The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-10
HIGHER LEVEL REACHED
Yesterdays STOCK MARKET
BUOYED BY STRENGTH ABROAD.
SpeciaIties Weaker, with Trust
shares ON the Decline--LOcaI
Indications Better.

AT New York, yesterday. money on call
was frmer at 1$4G3 per cent, the last loan
being made at 2 per cent
Prime mercantile paper, 314q4A per cent.
Sterling exchange was easy, with actual
business in bankers bills at $4.S51244S5M
for demand and at $4.S212Q4S23l for sixty
days; posted rates, $4.S31a and $4S6190487;
commercial bills, $4S115d4S2
Silver certificates, 601k@611ac; bar silver,
6O14c; Mexican dollars 47c. At London bar
silver closed at 277sd an ounce.
Total sales of stocks were 499,700 includ-
ing; Atchison preferred, 1895; Chesapeake
& Ohio, 1865; Burlington, 1880; Denver &c
Rio Grande preferred, 1920; Louisville &
Nashville, 1920; Manhattan, 29,540; Metro
politan Street-raiIway, 13,41S; Northern Pa
cific 21,520; Northern Pacific preferred, 1920;
Rock Island, 21OS5; Union Pacific, $50;
Union Pacific preferred, 24,S69; st. Paul, 81
260; Southern Railway preferred 1925; To-
bacco, 20,150; Federal Steel, 1884; Federal
Steel preferred, 1885; Peoples Gas, 9245;
Pullman, 3,571; Sugar. $3.50; Tennessee Coal
and Iron, 1850; Rubber. 3,SO5.
The New York stock market was very
active and decidedly irregular during the
morning session of the Stock Exchange yes
terday, and at one time the list took on
quite uniform evidences of strength and
even buoyancy. But by 1890 o'clock the de-
mand for securities was satisfied and the
market fell into dullness and a somewhat
reactonary tendency. which persisted to the
close. London, in spite of dulnesS and
heaVlness of the general market there, had
COnndentIy marked up prices of Americans
Iuesday While the New York exchange was
not In session. The British Interpretation
and understanding of the American cleo
Ilons, always more or less obscure and con-
fused, prompted them to do this The OPEN
ing IN New York did not fuIIV rpSnOn0
prices showing below the London parity.
The International arbitrage brokers seized
this opportunity to cover sales made at a
higher level in London. number of the
1nternatonals sagged quite sharply imme-
dlately after the opening, notably st. Paul,
New York Central and the Pacif1cs. The
buying FOR London account was the deter
mining factor in rallying these stocks and
carrying the whole market TO a higher level.
Even Sugar, which opened down over
point scored a full recovery. The commits
sion houses were busy with buying and SELL
up their faVorite5. With the cessation of
the London buying about noon, and with
renewed break in Sugar, which had proved
a heavy load to carry all morning, prices
began to drop off, the decline in the rail-
roads ranging all the way from fraction
to 112 per cent. In the market leaders
among the railroads. however, there was
little effect produced either by the above
tan, which fell 2$s Sugar continued its
downward course to the extent of 3A poinas,
and closed near the lowest. The announce
ment Of the cut in the product and the
output of refnerieS coming to the market
was the cause of the weakness, and the
bears were also active, judging from the
high loaning rate for the stock. The weak
ness of Manhattan was associated with the
stockholders annual meeting, although the
early statement Of earnings, showing 4.16
per cent. earned for the stock, was better
than Wall street had expected. The stiffen-
ing of the call money rate in the last hour
to 212 per cent, and for small amounts to
8 per cent, had its effect in the late reac-
ton, and was a reminder in the decrease
of cash shown in Saturdays bank state
ment. Yesterdays active market made a
good demand for money on call. There was
some consideration of the possibilities sur
rounding the lord mayors banquet in Lon
don last night and the increase in the Ger
man Bank rate from to 512 per cent in
their probable effect on the foreign market.
In the railroad list, however, the closing was
generally steady, and at net gains which
reached point in some cases.
The bond market continued active and
strong, and the 4-per-cent issues added to
the notably active list we're the Louisville
unified bonds and the EaDEas d Texas st.
Louis & San Francisco and Denver & Rio
Grande issues. number of the speculative
the Oregon Short-line income issues and the
Texas & Pacific seconds, were also strong
and active. Total sales, $5.715OO0. United
States new tours. the old fours, registered,
and the tours, coupon. advanced Is, while
the seconds declined "a and the fVes, cou-
pom, Is in the bid price.
The following table, prepared by L. w.
Louis, Room II, Board of Trade, shows the
range of quotations.