The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-01
STRONG STOCK MARKET
POWERFUL SUPPORT COMING FROM
WEALTHY AGGREGATIONS.
Large Proportion of the Business in
Several Active specialization
cal Trade Heavy.

At New York yesterday money on call
was easy at 1%q2 per cent; last loan. IA.
Prime mercantile paper, 3AQ4A per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4S51aq4S5s4 for
demand and at $4.S212a4 S2A for sixty days;
posted rates, s4S904.SS1a and $4S61kQ4S7;
commercial bills, $H.
Silver certificates, 61@62c; bar silver, 610
61Ac; Mexican dollars, 47Q4715c. AT London
bar silver closed steady at 2S14d an ounce.
Total sales of stocks were 344.1G0 shares,
including: Atchison preferred 1880; Burling-
ton, 14,257; Louisville & Nashville, 1870;
Manhattan, $3.50; Northern Pacific, 1850;
Rock Island, 7,44O; ST. Paul. %, 45O; Southern
preferred, 9,9SS; Cotton Oil, 4,275; Tobacco,
IS, 500; Peoples Gas, BIB; Sugar, q 12O; Ten
nessee Coal and Iron 4,S15; Chicago Great
Western, Abs.
Some obvious effort was required to sus-
tain stock prices on New York Change yes
terday above the level of Saturday and the
midday rise was not maintained to the close,
prices in some cases declining below Satur-
days level. An inspection of the list will
reveal that outside of a very few cases
net changes are unimportant Some obserV-
erS believe that such strength as the market
has is due to the support of very powerful
aggregations of capital interested in seeing
higher prices for new securities. Quite
large proportion of the total business was
in Tobacco, the price of which was rushed
up points to 1890. Another large proper
ton of business was taken up by the Fed
eral Steel securities, the preferred stock ris-
ing nearly points to 75a4 The steel stocks
are dealt in when issued" which is the
Stock Exchange phrase for buying what has
not yet come into existence. There is to be
$500, 600 in + federal Steel stocks. There is
also to be $50. 100000 of securities of the new
Continental Plug Tobacco annex of the
American Tobacco Company. AS these Sc
curitieS are in process of f1otatiOn the inn
portance of sustaining values in the gen
eral market for their benefit is undenable.
The task of doing this was not an easy one
and in the late dealings with selling of
Northern Pacific on a large scale, and talk
of fresh complications in connection with
that roads relations with other roads, the
burden apparently became too heavy and
out. Tobacco and Federal Steel were con-
spcuous exceptions. There were other points
of strength in the market during the day.
particularly among the Western and South
ern railroads. st. PauPS september state
ment, showing an increase in net earnings
of $253 331 in spite of large additional out
teract the effect of Burlington'S poor SHOW
ing published Saturday. There were strong
statements also from Denver & Rio Grande
and Chesapeake & Ohio, while in the 'Erie
statement the decline in gross earnings was
offset by economy in the operating depart
ment leaving an increase in the net earn
ings of nearly S., 000 But there was no gen.
eral public interest in the market and some
attention was paid to the large naval and
military preparations making in Great Brit
in The weakness of the wheat market early
in the day on the big Russian shipments
was also an influence. The small demand
for money is not regarded as a favorable
indication now that there are abundant
funds in the market.
There was continued activity in the bond
market the speculative and reorganization
bonds being the favorites. The Union Pacific
fours sold most of the Gay at par, when
nrice they touched for the first time on Sat
Trday. Total sales, 100000. Government
bonds unchanged.
The following table, prepared by l.. w.
Louis Room II, Board of Trade, shows
the range of quotations: