The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-01
ERRATIC STOCK MARKET
STANDARD SECURITIES HEAVY AND
sPECIALTIEs BOOMING.
Announcement of First Gold Ship
to Trading-LocaI Trade Active.

At New York yesterday money on call was
steady at 2G2h per cent; last loan. per cent.
Prime mercantile paper. S%941z per cent
Sterling exchange easier. with actual business
in bankers bills at s4.S4G4s4A and s4.S2% q4-sS
for sixty days; posted rates s4S4G4S4i9.
Silver certificates 5sa4@6O1zc bar silver $3.50;
Mexican dollars 46I2c.
Total sales Of stocks. ZOO shares. including
$3.50 Atchison preferred, s,O5s Baltimore & Ohio,
ESQ Chicago. Burlington & Quincy, S,40o Louis
vile & Nashville. 2O,2OO Manhattan, 1875 North
Pacific. 2s04O Northern Pacific preferred. $3.50
Rock Island n.715 Union Pacific. l4.67o st. Paul.
1920 Southern preferred 1926 Union Pacific pre-
ferred. 1885 Minnesota Iron. %, 300 Wabash pre-
ferred. IL. l2l Tobacco, S,43e Chicago Great West
ern. A. e65 Peoples Gas, S.076 General Electric,
1853 Illinois Steel. 14.10O Sugar, 1884 Leather
preferred. SlN Rubber. 1851 St. Louis San
Francisco preferred.
Yesterdays New York stock market quite
remarkable for the listessness and heavness
of the standard securities as it for the ami
nation and strength of a number of speciaties.
The grangers. Union Pacifcs Atchson preferred,
Brooklyn Transit, Sugar and most of the railway
shares sem-stagnant all day and most of
them closed at small net losses and with outside
fluctuations for the day of only a small fraction.
The great combination of iron and steel
panes was of the notable influences which
caused activity and strength in a number of
stocks. Those already known to be in the COM
bination showed strength all day and the common
and preferred stocks of the American Steel and
Wire Company advanced and ABS. respectively,
on rumors that it to be included in the con-
soIidation. Possibly the large buying and sharp
gain of the Cleveland. Lorain & Wheeling stocks
connected with the same cause. The move
ment in Northern Pacific was also special one
trrn11
to insure the preferred dividend in con-
temptation, Wabash preferred continued its up
ward movement, but met floods of stock at a
price of a. and eased off Peoples Gas was very
largely dealt in and gained 27sc net, closing at
the top the belief that conflicting interests had
been adjusted. The buoyancy of this stock at the
close did not the rest of the list from a
sagging tendency. There conspicuous move
ments in number of other stocks of less prom
inence Manhattan was source of weakness all
day and lost points at one time.
The announcement of the first gold imports i'm
parted some vigor to the market and did not
check a further decline in sterling exchange.
London discount rates advanced 4 per cent. to
1ss@17sc. but this is still 114013s per cent below
the rates for the corresponding periods in New
York Money rates in New York unchanged.
but continued firm, and the outgo of cash from
the banks to the subtreasury account of bond
subscriptions continued.
In view of the apparent needs of the money
market, the decline in government bonds includ-
ing the new threes, when issued is somewhat
perplexing These bonds supposed to be in
eager demand by the banks only to offer
security for government deposits. thus relieving
the drain of cash into the treasury, but also for
circulation to meet the growing interior demand.
There were some large transactions in bonds and
prices quite firmly held with a few excep-
tions, notably the Atchison issues Total sales,
g. 745 0O0 United States tours, the fves and
old fours, registered and the threes, when issued,
declined u in the bid price
The following table, prepared by l.. w. Louis.
Room IL, Board of Trade. shows the range of
quotations: