The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-05
A PROFIT in CHANGERS
LEADING OPERATORS PUTTING MON
Ely IN RAILWAY SHARES.
Industrials Being Sold Heavy for
Scalping Purposes-LOcaI Trade
More Promising.

At New York money on call was steady
at 1d1l2 per cent; last loan, Ia.
Prime mercantile paper, 31aG4 per cent.
Sterling exchange was firm with actual
business in bankers bills at $4S5ssQ4S51a
for demand and at $4,S3a4q4S4 for sixty
days; posted rates. S4.S41zG4.S5 and
81. S604. S612; commercial bills, s4.S224.
Silver certificates, 5S1z@59hc; bar silver,
59c; Mexican dollars, 451sc. At London bar
silver closed steady at 2714d an ounce.
Total sales of stocks, 800, 800 shares includ-
ing 1854 Atchison preferred, 1882 Chicago,
Burlington & Quincy, $500 Louisville G.
Nashville, 1926 Metropolitan, $500 Missouri
Pacific. 5,615 Northern Pacific, 1000
Northern Pacific preferred, 23,O9S Rock
Island, 1884 st. Paul, 1856 Southern pre-
ferred 1920 Union Pacific preferred, 1875
Union Pacific, Denver & Gulf, $3.50 Cotton
Oil, 1926 Tobacco. 10, see Peoples Gas, 49, 145
Sugar, 9,O40 Leather preferred 9,167 Rubber
and 6,461 Western Union
1t was obvious from the developments in
yesterdays stock market that wealthy and
powerful spectators were placing very
large amounts of money in the granger
stocks in anticipation of a rise in prices.
There were many indications also that some
of the funds which were being placed in the
grangers were derived from sales of some
Of the more prominent Industrial specialties
which have shown such recent large adj
vances in price as to yield handsome
profit on the sales. This shifting of specula-
ton is an episode which invariably occurs
in the course OF a long continued advance
in prices. The preliminary movement of
the highly speculative industrials is quite
generally apart from any general condition
or business and industry. The later awaken
ing of the more substantial railroad stocks
Is looked on as indicating a more vital stage
of speculation and investment. There was
a broad and confident demand through the
whole of the railroad list, much of which
must have come from the outside public.
In many stocks this growing demand was
met by a steady stream of offerings which
left prices, in spite of quite a large volume
OF transactions, only slightly higher than
they were Wednesday night. The shifting
or speculative accounts involving profit
taking in the industrials, encouraged bear
ATTACKS particularly in Sugar, Rubber, Cot
list held remarkably firm in face of the
weakness in the. specialties showing a
strong strong tone at or near the top. Rock
in spite of largely increased operat,
the statement of the Chicago, Burling-
ton Quincy for June and for the fiscal
year was the decisive Influence. The as
surances of peace and the passing of the
critical period for the crops, making sure
the harvesting of an unprecedented volume
of products gave assurance of continued
prosperity to the country after year of I'M
eXampled foreign trade. This general con-
dition is, of course. the basis of the in
ception of an upward movement of prices
and securities. due Immediately to a specu-
latve initiative in the grangers.
There was very heavy dealings in railroad
bonds, the demand being very widely dis
tributed, but most urgent in the reorganza-
ton four per cents. The total sales of
81 $40, 600, is said to be the largest days bust
ness on record. There were large dealings
in the government threes at 105, one block
of $4,000 going at that price. a small block
of the issue sold for 1852. United States
old tours, coupon, advanced Il in the bid
price. There was no other change.
The following table. prepared by L. w.
range of quotations: