oc; bar silver,
$3.50; Mexican dollars, 4615c At London
bar silver closed dull at 2715d ounce.
Total sales of stocks were S9O,4O0 shares,
including: Atchison preferred, 5729; Chi
cago, Burlington & Quincy, q, 63S; Louis
vile & Nashville, 1065O; Manhattan L, TO-
$685. Missouri Pacific, 1895; New Jersey
Central, $780, New York Central, 5,264;
Northern Pacific, 421O; Northern Pacific
preferred, 19,5i3; Northwestern, 1895; Rock
Island, %, 1889; ST. Louis & San Francisco
second preferred, 1850; ST. Paul, 1854; St.
Paul & Omaha, 5,179; Union Pacific trust
receipts, SOB; American Cotton Oil, S,slO;
American Tobacco, 1885, Bay State Gas,
$3.50; Peoples Gas, 1865; Consolidated
Gas, dividend, 1926; Sugar, 81 ,2fO; Sugar
preferred 1,4S0; Western Union, 500; Chi
cago Great Western. S.245.
With only insignificant Interruptions.
prices on New York Change yesterday
tended steadily upwards all day, closing at
about the highest with very buoyant tone
Net gains exceed point in nearly all
stocks The advances at the opening were
trivial, and trading was not very active, but
as the day advanced the scope of the specu-
latlon bIoadened and assumed a more ag-
gressive and confldent tone. The strength
OF the market developed nrst in Sugar and
spread gradually Though the market,
separate stocks being advanced sharply
one after the other before the whole mar
ket took up the movement. Missouri Pa
cific, American TOBACCO, Michigan Central,
illinois Central and Cotton Oh preferred
were among the earliest aHected, in the or
der named. Later the coaiers developed
strength, and it was not until the closing
hour that the grangers and the market gem
orally responded IN any marked degree
Some of the stocks which developed most
what neglected while the rest of the mar
ket rose 10 a propOrtlOnate level. The bear
element did not yield without a struggle
md was not driven to cover till late in the
hay, when the scramble of the shorts ma
Sterially aided the rise. There was no news
of Importance during the day, the bullish
sentiment on the exchange being rather a
AcryStallizing of several days impressions.
The successful conclusion of the Rock
STAND refundlng scheme continued to be
much talked of, did the favorable rail-
road statements for October. The Burling-
ton statement especially was interpreted
more favOrably, the earnings reported be-
ing exceeded only by those of September
J of this year The small excess shown over
the earnings of October last year is due to
the fact that last years earnings for that
month We're exceptionally large. The al
most total subsistence of apprehension over
the Cuban question also had it's effect.
There was some awakening of outside in
ierest manifest in the buying through COM
mission houses. This, was not on a large
scale, however, and the days rise was for
the most part due to the operations of a,
powerful combined interest. The stock of
Southern railroads showed a notable ten
dency to lag. The October statement of
Louisville x Nashville probably had its in
fluence on this group, showing as it did
heavy decrease in gross earnings COM
bined with an increase in operating ex-
penseS which brought the decrease in net
earnings up to $127 S31. 1t is significant of
the dizziness of business which has pre-
vailed in Wall street for some time past
that a Stock Exchange seat which was
offered at auction found bidders and
was bought in for $1,000 for the estate
which offered it. 1t should be stated in this
connection that the ownership of a seat
does not carry with ii membership in the
exchange without election. and that the
customary method of selling seats il
through the officials of the exchange itself
No impression was made on the money
market by the periodical interest and divi-
dend disbursements. The bond market was
strong and very active, the speculative
issues showing notable advances. Total
sales, $3.eO0.O0O. United States new tours
advanced Is bid
The following table. prepared by L. W.
Louis Room II. Board of Trade, shows the
range OF quotations: