The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-14
ADVANCES IN STOCKS
MAINsTAY OF THE BEAR MOVEMENT
SWEPT FROM UNDER.
Western Railroad Shares Gave Evi-
Trade Better than for a Month.

At New York yesterday money on call was
easier at 202h per cent; last loan. 2k per cent.
Prime mercantile paper. sQ4 per cent
Sterling exchange was irregular, with actual
business in bankers bills at $4.s4@ss4A for de-
mand and at s4s1AG4S1K for sixty days. posted
rates. s4s21z and $.s5; commercial bills $4,000
4.sOK.
Silver certificates. $4,000; bar silver. $3.50;
Mexican dollars 461kc. At London bar silver
closed at q 9-l6d an ounce.
Total sales stocks were BOG, 400 shares including:
Atchison preferred, $685. Burlington, $3.50; Man
haitian. 14,325; Northern Pacific. 4S6sO; Northern
Pacific preferred, 1850; Union Pacific $3.50; st.
Paul. 1890; Union Pacific preferred, 1880; Amer
lean Tobacco. 2S,755; Peoples Gas, SSOS; Sugar
61,520; Rubber, 1925
The advance in prices in yesterdays stock mar
ket even more significant of the improved
tone of speculative sentiment than that of
Wednesday. For reason this was true be-
cause large short interest was eliminated from
the market by Wednesdays advance. Another
factor that might have been utilized by the bears
the depression in foreign markets. so marked
to suggest some knowledge of pending political
complications in the deeper financial currents
Not only was this indicated by the heaviness of
securities fail of sic in British consos and of
Is centimes in French rentes, but the excited
condition of the foreign wheat markets. The
opening in Wall street brought orders sell 900
shares upwards Of stock for London account
The bears did, in fact, avail themselves of this
opening to make drive against Tobacco Sugar
and Northern Pacific, but the confident manner
in which all offerings. both for London and the
short account, were absorbed took all the assur-
ance out Of them and their only other aggressive
move during the remainder of the day was a
drive against Tobacco. The bears have counted
much on the damaging effects of the war in the
sugar refining industry, the conflict the plug
tobacco trade and the reported divergence of
ideas among the powers Of Northern Pacific over
the question of dividend the common stock
to check any advance in the market on account
Of any favorable returns of railroad earnings and
the generally prosperous outlook for business The
movement of prices in these securities gave warn
ing of compromises and adjustments and took
away the mainstay of the bear movement. The
process Of covering of short contracts therefore
proceeded large scale and large financial
interests offered aggressive support to the prices
of properties in which they were interested
significant feature of the days trading was the
investment made for small lots of gilt-edged
stocks. There were conspicuous movements of
this sort in st. Paul preferred, Pullman, Great
Northern preferred, Manitoba, Albany & Susque-
hanna. st. Paul & Omaha preferred, and Penn
sylvania. The advance in Pullman, Manitoba and
Great Northern preferred extended from SA to AZ
per cent and Manitoba closed with bid per
cent. higher than Wednesday night This buying
is natural concomitant of the growing In
the money market. Call loans made at
per cent. to-day and there is constant increase
in the supply of money offering, both for time
loans and mercantile paper. Short sterling was
slightly rmer in tone in response to the advances
in the Bank of England rate. A small engage
ment of gold for import was without influence or
sentiment. The days net gains equal point for
many stocks
The demand for hgh-grade bonds refec-
ton of the growing abundance of surplus capital.
Total sales, 81 O05 O00 United States threes. the
old tours. registered, and the tours advanced
Is in the bid price. The threes, coupon. sold at
1864, the highest yet.
The following table. prepared by l.. w. Louis,
Room IL, Board of Trade, shows the range of
uffof