The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-28
WIDE RANGE in STOCKS
MARKET STARTED FIRM AND HIGH
Err, REACTING ON LATE NEWS.
POstpOnement of Union Pacific Sale
Dull and Prices Firm.

At New York yesterday money on call
was easy at 1Q2 per cent; last loan, per
cent; closed, 115d2 per cent.
Prime mercantile paper. 1914 per cent
Sterling exchange was heavy, with actual
business in bankers bills at S4.S51sQ4 S5A for
demand and at $4.s214@4.S2ss for sixty days;
posted rates. S4.S3@4sS1z ana $4S6Q4.S612;
commercial bills. SASH.
Silver certificates 57Q59c; bar silver 5s1sc;
Mexican dollars 45c. AT London bar silver
closed steady at 27Ad an ounce.
Total sales stocks were 800 shares, in
Guiding: Atchison preferred, 1855; c., b. &
O., 40 100; Louisville & Nashville, 6,465;
Manhattan 4,770; Missouri Pacific. S.075;
New York Central, 1870; Northern Pacific
preferred, 7,725; Reading, ALSO; Rock Island,
1920; ST. Paul, q, 100; Union Pacific, second
assessment paid, 4S,c0O; Bay State Gas, a.
sos; Chicago Gas, 22,6S6; Sugar, 1890; Chi
cago Great Western. $500.
The New York stock market looked strong
for time to-day and the level of prices
soon after noon rose a point over above
Tuesday nights close in many stocks. But
a renewal of reports that the Spanish re-
ply to the representations of this govern
ment was of tenor that threatened trouble
as much below Tuesday nights level as it
had been above in the morning. This rep
resented very wide range in the fiuctua-
tions. extending to points in Consolidated
Gas and about points or over in Union
Pacific, Sugar, Pacific Mail and several
other stocks and over point for nearly all
stocks. Union Pacific continued to absorb
a large share of speculative interest and
all during the day to within Is of the low
Afwaf 6ny xnrtn fl1H rcrV1rn ont
announced it's intention to postpone the
foreclosure sale regarded as threaten
ing collapse of the whole reorganization
plan. The weakness of the stock was due
to a report from sources not due to the re-
organization that the increased bid
for the property would involve their TAX
ing up a. corresponding amount of the pro-
posed new securities which would have
otherwise accrued in the treasury of the
reorganized company This would of course
place a corresponding proportion of fixed
charges ahead of the stock of the reor-
ganized company The suggestion also
found currency that the committee might
decide to increase the issue of first mort
gage bonds above the SIS, 00O, 900 proposed,
Notwithstanding the assertion of the reor-
ganizatiOn committees announcement of
Monday that no change in the plan of re-
organization is involved by their determine
ton to bid in the Union Pacific main line
for the full amount of the governments
claim. Whatever the foundation for the
rumor, it helped 10 depress the price of the
stock to about what it was before the sec
ond S. assessment was recently paid. Lon
don was also q seller of the stock to-day
in this market in contrast to it's attitude
of yesterday. Arbitrage brokers in fact sold
most of the international stocks, while
prices remained above the London parity.
Sterling exchange yielded Is in the actual
rate for demand bills and u in posted rates.
Increased amounts which will have to be
foreign interest on account of the larger
bid for the Union Pacific was the cause
of weaker tone. There was also said to
be some liquidation Of exchange which has
been recently purchased for use as colIat-
eral with view to leaving funds in Lon
don at the higher rate of interest prevail
ing there. The statement of ST. Paul net
earnings for September, showing an in
crease of over Sal 900 and rumors of the
heavy increase to be shown by the forth
coming Burlington statement, were factors
in stiffening the market about noon The
speculation in Burlington was the more ac-
tive rumor being free to expand the earn
ings in the absence of accurate informa-
ton. The stock rose at one time 115 and
there were over 10000 shares dealt in.
against $1,000 in Union Pacific. These two
stocks absorbed one-third of the total
transactions
Prices of railroad bonds were firm in the
early dealings, but eased off in sympathy
with stocks at the close. Total sales were
S1,40OOO0. United States bonds were quiet
and unchanged.
The following table, prepared by l. W.
Louis. Room II, Board of Trade, shows the
range OF quotations: