The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-10
STOCK LIST STRONGER
TENDENCY TO HIGHER PRICES AND
SHORTS DRIVEN TO COVER.
Revival in Freight Business-Less
Bearish Foreign News-LOcaI
Markets Satisfactory.

At New York. yesterday, money on call
was easy at 1IaG2 per cent; last loan, 2;
closed at 119G2 per cent.
Prime mercantile paper 3l2d4l2 per cent
Sterling exchange was easy, with actual
business in bankers bills at $4S514Q 4Sjas for
demand and S4S2kG4S25s for sixty days.
posted rates $4S31sGl4s61k commercial bills
$4S1s4.
Silver certificates, 571z@59c; bar silver.
57s6c: Mexican dollars, Hs4c. At London bar
silver was weak at 26s4d an ounce.
Total sales of stocks were 10000 shares,
including: Atchison preferred, 1868; Ches-
apeake & Ohio, $3.50; Chicago Burlington &
Quincy 49,O25; Louisville & Nashville, 14,4l0;
Manhattan L, 1910; Missouri Pacific $50;
Missouri, Kansas & Texas preferred, $50;
New Jersey Central, 1905; New York Cen
trail, 3,271; Northern Pacific preferred, 1876;
Northwestern, 5,905; Reading, 1855; Rock
Island, 15,915; ST. Paul, Al 542; Southern Rail-
way preferred, $3.50; Union Pacific, S,465;
American Tobacco 400; Bay State Gas, a.
270; Chicago Gas, 2O,145; Sugar. 1889; Ten
nessee Coal and Iron 3,O25; Chicago Great
Western, $3.50.
The tone of the New York market for
stocks during the latter part of yesterdays
trading was genuinely strong. There was
steady buying of a good character all day,
which seemed to be for long account and
in the final transactions the shorts were
driven to cover quite urgently. carrying the
level of prices strongly above Monday
nights close so that the net gains in nearly
all active stocks are over point and in
many cases. notably the grengers and some
of the Southern stocks, are nearly points.
The professional bear element was pre-
pared for continuance of their successful
campaign of Monday and they set about
raiding the market very soon after the open
ing, which showed fractional improvements
I'm sympathy with London. Sugar was the
vulnerable point of attack and was driven
down over 2 per cent. on ill-detined rumors
OF charges to be formulated of illegal en-
tries of imported sugar. The bears also sue
ceeded in depressing New Jersey Central,
Manhattan and one two other recently
susceptible stocks. But the sympathetic de-
cline brought about in the rest of the list
was narrow and gave sufficient warning to
the bears that they were not to have things
their own way so anresisted Monday.
The coalers showed marked tendency to
recover from their recent depression on re-
ports of an agreement between the COM
peting interests in the trade. The Southern
railroads enjoyed the benefit OF very large
cotton movement, which has resulted from
the lifting of yellow fever guarantees. and
which has sent the price of cotton near the
lowest prices on record. The whole railway
list also was strengthened oy consideration
of the Supreme Court decision denying the
right OF the Interstate-commerce Commits
sion to enforce absolutely the long -and-
short haul clause of the Interstate law
There was a marked subsistence of appre-
hension regarding relations with Spain on
account of Cuba, and intimation came dur
ing the afternoon after the Cabinet had
gone into session at Washington that an
official announcement would be made there
to-day of an expressed willingness on the
part of Spain TO accept the good offices OF
the United States in aiding a settlement of
the Cuban question. One of the strongest
factors in the improved tone was the large
and confident buying for London account
This was especially marked in st. Paul,
], Louisville and Northern Pacific preferred
Money in London shows an easier tendency
and invites to increased speculation. Part
of the buying also was incident TO tne set
Element in progress on the London bX-
change. Many reports OF railway earnings
cifc showed decrease for the fourth week
in October of over $36 600. There were
PERIODS of dullness and hesitancy during the
day and the total sales of all stocks were
less than 900 shares, of which sugar,
Burlington and st Paul made up nearly
half Net gains in excess of per cent
were shown by Consolidated GaS, which
rose points; Detroit Gas, 312, gain OF III
points in two days; Lake Shoe. 3; Pitts
burg Cincinnati. Chicago & st. Louis pre-
ferred, 312: Pullman, 2ss.
The bond market was rather quiet, put
prices held firm. Total sales amounted 10
81 $50. 600. United States fives decs1==ed 70 bd,
and the twos registered u.
The following table. prepared by l.. W
Louis. Room II. Board of Trade, shows the
Of nm