The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-02
FRESH BUYING BY BULLS
SUPPORTED STOCK MARKET AND
PRICES CLOSED AT THE TOP.
Talk of Imports of Gold Follows the
StiR Rates on Exchnnge-LOcaI
Business Satisfactory.
At sew YORK yesterday money on can

was firm at 21205 per cent.
Prime mercantile paper, 45G5 per cent
Sterling exchange was heavy. with actual
business in bankers bills at S4.S45s .S4s4
for demand, and at $S21zd4S22l for sixty
days; posted rates, AS3a4.4 and $4.S5151
$4.S6; commercial bills. $4.s1.
Silver certificates. 55a405711c: bar silver
55Bc; Mexican dollars, 42Ac At London
bar silver closed firm at Esd per ounce.
Total sales of stocks were 1892 shares
including: Atchison preferred 13 5S7; Ches-
apeake & Ohio. 7,0S0 Chicago, Burlington
e. Quincy 1901; Louisville G. Nashville
10,525; Manhattan. 14125; Missouri Pacific
$500; Missouri. Kansas & Texas preferred
5,16e; New Jersey Central. 5000; New York
Central, $3.50; Northern Pacific, $780, North
ern Pacific preferred, 22.S1O; Northwestern.
1856: Ontario Western, $40; Reading
$500; Rock Island, ex. dividend, 2S,OS5; St
Paul, 3S.720; st. Paul Il Omaha; $780,;
Southern Railway preferred, 11.4cO; Union
Pacific, 1S.345 Union Pacific Denver & Gulf,
4,554; Wabash preferred 4195; American
Tobacco, $40; Chicago, Gas, 69,SOS; Consoli-
dated Gas, $500; Lead. 1925; Pacific Mail
1000; Sugar. Obs; Tennessee Coal and
Iron, 1855.
The bulls made their first aggressive stand
to-day in over two weeks and after a
heavy decline in the earlier part of the
day, they came forward to the support of
the market, checked by the decline and
brought the closing prices very generally
above Thursday nights level There was
nothing in the news of the day that could be
counted more favorable than that Of the
preceding day or two. and a sharp stiffen-
ing in the rates for call money during the
a iohf Ie
favorable factor. But it had no effect in
preventing the recovery and the close at
practically the highest point of the day
Either this was because the 5 per cent
rate which was asked was considered arti-
nclal and mantpulative or because conf
dence was felt that 1t would result in the
prompt importation of gold to relieve any
probable stringency. A further lowering of
3kc in the actual rate for demand sterling
to 4S49s encouraged this view, and the
probability Of early engagement of gold for
import was freely talked all day. The
market was surprisingly Irregular prices
OF some stocks moving up and down by
wide jumps, apparently entirely independ-
ent or any general tendency in the market
In the early trading the raids of the bears
on special stocks in each group was sue
cessful in depressing the particular group
ana the whole list by sympathy. Chicago
Gas continued under heavy pressure and
moved over range of nearly three points
omaha was selected in the granger group
and was sold down at one time nearly two
points. Missouri Pacific was the weak spot
in Southwesterns and was forced down ia
The tendency of the list to move independ-
emily of these stocks under pressure was
the first evidence of recuperation. Soon
afterwards sustained buying on a large
scale became evident and a heavy covering
movement by the bears followed.
Buying orders by the commission houses
also had added to the strength of the mar
ket. outside customers who had sold short
joining in the covering. There was
marked change in the whole tone of specu-
lation, the market becoming dull whenever
the bears succeeded in checking the adj
vance, and business showing a lively in
crease whenever the course of prices turned
upwards. The railroad earnings reported
during the day continued to show increases
Northern Pacific reported an increase for
the third week in September of $685. 757, and
Louisville q Nashville net increase for Au-
gust, $133,749 A striking result of the re-
cent sharp decline in the price of silver was
Central. While the gross earnings showed
an increase of $l66. $685. the net earnings
showed decrease of $135 AIS. This was
due, the officials of the railroad explain
TO increased expenses caused by the higher
rates of exchange on the United States in
purchase of material and in other outlay.
London was buyer In this market again
Some OF the stocks which showed weakness
early in the day failed to recover entirely,
but showed net gains as a rule, ranging
from FRACTION to per cent. or over. Con-
solidated Gas, after falling points, rose
1872 and receded AZ. Prices of quite a
number of stocks fell at one period of the.
reaction points over from the early
high point.
Railway bonds rallied strongly after early
depression. Total sales. ST. 100, 600. United
States new fourS were advanced x bid
The following table, prepared by L. w
Louis, Room II. Board of Trade shows the
range of quotations: