The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-13
LIVELY STOCK TRADES
NORTHERN PACIFIC DEAL WHICH
HAS CAUSED A FRESH DEMAND.
Money Easier and United States
Ord-LOcaI Trade Quiet.

At New York yesterday money on call
was steady actual transactions ranging
from 2la to per cent. last loan, per cent;
closing bid and asked. 21zQ3 per cent
Prime mercantile paper, 314Q4A per cent.
Sterling exchange was weak, with actual
business in bankers bills at $4.S4Ad4.S47s
for demand and at s4.S2asG4.S25s for sixty
days; posted rates, $4S3G4.S31s and $4S519Q
4S6: commercial bills, $4Sl%.
Silver certificates, 57A@575sc; bar silver.
571kc; Mexican dollars, 461sc. At London bar
silver closed steady at 26 9-16d an ounce.
Total sales of stocks 10000 shares. in
Guiding: Atchison preferred, 1854; Chesa-
peake & Ohio, 2O.315; c., B. & O.. 1912:
Denver & Rio Grande preferred, S,2S5;
Louisville & Nashville, 1876, Manhattan.
1920; Metropolitan Street-railway, 4,S35:
Hawaiian Commission Company, $500;
Reading preferred, 1920; Missouri Pacific,
7.4S3; New York Central. $780, Northern
Pacific, $685. Northern Pacific preferred,
$780, Rock Island, $3.50; ST. Paul, $3.50;
Southern, 1887; Southern preferred, 1863;
Union Pacific. 1921; Union Pacific pre-
ferred, 1880 Denver & Gulf, 6,52S; Wabash
preferred, 3.110; Wheeling & Lake Erie 81
ITO; Tobacco, 1880; Chicago Great Western,
$3.50; Peoples Gas, Ass; Laclede Gas, 1850;
Sugar. 66,06O: Tennessee Coal and Iron, 5,635;
Western Union. 5,l43
Yesterdays New York market for secur-
tiles was of much the same character as
Tuesdays. The principal interest was CEN
tered in Union Pacific and number of its
affiliated companies and Northern Pacific.
which were the leading factors of strength,
while on the other hand Sugar continued
under weight of depression. as was the
case Tuesday. A new feature of special
strength was Chesapeake d Ohio, which
advanced a point on heavy buying. Trans
actions were on very large scale and the
heavy dealings of large operators backed
he W manifest
all through the market These large opera
tons attracted a considerable following.
both among the smaller traders and from
outside sources. Commission house business
was in fact quite noticeable in the days
trailing II was clvious. however, that real
1z1ng on a large scale was going on in diff
ferent parts of the list coincident'v with
the strength in other parts. A striking ex-
ample of this process was seen in the two
Northern Pacific stocks, the common being
advanced over a point while realizing in
the preferred carried it, before the close,
below Tuesday nights last sale. The grang
ers, outside of St Paul. will also be seen
to reflect a supply of stock fully equal to
the demand. The anthracite coalers were
weak and continued the decline; but the
Ohio soft coal roads maintained their
cent show of strength. Union Pacific rose
at one time over points, but recent buy
erS commenced to take profits as soon as
report was published that the COM
pany had secured control of the Oregon
Short-line. The stock reacted over a point.
The recent strength of the stocks of the
disintegrated portions of the old Union Pa
CHG system IL iuiiy explained Dy the ABOVE
announcement. This buying was evidently
founded on a belief in far-reaching plans
of combination and extension which, ac-
: cording to some prevalent rumors, will en-
brace one vast system from the Atlantic
To the Pacific Much was made in the mar
ket on a reported bond issue by the Chesa-
peake & Ohio, though the view of benefits
to accrue seems to be somewhat exagge-
rated. considering the amount of tranSac-
lions. Advices from the London and CONT
mental markets showed the tone of Ameri-
can securities in the foreign financial mar
kets to be excellent. London bought in this
market no less than twenty thousand
shares of the favorite interna tional stocks,
and the marked strength of Union Pacific.
Denver a. Rio Grande preferred and North
ern Pacific directed attributed to this
demand. The weakness in Sugar seemed to
be connected with the annual meeting of d-
rectors In progress. though no news regard
ing the company reached the public.
Money declined to yield below 2l5 per cent.
yesterday, but the tone of the market re-
elected the prevalent feeling that rates will
Yield IN the near future. Large amounts of
money also found their way into invest
ment and speculation. The available posi-
bility of relief to the money market was
indicated by the fall of 19c in posted rate
of sterling exchange and the decline of &c
in the actual rates the decline not being
prevented by the expected arrival to-day
at San Francisco of another 81 000, 900 in gold
from Australia. The par value of the trans
actions in bonds is not 2s large as that of
Tuesday but business was remarkably well
distributed all through the list. Gains were
the rule. but there were some declines.
Total sales, $4.775,000. United States old
fours. coupon, and the seconds were Il high
err bid. There was a sale of the new tours
made at 1884, which is the highest on
record.
The following table. prepared by L. w.
Louis Room H. Board of Trade shows the
range Of quotations: