The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-17
A TIME TO BUY STOCKS
THIS SENTIMENT CAUSED A RUSH OF
BUSINESS on CHANGE.
Earlier Losses Wiped Out and Frac-
tiOnaI Gains Throughout the List
Local Trade Active.

Al New York yesterday money on call was
steady at 2921s per cent; last loan. per cent.
Prime mercantile paper, SG4 per cent. Sterling
exchange steady with actual business in bankers
bills at As5AQ4s51z for demand and at $500
4s2A for sixty days; posted rates $4.SS and
Sassy; commercial bills, s4.slAQ4S1s
Silver certificates. 6O7sQ611ac; bar silver, s0%c;
Mexican dollars. 471sc At London bar silver
closed at 2Sd an ounce
Total sales Of stocks $50 100 shares, including:
Atchson, 15,71O; Atchison preferred, s5.5s4 Balt-
more Ohio, 1927; Burlington 11.S45; Denver &
Rio Grande preferred. 1853; Louisville & Nash
vile. 2lsS5; Manhattan, 1900; Missouri Pacific,
15,H5; Northern Pacific. 30.S35; Northern Pacific
preferred, s1S7; Northwestern. 1850; Rock Island,
05l5; Union Pacific, 1850; Union Pacific pre-
ferred. 12,15O; ST. Paul. Is. 2SO Southern Railway,
SOS5; Southern Railway preferred, 9,240; Tobacco,
49, sos; Bay State Cas- SOS: Federal Steel, 9O75;
Federal Steel preferred 1884; Peoples Gas,
$3.50; Pacific Mail. 49, 49, Sugar 60 $685. Tennessee
Coal and Iron, 4.1s0; Chicago Great Western,
10.3S1
Apparently the watchers who have been waiting
for reaction in the New York market to buy
stocks made up their minds that yesterday morn
ings decline the most that could be looked
for under the circumstances and they accordingly
came into the market in great force and before
the end of the day had wiped out the earlier
losses almost entirely and established higher
range Of values. Although net gains in nearly
all cases confined to fractions the extreme rise
from the low point in the majority of the active
stocks amounted to 1 per cent and the
closing was active and quite strong at the top
Morning losses were not made without resistance
notably by Atchison preferred, the Union Pacifcs
and some OF the specialtes Chicago & North
western and Omaha also showed strength before
the break, but the very heavy offerings of the
Northern Pacific stocks proved too heavy burden
for the market to carry, especially as London
continued disposed to realize in the international
securities. The Northern Pacifics fell
point below Tuesday night and the whole list
receded below that level There some stop
loss orders uncovered on the way down, but
orders in commission houses to buy were en-
countered in increasing amount and the sharp
advance in the Northwestern stocks and Omaha,
ranging from 1%c to &c. turned the whole
ket upward. The advance for the rest of the day
not entirely uninterrupted, but the marked
strength of International Paper, Sugar, Pacific
Mail, Baltimore & Ohio and few other stocks
and the enormous demand for AtchisOn preferred
kept the bull spirit in the ascendant and dscour-
aged operations on the short side. The selling for
London account also changed to a buying demand
at the lower level. These were for the most part
simply arbitrage operations based the disparity
between London and New York prices. The ses-
sion of the Paris peace conference and the fixing
of day for future meeting afforded some relief
from apprehensions of rupture which prevailed
in London The fact of the Berlin Exchange be-
ing closed served to check recent large selling of
American securities. which has come from that
quarter on account OF the money stringency.
In the New York money market although
sterling exchange held steady and New York ex
change at Chicago fell to par, while the currency
movement on balance continued away from New
York. the rate for call money eased off fraction
towards the close of the day and the demand for
time money less active. There are evidences
of decreased anxiety the effect Of the Berlin
money situation in other financial centers.
There was a falling off in activity in the bond
market and heaviness in sympathy with stocks,
though the tone improved before the Close Louis
ville Evansville ST. Louis consols trust receipts
rose points Tuesday and IA points
Monday. Total sales, s4,S75, 900. United States
tours, coupon, declined Is in the bid price
The following table, prepared by L. W. Louis,
Room II, Board Of Trade, shows the range of
quotations: