The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-18
LIST OF STOCKS HIGHER
NOTABLE FIRMNEss IN SPITE OF
GENERAL SELLING EARLY.
Expected Adverse Decision to Joint
Traffic Association Discounted
Local Trade SOggy.

At New York yesterday money call
steady at 2Q2k per cent; last loan, 2l1 per cent
Prime mercantile paper. 3AG4 per cent.
STERLING exchange was frmer, with actual busi-
ness in bankers bills at s4s4l614S4 ss for demand
and at s4s11kG4.slz for sixty days: posted rates,
$4.S2@4S2k and $4.S5; commercial bills. s4SO1z.
Silver certificates. 5sA@6O1kc; bar silver. Coo;
Mexican dollars 46lkc At London bar silver
closed steady at q 11-16d an ounce
Total sales of stocks were 247. 800 shares includ-
ing: Chicago Burlington & Quincy 6.5O7; Man
haitian. 14OlS; Reading first preferred 49, 100; New
Jersey Central, 4.25s; Northern Pacific 2o.475;
Northern Pacific preferred, 1852; Reading 1856;
Rock Island. 3 440; st. Paul. ,2S0 Tobacco 49, 1872;
Sugar, 2S,s2S.
scrutiny of the list of changes in prices on
New York Change yesterday will show that near
~ all Of the railroad stocks dealt in have net
grains Of a small fraction. Considering the num-
Der of unsettling episodes in the days market
these gains. though small, indicate strong re-
sisting power in stocks. Although the opening
was slightly higher in sympathy with the rise in
London, the tendency of prices turned downward
early in the day under the influence of break
in Tobacco on apprehension that the Supreme
Court would deliver decision unfavorabe to the
railroads in the case to test the legality of the
Joint Traffic Association. Although this decision
has long been anticipated and although the opin-
ION 10 dlifiOSt tHdI IL Is TO De
unfavoraole to the railroads in consonance with
the decision in the trans Missouri case the bull
party shows great timidity to the effect the
courts ruling. The coalers subject to at
tack by the bears and the valuation of stocks
lowered to an extent surprising for these
much belabored securities. New Jersey Central
fell extreme 51 and the decline in the rest of
the group ranged from liz to g. The price of
Lackawanna was bid down over II points from
tho los o1o hut .cfa Ahouf tho
same time Metropolitan Street-railway broke 31s
points and the whole list touched the lowest prices
of the day. The weakening of the new Federal
Steel securities after the opening activity and
strength was also bear factor. Tobacco was
dealt in minus the dividend of per cent, and
1ss in addition knocked off the price. Then
| came support and before the close of the day the
shorts were driven to cover by a rise of 81.
Sugar also well supported all day. London
was a buyer in this market, especially of the
Pacihcs. The covering by the bears in the coaers
worked recoveries ranging up to "a in New Jersey
| Central, and the that there was no decision
in the Joint Traffic Association induced
ering by traders in the general list Man
haitian strong and Hawaiian Commercial ad-
vanced at time SIS. The closing firm at
the top. There notable firmness in the
exchange market, Notwithstanding very heavy Of
ferngs of bills against grain and cotton The de-
mand came from bankers and others for invest
ment for the purpose of placing loans the
higher interest rates existing in London and Ber-
| lin. This process operates to sustain the local
| monev market also; it is in effect draft the
resources of this center for the benefit of London
| and Berlin There is an abundance of money
| offerine here nevertheless and the tendency con-
| tinues toward greater
| Railroad bonds weakened in sympathy with
stocks but showed partial recovery toward the
close. Total sales, $15lO0OO United States
threes registered the tours, coupon, adj
vanced u, and the threes. coupon, the old tours,
registered, u in the bid price. The coupon threes
sold at 1855, which is the highest price.
| The following table. prepared by L. w. Louis.
Room H. Board of Trade. shows the range of
quotations: