The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-31
STOCKS NEAR THE TOP
THE MARKET FOR 1898 CLOSED
WITH BULL TONE TO SHARES.
Railways and Specialties Show No
Signs of COIIapsing-LOcaI Mar
kets Dull and Steady.

At New York yesterday money call was
steady at 2G3 per cent; last loan, per cent.
Prime mercantile paper. 3G3A per cent.
Sterling exchange was steady. with actual bust
ness in bankers bills at As4AG4.s41s for de-
mand and at s4S1%@4.s2 for sixty days; posted
rates. s4S2k and A.S51z; commercial bills. s4SO1s
@4s1.
Silver certificates. 5slkQ6o1@c; bar silver. soc;
Mexican dollars, 465sc At London bar silver
closed quiet at 27Ad an ounce.
Total sales of stocks Friday, $685. 700 shares, in
Guiding 5.5SS Atchson, $500 Atchison preferred,
10. 420 Central Pacific 1920 Burlington 1850 Chi
cago Eastern Illinois, 1900 Erie preferred, 6,O5
Great Northern preferred, ALSO Louisville & Nash
VILE, $3.50 Manhattan, 1928 Metropolitan, $4,000
Reading preferred, $500 Missouri Pacific. 3.11S
Jersey Central, 1920 Northern Pacific, APO
Northern Pacific preferred %, $40 Reading. 10. 200
Rock Island. 2O,52O Union Pacific. $50 st. Paul,
1850 Southern Pacific $500 Southern preferred,
6.7O0 Texas & Pacific 800 Union Pacific pre-
ferred, $500 Tobacco S1,12O Steel 81 800 Steel pre-
ferred, 20.O20 Peoples Gas, 5000 Colorado Fuel,
s145 Pacific MAIL 912O Pullman, 1850 Sugar,
1880 Tennessee Coal and Iron, $3.50 Leather pre-
ferred, 1900 Chicago Great Western.
New York stocks rose continually Friday, with
none of the customary reactions, and left off
strong at fractional gains in the standard railway
shares and at very material gains in various
specialties that prominent in the days
transactions. The London market where the
fortnightly settlement passed off favorably, opened
away up on purchases, partly for American
count There also genuine buying for for
| eign account owing to the Discrimination of Lon
don operators to await possible January boom,
and American rails closed at about the best. The
initial rise locally not quite up to the Lon
don figures, but trading active and very
izing sales. Industrials were particularly strong
and Rock Island led the grangers upward. Public
| interest increased the day on and prices
were gradually lifted. There were sensational ad-
vances successfully in American Air-brake, Long
| Island. Delaware & Hudson, Great Northern,
! Pullman, Des Moines g. Fort Dodge and Amer
| lean Steel and Wire. All maintained the greater
| part if not all their advance except New York
! Air-brake, which, after rise OF seven points,
reacted IA and ended unchanged for the day.
| Sugar, Federal Steel, Reading and Jersey Cen
trail surged upward, although Sugar and Jersey
| Central subsequently eased off. Bay State Gas
| showed heaviness and lost about a point, the
rumored deal of Thursday being denied. The be-
| lief that next year will witness a more har-
monious arrangement in the anthracite trade was
| largely responsible for the rise in Reading and
other misunderstanding roads. Continued favor
able railroad and trade reports and prospective
| easy money stimulated the buying closing the
year of Stock Exchange trading in a whrl of
| activity and strength with many securities at the
| highest prices of the year.
The bond market shook off its late hesitancy
and coursed upwards. with particularly large
| purchases of Reading tours, which touched 49,
Total sales, $5,455,O 600. United States old tours,
| registered advanced a and old fours coupon.
new tours and threes u in the bid price
Americas unprecedented balance of trade with
monthly progressive increases in exports, con-
| tinued great supporting factor in the week
| dealings. The gold holdings of the United States
are larger than those of other countries and in
| creasing sums of money, now profitably loaned
abroad, are subject to call as they may be
wanted. Deposits passed the $SOOOOOOOO mark
in last weeks bank statement. The absorption of
| American securities by home capital followed
this plethora of money. A rise in cereals brought
out farmers supplies. increasing east-bound traf-
nc While the farmers demand for manufactured
| articles, increasing with their available funds
| gave the railroads a profitable return traffic.
| There was no evidence Of the traditional dis
| position to restrict business at the end of the
| year, but rather a tendency to discount the re.
| investment of January dividends. Business was
| in larger volume at generally rising prices. In
| Decd commission house orders accumulated over
| the Christmas holidays resulted in TUESDAYS
buoyant trading. with transactions the largest OF
| the year, being little short of a million shares
4 OF stocks. Subsequent trading was enormous
| but not up to the first day. London was a free
purchaser on balance, regardless of the stiff Con-
| tango rates for the fortnighty settlement there
| The idea that Tuesdays enormous bulge was the
elimination of the rise seized the traders Wednes-
day and prices fell off and for the first time this
month the market closed weak and with consid-
cradle recession on prices. A furry in call
| money which oriIv
cent, aided the decline in value, but large offer
ings soon brought money back to low figures The
market was tested again by the bears on the sue
Geedlng days, but recuperated and closed higher
Regular dividends were declared in the Wander
| bits but oversanguine persons professed disap-
I poiftment. November net increases were general
burlington leading with a 40 per cent. increase
COalerS developed pronounced strength on the
| favorable November reports of Reading and Jer-
| sey Central and the advance in coal prices an
nounced to take effect with the new year Inn
| proVementS in the week reached very formidable
| proportions in the standard stocks The rise in
| the grangerS extended to 3l2 in Rock Island. but
the Pacifcs averaged only about a point Pur-
chaSes of gilt-edge stocks were in large volume
| and substantial gains the rule Manipua-
ton and pool support were effective in raising the
| values OF the specialtes, advances in this class
| OF STOCKS assuming sensational figures in some
| cases. Cases in point were American Steel and
| Wire preferred, which is up is points. and New
| York brake, 14A.
| The week bond market attracted considerable
attention. the marked undercurrent of strength
| exhibited there serving to inspire confidence in
| the general situation Purchases for foreign ac-
| count We're very heavy and keen demand was
| evident for the gilt-edge issues. United States
| thIees advanced &s the tours a. the old
| foHrs Is and the twos Is in the bid price The
| Stock Exchange will be closed tomorrow and on
| Monday. -
| The Following table, prepared by L. w Iouis
| Room IL, Board OF Trade, shows the range of
| quotations:
| Open High Low Clos