The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-05
SHARP GAINS In STOCKS
IRREGULAR MARKET, WITH BULLS
FINALLY GAINING CONTROL.
Late I'm the Session Buying Orders
crease in Local Trade.

+ At New York. yesterday. money on call
was easy at 211Q3 per cent; last loan, 3 per
cent.
Prime mercantile paper. 31z@4 per cent.
Sterling exchange was easier, with actual
business in bankers bills at s4.S4G4.8414 for
demand and at s4.s11a@4.S1a4 for sixty days;
posted rates, $4S21a and $4.S5; commercial
bills, $4SOh
Silver certificates, 61G62c; bar silver, 600
6Olsc; Mexican dollars 1910. At London bar
silver closed fiat at 277sd an ounce The
New York silver market had a sharp de-
cline, bar silver losing &c, and Mexican dol
lars &c. The reaction was attributed to
material falling off in the demand from the
East.
Total sales of stock were Asa .446 including:
Atchison preferred. 7.OS5; Chicago Burlington
& Quincy. 1885, Manhattan 1850; North
ern Pacific. 27120; Northern Pacific pre-
ferred $780, Rock Island, 1926; Union Pa
cific, $3.50; st. Paul, 1890; Union Pacific
preferred. 1275O; Union Pacific, Denver &
Gulf, 1854; American Cotton Oil, 1855; To-
bacco, 1l5,450; Chicago Great Western, 500;
Peoples Gas, 1925; Sugar, $3.50: Leather
preferrHl, 3,455; Rubber. 1885.
Considerable irregularity marked yester-
days operations in the stock market. but
final prices showing sharp gains in many
cases. Elements of strength included the
st. Paul statement for the fourth week of
September, gold engagements presaging
further ease in the monetary situation and
more general commission house buying st.
Paul was taken in hand at the outset and
lifted sharply, but improvement in the gen.
eral list was arrested by irregularity in the
specialties. The market generally speak
ing, did not take on a decisive tone until
the late session, when heavy buying orders
were executed all around which advanced
prices materially. Evidence that the lead
ing interests were supporting their favorites
created uneasiness among the shorts and
large lines were taken in. This likewise
influenced outside demand, which had been
eliminated from the market during the
decentralization of the specialties. The bears
attempted to make capital out of the clos
ing of the Tradesmen's National Bank but
1t was not an effective card, as after a
period of dullrIess following the announce
ment, prices worked up slowly until the
movement assumed large proportions in the
late afternoon. The futile efforts to bring
about a substantial reaction in the railways
combined with the ready absorption of all
offerings aroused more hopeful feeling,
which became intensified as additional en-
couraging traffic statements came to hand.
Some lines reported falling off in income,
but this showing it was felt would soon be
counterbalanced by the elimination of GER
tain unfavorable influences current at the
present time Tobacco pursued its usual
wild course and no variations occurred in
other members of the industrial group.
Brooklyn Transit made conspicuous show
of strength. the stock being taken on ex-
pected benefits to accrue from the absorp
ton of the Nassau road and effective econ
omies in operating expenses. A concerted
drive against Sugar late in the day de-
pressed the stock over points and halted
the general market when the rise was in
full swing. RealiZations occurred all around,
but a better tone prevailed at the close,
the market ending steady.
The bond market developed considerable
nOfiVifV ha0UU purchases n
the current active issues. The general tone
was strong and a brisk inquiry prevailed for
some mortgages which usually do not figure
to any extent in the trading, notably St.
Louis & San Francisco liens. Total sales,
81, $50 .0Oc
Considerable activity developed in United
States threes. gain being made of "a to
1854. Bid quotations of all other issues
were unchanged.
The following table. prepared by L. w.
ra raea nf crunt TONS.