The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-27
MARKING UP THE STOCKS
POWERFUL INFLUENCE SAID TO BE
BACK Of THE MARKET.
Banks I'm Better Shape Owing to In
crease i'm Government Deposits
Local Trade Active.

At New York yesterday money on call was firm
at 1%Q21s per cent. last loan. per cent.
Prime mercantile paper, S1s@4A per cent.
Sterling exchange is weaker, with actual busi-
ness in bankers bills at s4s5@4.s51s for demand
and s4S3A94.S3h for sixty days. posted rates.
s4S4@4.S41z and s4.ss; commercial bills, $4.s2@
4.s2s4.
Silver certificates. 5s1k@61c bar silver. 6OAc;
Mexican dollars, 4s14c At London bar silver
closed dull at q 12-16d an ounce.
Total sales of stocks $780, 500 shares, including
29,27S Atchison preferred. A5OO Chicago. Burling-
ton & Quincy. $3.50 Chicago & Eastern Illinois,
7,215 Denver Rio Grande preferred. S7s5 Louis
Vile & Nashville, 1873 Manhattan. 4.s25 New
York Central. 1920 Northern Pacific. 2746O
Northern Pacific preferred. 49, 755 Rock Island
5,13O Union Pacific, $685. ST. Paul, 1910 Texas
Pacific. 5l,45O Union Pacific preferred 1880 Cotton
Oil, 3.740 Spirits, 1925 Tobacco, lbs Chicago
Great Western 1920 Peoples Gas, 1870 Rope
and Irvine, SS967 Sugar. 1920 Tennessee Coal and
Iron, 1922 Leather preferred and Abs Western
Union.
Indications in the stock market late Thursday
that the liquidation of profits was over
for the present and that powerful interests were
prepared to re-enter on the long side were
abundantly confirmed yesterday. Prices were
marked up sharply at the opening but there were
houses to reduce the gains in the grangers and
put stop to the advance. The enormous abb
sorption of the Northern Pacific stocks however
undated and the aggressive strength shown
by Sugar also helped the early rise. The con-
tinued advance of Minnesota Iron and strength
in some of the industrial specalties also
sustaining forces. There was evidence of support
in Manhattan. thus serving to remove uneasiness
as to the unsettng effect of that stock. The
large outside offerings to take profits served to
materially decrease the buying movement, how
ever. and period of dullness and firmness inter-
vened. 1t was terminated by the sudden move
ment in Union Pacific, which rose early above
80 and was held there for the rest of the day
The preferred stock also lifted to 81 and the
movement extended to the grangers and South
suffered from profit taking under of this
diversion of speculation, but the advance in the
general list was continuous and the market
broadened to embrace large number of
dormant stocks The grangers all advanced
to near the high point on the present movement
and St Paul rose sharp fraction above it. A
late recovery in Peoples Gas after a slight de-
preston, carrying the price above 107. held the
market in the final transactions in the face of
active profit taking. and an advance in
Denver preferred of nearly two points helped to
the same end.
The money market maintained its hrmer Tone
call loans ranging from Ia to 2h per cent
Sterling exchange weakened under the pressure
of grain and cotton bills, giving assurance that
prompt relief may be had for any money strir
gency. New York banks have been losing heavily
to the subtreasury on bond operations during the
week. but government deposits with the banks
have been largely increased the newly -distrib-
uted per cent. bonds have become available to
the banks as security for government deposits
Uneasiness regarding the declining surplus re-
serve has therefore been largely allayed. Profit
taking was in evidence in some of the specula-
tive bonds. but the standard issues were mainly
firm. Total sales. S4,770.000. Government bonds
unchanged.
The following table, prepared by l.. w. Louis
Room IL, Board of Trade. shows the range of
quotations: