The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-09
LIVELY STOCK MARKET
WIDE FLUCTUATIONS ALL DAY, WITH
GAINS AT THE CLOSE.
Dealings in Bonds Broke the Record
for an Hours Business-LocaI
Markets Satisfactory

At New York, yesterday, money on call
was easy at 113Q2 per cent; last loan, per
cent; closed at 115Q2 per cent.
Prime mercantile paper, 3Q4 per cent.
Sterling exchange was weak with actual
business in bankers bills al 81. S5A0l4. S53s for
demand and at $4S21z@4S2a4 for sixty days.
posted rates, $4S31sQ4S4 and $4S61a@4S7;
commercial bills, $4.S2A
Silve, certificates, 5S1k@6Oc; bar silver,
6sAc; exican dollars, 46Ac. At London
bar silver closed weaker at 27ssd an ounce.
Total sales of stocks amounted to 425 500
shares, including: Atchison preferred, H.
OF; Chesapeake & Ohio, 500; Chicago. Bur-
lington & Quincy, 27,OSO; Louisville & Nash
vile, 1920; Manhattan, 7.435; Missouri Pa
cific, 1855; Missouri, Kansas & Texas pre-
ferred, 4,250; New Jersey Central, 5,225;
Northern Pacific, 1852; Northern Pacific
preferred, 1906; Northwest Terminal, 1900;
Reading, 1926; Rock Island, 17,0l5; st. Louis
d San Francisco preferred, 1921; ST. Paul,
34,OS5; Southern Railway preferred, 10, US;
Union Pacific, 5S75; Wabash preferred, 1876;
American Tobacco, 1S,O20; Bay State Gas,
$50; Chicago Great Western, 1876; Peo-
pies Gas, 1920; Laclede Gas, $3.50; Sugar.
119.OSO.
The stock market opened yesterday morn
and vigorous upward tendency Gains be-
came uniform pretty much throughout the
list. 1t was evident that the strength dis
played by the market Tuesday had brought
orders to the commission houses to buy
stocks. There was also buying for London
account for the first time in several days.
the advance in prices here apparently fail
Ing to tempt arbitrage brokers to SELL Their
a Of
scale and they also bought Union Pacific.
but there were sales of Louisville and
Atchison for London account. Sugar was
the one exception in the strength of the
market of the opening, but its loss soon
widened and heavier liquidation in the
stock set in, offerings being very heavy and
active support being of no avail to recover
lts losses Yesterdays rumor of an extra
dividend was thoroughly diScredited this
morning, and yesterday s gain was in conse-
quence completely wiped out before the an
nouneement of the regular dividend. The
STOCK was very feVeTiSh all day and
ductuated widely and frequently but
worked constantly towards q lower level
ana closed near the lowest at net loss of
49s points. consolidated Gas was also a
mark for the reactionists and dropped at
one time AZ points. The consequence was
that the market was kept unsettled all day
When the general advance came to stop
dullneSS interviewed and there were frequent
rallies. Early in the final hour prices of
tnohy StOShS were at the pest, out the Hnal
crop IN sugar again weakened prices all
around and left net gains confined to frac-
lions in almost all cases and q fair Sprink-
ling Of losses all through the list One of
these losses occurred in Minneapolis & ST
Louis second preferred, which had been ad-
vanced IN the morning on rumor that the
dividend was to be increased, and which
reacted on the announcement of the regular
dividend. Union Pacific was heavy on ac-
count of the steps taken by the government
TO quanfy as bidder at the Kansas Pa
CHIC sale. Other stocks inclined to heavi-
ness were Western Union, Manhattan
metropolitan Street-railway and New York
Central Southern Railway preferred con-
tinued the advance which was begun Tues
oay on fuInorS or an approaching dividend
and rose at one time rs per cent. Tobacco
also developed late strength, but reacted be-
fore the close Cleveland, Cincinnati Chi
cago d st. Louis enjoyed the benefit of
favorable statement of earnings for the
fourth week in November.
The activity displayed by the bond mar
ket was quite remarkable. sales for the first
hour approaching 81, $50 COO in par value, and
1t is said breaking the record for one hour =
business. There was some decrease in ac-
tivity later in the day, but the tone of the
market continued strong, and prices of a
number of bonds of the middle grade moved
up from one to two points. Some of the
high-grade bonds showed heavy gains
Michigan Central fves of 1881 rising So per
cent; Milwaukee & Northern consols of 1881
gaining 3ss; Louisville q Nashville Il. & A
division tives, g. and Northern Pacific
terminal firsts 3 Missouri Pacific collateral
nves also gained 5l2 points. Total sales.
$3.50, COO United States old tours, regis
tered, declined Il and United States old
tours, coupon, Il bid, but the fives rose Is
bid. The new fours coupon, sold at 129,
which is higher than ever before.
The following table, prepared by l. w.
Louis, Room IL. Board of Trade shows the
range of quotations: