The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-20
STOCK LIST ADVANCING
MARKET CLOSED WITH HEAVY DE-
MAND AND UNLIMITED BUYING.
Shorts Tfmid About RisIxing Their
Deals Over the Naval Holiday To-
Day-Local Trade Active.

At New York yesterday money on call
was quoted at 115Q124 per cent; last loan.
ia per cent
Prime mercantile paper, S4G4 per cent
Sterling exchange was weaker, with ac-
tual business in bankers bills at $4.S5AQ
4.S5B for demand and at $4SS15Q4SS5s for
sixty days; posted rates, s4.S4Q4.S5 and
$4.S61s; commercial bills, $4.S2%.
Silver certificates, 59AQ5912c; bar silver,
59Ac; Mexican dollars, Acc. At London bar
silver closed quiet at 27asd an ounce
Total sales of stocks, 4S0,SO0 shares, in
cIuding: Atchison preferred. II, 430; Chesa-
peake & Ohio, 1858; c., B. & O. 17,62S; Lake
Erie Western. 14,OS0; Lake Erie & West
ern preferred, 6,4O2; L. & NJ, $780, Manhat-
tan, 1920; Northern Pacific. So, 42O; North
ern Pacific preferred. S45O; Rock Island,
1920; Union Pacific, 6,15O; ST. Paul, 715O;
Southern preferred, 5,120; Union Pacific pre-
ferred, 1920; Cotton Oil, 1910: Tobacco, 10,
$40; Chicago Great Western, 1920; People S
Gas, 1890; Illinois Steel, 4,5S5; Sugar, 2S120;
Tennessee Coal and Iron, 2,220; Leather pre-
ferred, 1880; Rubber, 1889.
The recovery from the reaction in Thurs
days New York stock market was decisive
| and complete yesterday before the end of
trading, and the closing showed furious
sorbing all offerings at advancing prices.
Some of these offerings were heavy as re-
suit of the attractive level of prices at
tanned, and numerous individual blocks of
LOCO shares and upwards of ST. Paul were
snapped up with apparent avidity. ST. Paul
resumed the leadership of the market and
was Well taken and firmly held all day, but
1t was not until the last half-hour of the
| trading that 1t was taken declSively in hand
and rushed up from about 11O12 to 1124.
| The other grangers followed suit though at
less hvely rate, and with nowhere near so
| large yoiume OF business. Burlington re-
| covered its l12 dividend and "a besides The
| earlier part of the day showed a marked
| falling OH In the animation of the market
and the conspicuous movements in prices
| were confined almost entirely to the indus
trials and Specialties. 1t became evident at
the opening that there were supporting Or
| ders In leading stocks which offered bar
| riGr to further declines. There was in addi-
ton continuance of the outside demand
for stocks through commission houses Some
! OF the induStrialS showed a buoyant tone
and served to sustain prices. Although there
| was we'll absorbed that the bears became
| discouraged and desisted from their efforts
| TO break the market. When it was an
nounced that the Stock Exchange would be
closed over Saturday until Monday it be-
cams evident that the shorts were the ones
who felt tilnid about leaving commitments
outstanding. The aggressive move in St.
Paul inaugurated the bull movement in full
| force. Some of the sharp gains in indivd-
ual STOCKS were: Lake Erie d western, D;
| Lake Erie & Western preferred, IN Mime
sofa Iron, Ga; Pacific Coast Improvement,
BE; Pacific Coast Improvement second pre-
ferred, 8; International Paper Company, 6.
The rise in st. Paul was 49,
| Reports by trade journals and from other
expert sources tell of large expansion of
business as result of the termination of
| the war with Spain. The expansion of the
country's business is strikingly manifest in
the conditions of the New York money mar
ket, where the pressure for funds from in
terror points is already beginning. There is
practically nothing to meet this demand but
gold, and New York banks are shipping
gold to the interior for circulating medium.
The New York money market has respond
ed with a hardening tendency and the for
eign exchange market with fall in rates.
Meanwhile the Bank of England has been
strengthening its reserves by contracting its
loan account in anticipation of a call for
gold from New York and a resulting rise in
money rates in London. An early gold
movement to New York seems inevitable,
and there is an eager demand by national
banks for the new government bonds. AS
soon as they can be acquired they will I'M
doubtedly be used for expanding the bank
circula ton. These facts make it evident
that the country is finding ample use for
the very abundant increase in it's money
supply. =.
The following table, prepared by L. W.
Louis, Room H. Board of Trade, shows the
range of quotations: