The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-16
STOCKS AND BONDS UP
MONEY POURED INTO NEW YORK
MARKET AND DEMAND LIVELY.
Less Apprehension Felt over the
Threatened Strinsency in Money
Rates-LOcaI Trade Active.

At New York yesterday money call was
strong at 2l2Q5 per cent; last loan, per cent.
Prime mercantile paper, 4G5 per cent.
Sterling exchange was weak, with actual bust
ness in bankers bills at s4.S4A for demand and
at $4.S2AQ4.S2k for sixty days; posted rates.
A.sSlzQ4s51z; commercial bills. A.s1Q4s1A.
Silver certificates, 6OA@61c bar silver, 6O1bc:
Mexican dollars 47c. At London bar silver closed
steady at Esd ounce.
Total sales of stocks 464 100 shares. including
1880 Atchison preferred, 4Ss3 Baltimore & Ohio.
2o,149 Chicago Burlington & Quincy. 1876 Louis
vile & Nashville 13 495 Manhattan 3. 425 Mis-
souri, Pacific. s. $50 Northern Pacific Is $50 North
ern Pacific preferred, 1880 Rock Island, sos
Union Pacific. Al. 62S ST. Paul. S.O95 Wabash pre-
ferred 1850 Union Pacific, 600 Minnesota Iron,
APO Cotton OIL 42,1n Tobacco, 4,O25 Chicago
Great Western, 1870 Peoples Gas, 5,SS7 General
Electric 5,6S9 Sugar, 1920 Rubber.
Very large amounts of money found their way
into stocks and bonds yesterday and the apathy
and depression which have hung the share
market during practically all OF this week were
completely dissipated. Even sugar. which at the
opening showed continued apprehension on
the part of holders regarding the formidable COM
petition impending in the trade, yielded to the
prevailing influences and more than recovered its
early losses on very large transactions. Manhat-
TAM another standing resource of the bears, re-
sisted attack and above the general market
| When these isolated points of weakness were
eliminated from the market the whole list mount
| ed vigorously upwards and it evident that a
bull movement in full force again. The late
uneasiness over the future of the money market
| had completely disappeared. Ruling rates were
| not lower, but entire confidence was felt that
| they would not go higher The calculations of
treasury officials that the payments of the rest
| of the subscriptions account of the bond
| issue would make further demands upon the
| money market and the additional decline in ex-
| change, both continental and sterling, were the
| factors which served to relieve apprehension.
| Mercantile paper bought for the account Of
| Western banks, although the movement of cur
| rency from New York continues. 1t was early
| demonstrated that the late leaders of the bull
market to give place to others. The most
conspicuous movement was in lower grade stocks
| with dividend prospects and the Pacifics We're
| clearly the leaders. They advanced in Lon
| don before the opening and the New York mar
| ket took up the advance where London left off.
| Northern Pacific common led the group, with an
| extreme advance if Sssc enormous transact
| tions. Baltimore & Ohio was active and strong
| and the new securities of the reorganzed COM
| pany were dealt in, when issued, at advancing
prices during the day. There was also very con-
| spicuous movement in group of industrals in
Guiding Tobacco. Rubber. Peoples Gas. Mime
sofa lron American Steel and Wire and to a
| less degree, others These stocks showed
| advances at time Of from to over 5 points.
| There reactions of any Importance dur
! ing the day and the closing was firm and general
| ly top prices.
The increased confidence in the money market
| outlook was very obviously reflected in the bond
| market, where there was large absorption of
| mortgages of all grades at advancing prices.
Total sales. 50 $50 OOO United States threes when
issued. advanced = in the bid price and were
very largely dealt in at 1O5asd1O5l2 one block of
| S250,0o0 being taken at that price
The following table, prepared by L. w Louis,
Room II. Board of Trade. shows the range Of
| quotations: