The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-23
STOCK MARKET TRADES
SPECIALTIES ADVANCED, LEADING
IN DEALINGS on CHANGE.
Relief in New York Money Market
One of the Features in Wall Street
Local Trade Active.

At New York yesterday money on call
was easy at 212041a per cent; last loan, 3
per cent.
Prime mercantile paper, 4@l5 per cent.
Sterling exchange was easy, with actual
business in bankers bills at S4S3s4p4S4 for
demand and at $4S1hQ4S11z for sixty days;
posted rates. $4.S21a and $4.S5; commercial
bills. $4.S01zG4 SOal.
Silver certificates 61A@G2c; bar silver,
81 o-l6c; Mexican dollars, 47j1c. AT London
bar silver closed steady at o 5-16d an ounce.
Total sales of stocks, 1858, 100 shares, in
cluding Atchison preferred, 1888; c., B. &
e., 5,9n; Manhattan. $780, Northern Pa
cfic 1881; Union Pacific, $50; St. Paul,
1880; Union Pacific preferred, 1885,; Cot
ton OIL PATIO; Tobacco, 1880; Chicago
Great Western, 6,e5t; Peoples Cas- 9,7s5;
General Electric, $3.50: Sugar, $3.50; Leath-
er preferred, 3,1S5; Rubber, 3,OS5 Western
Union, 1851.
Yesterdays New York stock market was
largely given up to what are known as the
specialties. There was upward rush of
prices OF these stocks at the opening but
the evidence Of weakness in Sugar.. which
dominates the srecialties, quickly brought
realizing sales. The tone was rather heavy
and at times somewhat feverish for the rest
of the day. Traders who were turned bull
ism or Sugar on the supposition that the
long reaction was over made up their minds
that the recent rise was simply campaign
against the shorts an6 turned sellers again.
Manhattan jumped * above par on Pres
ident Gould's talk of early electrical equip
ment, but the character of the selling at
the advance aroused dstrust and the bears
raided the stock. The extreme range Of
Doth these stocks was more than per cent,
and New York Air-brake, which rose over
Two points in the early dealings reacted
"a, Tobacco also ranged over S1s points
and closed practically unchanged. These
are extreme examples of what was going
on to less extent throughout the list.
Movements of individual stocks were very
cratic and the market was excessively ir-
regular. Meantime the railroad lists were
rather sluggish and resisted TIE depression
IN the specialties except for a few stocks
The Pacitics were notably heavy, especially
Union Pacific pre- ferred. This was partly
arrived at the conclusion, quite definitely
formed long ago in Wall street, that the
dividend on the preferred stock could be
only ~ per cent. The announcement of
the dividend caused a rally of about a point
the shorts evidently having awaited the
event to cover. The decline of over point
In Northern Pacific was unexplained, un-
less as realizing, stree the second weeks
statement showed earnings over $4,000 in
excess of last years high level. The Read
ing statement for July, showing decrease
in net earnings for all the companies of
$267,S72. caused some heavress in the coal
ers. Northwests August statement, show
ing gross increase of s2SS.230 over last
years unprecedented earnings. was respon-
sible for strer 9Th in the grangers, st. Paul
especially being largely absorbed.
The process of relief of the New York
money market was continued by further
large engagements of gold from London and
by debit balance against the subtreasury
of $l,271 444. New York exchange in Chi
cago rose from 1Oc discount to 10c premium:
call money in London rose y per cent Open
market discounts there rose 1sGl3s per cent,
and the Bank of England raised its mini
mum rate of discount from 212 to per cent.
after having borrowed largely from the
market to raise the rate to the level OF it's
own. The demand for silver dollars for
shipment to the West has led to the sub
II easury giving notice that the dollars must
be paid for in silver certificates or treasury
notes. since the supply of coin has been
nearly reduced to the amount of cutstand-
ing silver certificates.
The bond market continued comparative
" dull. but prices were we'll held Total
sales. s., 10000. United States seconds de-
clined ", while the old fours advanced Il in
the bid price.
The following table. prepared by L. w.
Louis, Room H. Board of Trade, shows the
ra n ouOfatiOnS.