The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-30
SURPRISE FOR BEARS
EXPECTED A DECLINE IN RAILWAYS,
BUT FOUND THE OPPOSITE.
Call Money Easier on Account of
Gold ImpOrtatiOns-LOcal Trade
Above Last Years Record.

At New York. yesterday, money on call
was easier at 31zQ4 per cent; last loan 31s
per cent.
Prime mercantile paper, 31AG4 per cent.
Sterling exchange was easier, with actual
business in bankers bills at $4S4q4.S4A for
demand and at $4S11k@4S1s4 for sixty days;
posted rates >$4.S204S2l2 and $4.SS; CONNER
cial bills, $4.SO1zQ4.S5.
Silver certificates, 611s@62c; bar silver,
6lAc; Mexican dollars, 471Rc.
Total sales of stocks 49, 800 shares in
GLIDING: Atchison preferred, n.175 Chica-
go, Burlington & Quincy, 1S 456; Manhattan,
29.SSO; Northern Pacific, 29. 225; Rock Island,
1920; Union Pacific, $500; ST. Paul, II, $50;
Union Pacific preferred, $3.50; Tobacco 49,
756; Chicago Great Western, 1920; Peoples
Gas. $3.50; Sugar. $4,000; United States Rub
Der, 1876.
The Burlington August statement fur
nished lever to carry stock prices upward
yesterday, and this development was the
only factor of consequence bearing upon the
general situation. 1t is true that the indus
trials to considerable extent dominated the
market, but speculation showed a tendency
TO ignore the fluctuations in this group. This
circumstance caused some favorable COM
ment, as did the fact that the general list
lapsed into dullness and showed comparative
steadiness when concerted attacks on the
specialties were made. London quotations
indicated a more favorable disposition to-
wards Americans abroad, which was re-
Elected in good buying here throughout the
day. Operations by the bear faction were
renewed in various directions, with Man
haitian looming to the front. Tobacco, of
course. was the most vulnerable point and
soon yielded to 1875 Covering of shorts put
the price back to 1851, and intermediate
fluctuations between that and the close at
1854 were accompanied by violent dips. The
stock, generally speaking, showed a better
with net advance. An analysis of the
Burlington figures proved that the fears con-
corning it entertained Wednesday were
groundless, and there was brisk movement
to cover, which advanced the price almost
points. The gross increase was realized
solely from the passenger traffic, the freight
earnings continuing low owing to the light
grain movement. The management pursued
the policy adopted by other important lines
of expanding large percentage of income
In bettermentS charged to operating ex-
penses, and this division wiped out over half
OF the gross return, leaving, however, a sur
plus increase over all charges of $73,997. The
bears had counted confidently on accom-
plishing liquidation in the railways on the
publication of the report, and its good recep-
ton in the street put them to rout and large
lines were covered. Prominent interests
were ranged the long side for a while
and the sentiment became more cheerful
Call money rates sagged to 2h per cent.
late in the day. The action of the govern
ment in anticipating the November interest
coupled with the early receipt of a large
amount of gold in transit. were responsible
for the decline in rates Time money was
also quotably easier for the shorter periods,
and some prime mercantile paper was dis
counted at 31a per cent. Considerable pres
sure was concentrated against Sugar as the
day drew to close, but the stock soon re-
covered and ended firm in common with the
remainder of the list, which established
slight net gains.
Bonds ruled fairly active but irregular
Total sales $1,9S3,GO0 Government bonds
were a trife easier. the threes reacting &c.
The following table, prepared by l.. w.
Louis Room IL, Board of Trade, shows the