The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-16
SHARP RALLY IN STOCKS
BUYING FOR WASHINGTON ACCOUNT
WAS NOTABLY heavy.
American securities Continue to BE
FavOrites in LondOn--LOcaI Trade
Depressed by Weather.

At New York yesterday money on call
closed easy at 1AQ1l4 per cent; last loan,
IA per cent
Prime mercantile paper. Sn4 per cent.
Sterling exchange was weak, with actual
business in bankers bills at $4.s5hQ4 S52s
for demand and at s4s304sSA for sixty
days; posted rates, $4.S4 and $l.S61s; com
merciaI bills, $4s213.
Silver certificates, 56Al5634c; bar silver,
557sc; Mexican dollars, 45l4c At London bar
silver closed quiet at q 13-16d an ounce.
Total sales of stocks, 81, 800 shares, in
cluding: Atchison preferred, $3.50; Chicago,
Burlington & Quincy. 1910; Louisville &
Nashville, $3.50, Manhattan, 1885, Metro
politan, 1880; Minneapolis & ST. Louis, $3.50;
Missouri Kansas & Texas preferred, 1856;
New York Central, 1870; Northern Pacific,
4.455; Northern Pacific preferred, II ,625:
oregon Short-line, 800; Rock Island, 1910;
St Paul. 1870; Texas & Pacific, 300; Union
Pacific, 6221; Tobacco, 9546; Peoples Gas
$500; Consolidated Gas, S769: Sugar, 1906;
Rubber. III; Rubber preferred 1887; West
eEa Union, 10a97.
Yesterdays sharp rally in stocks is to be
attributed to the covering of short con-
tracts put out in Mondays furry Buying
was said to be heavy-for Washington ac-
count, which a heavy seller Monday.
The previous days losses were more than
recovered i'll most cases. notwithstanding a
smaller volume of business. There was at
least one period of general reaction during
the day, but it was of short duration, and
declines reached small proportions There
was also profit taking in a few special
stocks, which did not affect the general
list to d noticeable extent. American Sc
curities continued to be favorites on the
Americans were marked up with distinctly
confident tone before the opening here and
London continued IL buyer. even after prices
had advanced to the London parity Much
stress was laid this as indicating a def
mite change in the attitude of the British
investing public toward American securities.
They We're persistent sellers of Americans
during all of the last summer, and during
the subsequent rise, which has been almost
continuous since November. They are now
buying American stocks at prices many
points above where they sold. This is re-
garded as significant on account of high
rates money in London as compared
with New York, and the heavy balance of
exchange still known TO be outstanding in
favor of this country. In Paris Spanish
fours declined ON fears of strained relations
between the United States and Spain, and
AlhtLitdn SECURITIES uGCllncu OH SOME OF the
continental exchanges, but London needed
none OF these considerations, and continued
buying at advancing prices Foreign ex-
change begins to reflect this buying, and
demand sterling declined I'd, and cable
transfers the same amount. New York Sc
curities were strong. Minnesota Iron was
conSpicuouSly heavy, and Lake Shore ruled
below Monday nights price. There were a
few losses shown by less conspicuous
stocks, but the general level of prices at the
close was very materially higher The Min
neapOlis & st. Louis stocks We're strong
on reports of a circular issued to stock
holders asking an option on the stock with
a view to purchase of control. New Jersey
Central was benefited by rumors that con-
nected it with q trunk line working agree
ment. Kansas Texas preferred showed q
sharp recovery from Mondays loss. In the
active list net gains of between l and
points for the day were frequent.
The strength and activity in bonds in
creased as the day passed. Business in
Texas Pacific seconds was large. with in
dividual transactions i'm heavy blocks at an
advance of point. Total sales, 81 800. 900.
United States old fours registered, the new
fours. registered, and the fives were Is
higher bid, and the new tours, coupon, Il
higher.
The following table. prepared by L. w.
Louis, Room IL, Board of Trade, shows the
range of quotations: