The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-05
BUOYANCY in STOCKS
DURING THE ACTIVITY SOME OF THE
LEADERS GAINED STRENGTH.
Bond Market Active and Good De-
mand for SecuritieS-LOcaI Trade
More satisfactory.

At New York yesterday money on call
was easy at 112a1sl per cent; last loan, liz
per cent
Prime mercantile paper, 3a4 per cent.
Sterling exchange firm, with actual bust
ness in bankers bills at s4.S51sQ4S5h for de-
mand and at $4.s3d4sSls for sixty days;
posted rates, $4SS15 and slS6: commercial
bills. $4S2Q4S2l5.
Silver certificates 5G2sd571zc; bar silver,
56l5c; Mexican dollars. 45l4c. At London
bar silver closed at 261sd an ounce.
Total sales of stocks. 2s4.2OO shares, in
GLIDING: Baltimore & Ohio, 9,315; Canada
Pacific, 7,425: Chesapeake & Ohio, $685.;
Chicago, Burlington & Quincy, 13S75; Den
yer & Rio Grande preferred, 3,415; Erie pre-
ferred. 1881: Lake Shore. 3.141; Louisville
& Nashville, $3.50; Manhattan, 1882; Mich
igan Central, e,477; Reading preferred. 467O:
Missouri Pacific, $3.50; New York Central
IA 4O5; Northern Pacific, 5,1O6; Northern Pa
cific preferred q, 49,; Rock Island, 1891; st.
Paul, 13.4S!; Union Pacific, 2O.SS5; Tobacco,
$3.50; General Electric. 4,54O; Pacific Mail
$3.50; Sugar. 1856; Western URion, 630S.
The remarkable buoyancy of a few spe-
cial stocks lifted yesterdays stock market
out of slough of depression and closed
the day with net gains the rule, though
there were a few losses in exceptional
cases. The changes We're small in the gen.
eral list, but the gains in the little group
of leaders were extraordinary. The Erie
stocks showed the effect of some unusual
demand at the opening Of the market, and
the first preferred ended with a gain of
over two points. Connected in some way
with this was the movement in Susquehan-
ma & Western, which gained in force as the
day advanced. The preferred stock showed
a gain of four points on the last transac-
tons, the common stock of 81. There was
nothing in the news of the day to explain
these movements. The Vanderbilt stock
held the center of the stage on account of
the action of the New York Central direc-
tors in authorizing an issue of 10000 900
collateral 3ls per cent. bonds to effect con-
soldation with the Lake Shore The formu-
late0 plan closely agrees with the an
nomcements hitherto made. A quotation
for the new bonds when issued was prompt
~ established on the exchange, 30 being
bid and 81 asked. The price of Lake Shore
and OF New York Central waVered some
what In the face of profit taking On the an
nouncement which has been amply dis
counted. But Michigan Central bounded
up buoyantlV over four points on the belief
that it WOULD ultimately be inclrded in the
consolidation in progress. Capdda Southern
also benefited to the extent cf over 3, point.
Norfolk x Western preferred is up about
two points, and was bought largely in this
market to-day for London account This
stock was affected by the reported author
ity granted to it to construct a branch
through Virginia to Washington, and by the
general Improvement in its financial condi-
ton. Gre3t Northern preferred advanced
an additional point, but reacted two points.
to 160 and ut the close quoted 155 bid and
159 asked. Manitoba, the subsidiary COM
pany jumped five points to 49, The latest
strength OF the market brought number
of gains i'm the general list 10 about a point
and reduced or wiped out declines in a num-
Der of stocks that had shown e9rly heavi-
ness, notably Manhattan, Baltims q Ohio
and Union Pacific preferred. A feature of
the day the continued advance in for
eign exchange, based ON the easy tone of
the money market.
a Wall-street news bulletin says: Great
Northern preferred rose another II points
Thursday OH small transactions. The total
sales were about 5000 shares. The advance
was on scattered buying that did not seem
for the most part to come from people close
~ connected with the property. Ii was ac-
conpanied by a. number of stories, all to
the effect that Great Northern stockholders
We're to be given at once in one form or
another an extra or special distribution of
dividend or rights to subscription for new
stock. We state on the highest author
ity that there Is 10 truth in any OF these
statements as far as the immediate present
is concerned. It is not intended to take
steps TO increase the capital at the moment.
it is, however, probable that in due time
an ADVANTAGE will be taken of opportunities
that may occur TO give stockholders valu-
able rights to subscribe to new stock but
there will be no watering of stock, nor
will new capital be issued except for value
existing ami heretofore unexplained. 1t is
very closely held, and it Is safe to say that
as regards n.ne-tenths of the stock the mar
ket price is u matter of Indifference to its
owners.'
There was no very noticeable falling off
in the activity of the bond market No very
important gains were shown but prices
were firmly held. Total sales. $56S0,000
United States new tours were up 4 bid
The following table prepared by l.. w.
Louis Room II. Board of Trade. shows the
range pf uuOtat ions.