The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-11
SURGING STOCK PRICES
GENERAL FEELING THAT AMERICAN
SECURITIES ARE RISING.
IndustriaIs Take a Back Seat and
Railroad Shares Make General
Advances-LOcaI Trade Quiet.


steady at 2Q2s per cent; last loan. per
cent.
Prime mercantile paper, 3d4 per cent
Sterling exchange was weak with actual
business in bankers bills at $4S5AG4851s
for demand and at $4S2d4S214 for sixty
days; posted rates. $4S9G4.s312 and $4.S6@
4.S7; commercial bills, $4.S1Q4S1k.
Silver certificates, 6O12@6l1zc; bar silver.
6013c; Mexican dollars, 47c. At London bar
silver closed at 27%d.
The total sales of stock on the New York
exchange yesterday were 800 shares, in
Guiding: Atchison, 1920; Atchison pre-
ferred 1920; Baltimare G. Ohio Southwest
ern, $500; Canadian Southern, 4,61O; Chesa-
peake & Ohio, $3.50; Burlington 23,575; Dem
yer & Rio Grande preferred, 1000; Louisville
& Nashville 1920; Manhattan, II, 800; Metro
politan Street Railway 5y9OS; Missouri Pa
cific, 1850; New York Central, 1880; North
ern Pacific, A,220; Northern Pacific pre-
ferred, ex. dividend, 10 APO; Northwest Ter
minal, $3.50: Rock Island $500; Union Pa
cifc, 5000; st. Paul, 1916; Southern Rail-
way, 3,412; Southern Railway preferred, A.
416; Union Pacific preferred, 1880; Wabash
preferred, 1926: Tobacco, 1850; Bay State
Gas, 1000: Federal Steel, 1880; Federal
Steel preferred, $500; Peoples Gas, 1920;
Colorado Fuel and Iron, 1875; Pacific Mail,
1866; Sugar. 40; Tennessee Coal and Iron,
$3.50; Leather preferred 1850; Rubber, 500;
Chicago Great Western, 1900.
Prices surged upward the New York
Stock Exchange yesterday with what can
only adequately be described a rush ana
a roar. 1t was day of furious activity
throughout in all departments, and the clos
ing was at sterling point and the best prices
nf fHa dox he afoct info aT16
tivity was shown in railroad securities of
all classes, and nearly all of those which
were traded in show at least 1 per cent.
higher for the stock. The majority shows
gains of Ietween l and 2 per cent This
rate of increase is raised to between 2 and 3
per cent in case of Atchison preferred,
Rock Island, Baltimore & Ohio, Denver &
Rio Grande preferred, Union Pacific pre-
ferred, st. Paul & Omaha, c., -, c. st.
L. and some OF the specialties. The Oregon
Navigation stocks, both common and pre-
ferred, show gains of 4 per cent The in
dustrials and other specialties fell into the
background, both relatively and absolutely,
and were almost totally neglected until the
later dealings. Sugar, Brooklyn Transit
and the Federal Steel stocks then sprang
into activity and scored substantial advances
before the close. In the case of some stocks
high record prices were made, and In the
case of many others the high prices of the
year, which prevailed about the LIST of Sep
TENDER were about approximated. Atchison
preferred, Baltimore q Ohio, Northern Pa
cfic and the Union Pacific stocks reached
their record prices to-day. There can be
no doubt that the strength of the market
Is attributed to the feeling OF relief that
the unsettled doubts and uncertainties over
the election are thing of the past and
to confidence that the generally prosperous
condition of the country is sure to assert
itself and lift values to a higher levei.
There was spirit of Astounding optimism
abroad and everything was ignored, except
the most favorable incidents in the outlook.
The marked falling off in the export demand
for wheat and the resulting fall in price
had no effect. The unfavorable conditions
of the trunk line situation, which caused
declines for New York Central and Pennsyl-
vania in London, received no attention and
the prices Of those stocks were advanced
over a point net Baltimore d Ohio rose
23s, and Norfolk & Western preferred was
at one time up S1a. Reports from the IRON on
trade of a drift towards a lower range OF
values which might ordinarily be expected
to have a marked effect on the stock market,
were passed unnoticed. ST. Paul's first week
statement although il showed an increase OF
over $21, 0O0 was much less strong than sew
eral of that roads recent returns which
have passed unnoticed, yet there was an
eager demand for all of the grangerS, which
made the group the leaders of the market
in point of activity. The Atchison securities
held foremost place, and all of them ad-
vanced strongly, the preferred rising rs per
cent with a stock issue of over $l2O,OOOOD
to move. Northern Pacific preferred more
Union Pacific preferred was heavily bought
both for home and foreign accounts. Lon
don buving was again a marked feature,
and commission house business was on an
enormous scale, fairly taking the market
out of the hands of the traders ana eatlng
up all offerings to take profits without APP
preciable check to the days continued adj
vance.
ord in the volume of transactions. All
classes Of mortgages were in demand, but
the REORGANIZATION issues continued the ia
vorites There was however, a well dis
tributed business in high-grade bonds and
many speculative issues were brought Tor
ward in the movement.
Total sales. $1OO45OO0. United States new
tours registered, advanced Is; United States
new tours, coupons, Is; the twos and me
threes registered Il and the old fours; regis
tered, and fives registered. 1sin the bid price.
The following table. prepared by L. ".
Louis. Room II, Board of Trade, SHOWS the
range of quotations.: