The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-08
STOCK MARKET STRONG
BETTER TIMES EXPECTED IMMEDI-
ATELY AFTER ELECTION.
Professional Traders Holding Their
Shares i'm View of an Advance
Local Trade Active.

At New York yesterday money call was
steady at 1902 per cent; last loan. per cent
Prime mercantile paper. SA94A per cent.
Sterling exchange was steady, with actual BUSH
ness in bankers bills at $4S534@4s6 for demand
and at A.s2lzd4s2% for sixty days; posted rates
s4.s5k and $4.861sQ4.S7; commercial bills s4.S1@
4s2
Silver certificates. sO1zQ61Ac; bar silver, sOa4c;
Mexican dollars. 47hc At London bar silver
closed quiet at Esd
Total sales of stocks were 2sS. 900 shares. in
Guiding: Atchison preferred, 2S,O6S; Louisville &
Nashville, $780, Manhattan. 5,1S4; Metropolitan
Street-railway, sO57; Northern Pacific 1925;
Rock Island. Abs; Union Pacific. $3.50; st. Paul.
20.264; Southern Railway preferred, 500; Union
Pacific 1850; Union Pacific preferred, 6,5Ss; Cot
ton Oil, s212: Tobacco &c. S55; Peoples Cas- $3.50;
Sugar, % 049: Tennessee Coal and Iron 1885,
The New York stock market yesterday I'M
doubtedly reflected the conviction of operators in
securities that with election uncertainties out of
the way the strong conditions of the country in
dustries and business will have their effect and
prices will advance. This conviction, far
II found reflection in the market was almost
purely professional one. for the outside interest,
as shown by orders through commission houses.
was very small. The professional element showed
no disposition to take profits pending the holiday,
although there has been sufficient rise in the last
days to turn the balance of operations to that
side in any closing up Of speculative accounts.
The evidence rather on the side Of covering
OF shorts. Trading proceeded in very desultory
manner during the early hours of the day, al
though the selling for foreign accounts, which
was fairly liberal, was well absorbed and prices
of the international stocks firmly sustained.
Southern Railway preferred conspicuous
example But as the day wore the market
gained both in activity and strength and embraced
increasing list of stocks. The contemplation
Of the very heavy volume of bank exchanges and
the export business in cereals had their
influence on the bullish tendency, did the
continued favorable report of railroad earnings,
especially from the West and South. An increase
of 1900 tons in the east-bound freight movement
from Chicago a feature. Handsome increases
in earnings were also shown by Southern Rail-
way Northern Pacific and Great Northern pre-
ferred the latter showing $685. 41 earned
for October than last year. The stocks which
are Junior to the bonds were favorites in the
| heavy bond business to-day and felt the adj
vantage Of that movement, Atchson preferred
| advancing a point. Tobacco showed the
| largest activity and gained over points. Met
| ropolitan Street-raiIway and Edison Illuminating
| Of New York. up points on talk Of adj
vantage to the former from the use of its con-
| Quits for electric lighting purposes. Notable
| movements were an advance of points in Amer
| lean Express and Of 51s points in Pullman,
| Northwestern gained nearly points and Lacka-
| wanna 2 points. There were dealings in odd lots
| of quite a number of high grade stocks
| The most conspicuous movement Of the day
| was in bonds In this department there
| enormous absorption of the bonds issued for the
| purpose of the reorganization Of various COM
'panies and rumored agreement Of from so to 100
| per cent. OF these the per cents. were the
/ favorites, and Atchison the leader, gained
| per cent. in price very large demand. There
1 were individual blocks of these stocks sold at
| par value of $4,000 and 100000. The Union
/ Pacfcs were less prominent The Erie prior liens
| and the Reading fours. which might be placed in
| the same class, were heavy. Marked strength and
| activity was shown also by the Baltimore &
| Ohio fours, when issued, and also by the three
| and one-halfs Dealings in Southern consols fves
continue very large. There good demand
as we'll for many other bonds of the middle grade,
extending in some cases to purely speculative
issues. Total sales. IS. 100000. United States
| Fights, coupon, and the twos advanced 4 and
| the old fours and the tours. registered, and
| the f1ves 1s in the bid price.
| The following table. prepared by L. W. Louis.
| Room H. Board of Trade shows the range Of
| quotations.: