The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-29
BULLS IN STOCK MARKET
BUSINESS LARGE AND DISTRIBUTED
THROUGH THE ACTIVE LIST.
Some Wide Fluctuations Resulting in
Several Notable Gains-LOcaI
Markets Strong.

At New York yesterday money on call was
steady at 1AQ2 per cent; last loan 2 per cent
Prime mercantile paper, s@4 per cent
Sterling exchange firm. with actual business in
bankers bills at s4s51z94S57t for demand and at
s4s21lG for sixty days; posted rates. s4sSls
and As6@4.s6l2; commercial bills. s4S1.
Silver certificates 6lq62c; bar silver 60Qe07sc;
Mexican dollars, 474c. At London bar silver
closed steady at Esd an ounce
Total sales stocks yesterday were S79, 800 shares,
including: Atchison preferred, 1892; Louisville &
Nashville. 1890; Manhattan a. AGO. Metropolitan
street-raway 1885, Northern Pacific 1850;
Northern Pacific preferred 419O; Rock Island
1880; Union Pacific. 5,6S2; Union Pacific pre-
ferred. 6,7SS; st. Paul, 2S,541; Sugar 33,64s.
The New York stock market yesterday took on
many of the characteristics of a bull campaign
in full force business large and exceedingly
well distributed many of the usually active
stocks being brought forward into the movement
while the market much less dominated by
the specialtes which, however. continued very
active, principally Sugar and Tobacco. The
former was less violent in it's fluctuations than
on Thursday and although it advanced several
times, it met more stock than 1t could carry.
1t ended the day unchanged. Tobacco on the
other hand, after fractional decline surged
strongly upwards. the extreme rise being nearly
points The rise coupled with rumors of
the fotation of the new tobacco company and to
taking in of many large competitors in that field.
Another conspicuous movement was that in the
iron and steel stocks, which was led by the deal
ing in the securities of the Federal Steel
Company when issued. These stocks were at one
time 1h@1% above Thursday night The certif-
| Gates of the Minnesota Iron Company, with the
cash payment added giving the right of entry to
the Federal Company. sold at 1871, an advance of
points. and the Illinois Steel certificates closed
at IS bid, gain of points Securities of other
| frnr, and
less degree. Brooklyn Transit was notably strong
on talk of the absorption of the Nassau Electric,
rising over 67, and Metropolitan Street-railway
also advanced points Manhattan was in strong
contrast, with an extreme decline of points,
selling down to IS. The Edison Illuminating
Company of New York gained IL points, with no
news to explain the RISE The Rubber stocks were
father heavy talk of opposition company.
| People Gas rose a point in connection with
the taking of the Manhattan Electric Com
pany. Speculation in the railroad stocks was
active and varied, the grangers leading in point
OF activity Reports of one two Southwestern
roads showing the increased earnings than
eaten up by enlarged operating expenses were a
drag on that group and there was some slight
heaviness among the trunk lines. Prices are as
a rule higher however. There was a marked
diminution in activity in the latter part of the
day and the room traders took profits. reducing
the days net gains below the figure of the ex-
treme advances.
There was very notable activity and strength
in the bond market and evident pressure of large
sums OF money seeking investment. Bonds of
| Western and Southwestern roads, especially
| organization bonds seem to be in special favor
and there strong recovery in the Reading
and Erie general tours, which have recently been
under heavy pressure. Rocky Mountain frsts
were also conspicuous. Pittsburg q Gulf firsts
dropped to 1917, fall of 21s per cent, but fully
recovered in the late dealings. Total sales,
$5,375,000 United States threes, old, registered.
| and the fives, coupon advanced IS in the bid
| price. The new threes very active, the
coupon selling 1O6 nearly all day, which is the
record price. There were $685., $50 of this issue
changed hands during the day.
The following table, prepared by l.. w. Louis,
Room IL. Board of Trade, shows the range of
quotations: