The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-10
LATE RALLY IN STOCKS
FEATURE OF THE DAY WAS AN AID
VANCE JUST BEFORE THE CLOSE.
Volume of Trade Decreases with
Falling of in the Outside In
terest-LOcaI Trade quiet.

At New York yesterday money on call
was easy at 1A@1A per cent last loan, III
per cent.
Prime mercantile paper, 304 per cent.
Sterling exchange was stropg, with actual
business in bankers bills at $4.s55s@4.S5% for
demand and at $4S31sd4SSN for sixty days;
posted rates, $4.Sf and $AS6fz; commercial
bills. $l.S25.
Silver certificates. 56isQ57l4c; bar silver,
562sc; Mexican dollars, 45I4c: At London bar
silver closed dull at 26 1-t6d an ounce.
Total sales of stocks. S5b,2OO shares, in
cluding 1910 Atchison preferred, S,057
Chesapeake & Ohio, 1916 Chicago, Buriing
ton & Quincy, $3.50 Denver & Rio Grande
preferred. $3.50 Erie preferred, $3.50 Louis
Vile & Nashville $3.50 Manhattan, 22,5S0
Metropolitan. 1854 Michigan Central, $50
Reading preferred. 1906 Missouri, Kansas &
Texas preferred, 1,920 New York Central,
1850 Northern Pacific, $500 Northern Pa
cihc preferred, 1925 Rock Island, 1920 ST.
Paul, 1S,0SO Union Pacific, 7,47O Tobacco,
5.42O Chicago Great Western, 1916 Peoples
Gas 47oS Consolidated Gas, 1900 General
Electric Pass Sugar.
The most notable feature of the New York
stock market yesterday was the strong rally
in the last fifteen minutes of trading. After
=
emily with an aggressive determination to
shake out weakly-margined holdings and to
reach stop-loss orders. They succeeded adj
mirably in forcing down prices, declines
ranging from one to two points all through
the list, but the appearance of support al
the low level led to a covering movement,
became rush and the closing was very like
rout OF the bears. Substantial recoVerieS
were scored very generally and in a large
declines
tirely wiped out The market was one OF ups
and downs all day. the opening showing
numerous signs of heaVineSS in spite of the
higher range of prices reported from Lon
don. The bulls promptly offered support and
rallied the market, holding their vantage up
TO noon, when a tendency to realize sent
prices downwards again. The Cuban situa-
ton discouraged aggressive tactics on the
part of the bulls, the professional traders
being disposed to realize all day. There was
a decrease in the volume of business also
and a falling off in outside interest. The
Declines however, brought out good buying.
Michigan Central, Northwest and Omaha
showed special signs of strength, and the
local New York street railroad companies
also advanced quite vigorously Union Pa
oific securities were all quite strong, the
advance, apparently, being due to a belief
that the reorganization had concluded to
secure the Kansas division, even at the gov
ernments own terms. Great Northern pre-
ferred was conspicuous for a reaction of
nearly points from its recent remarkable
advance. Pullman was marked up Sl2 points
On small transactions and Rubber preferred
scored a sharp advance.
Money continued to rule below IL per
cent for call loans and there were reports
of large loans for a year at 312 per cent.
The withdrawal of the 10 per cent. INSTALL
ment Of the governments deposit of Union
Pacific payment was reflected in credit
balance at the clearing house for the sub
treasury of $685., 100 The subtreasury has
been having daily debit balance at the
clearing house of $500 goo or upwards for
some time past The plethora of money was
not apprecably relieved by the operation
hardened aOOl-
tional fraction. The current demand for ex-
change is believed to be due TO some large
financial operations involving settlements
abroaC.
The speculative bonds showed a reaction
airy tendency in sympathy with stocks, but
prices of bonds for the most part. held
firm Total sales, 81 go 900. United States
old tours. coupon. and the new tours, reg
istered were Is lower bid.
The following table prepared by L. w.
Louis Room II. Board of Trade, shows the
range of quotations: