The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-07
STRONG STOCK MARKET
BROADER RANGE OF PRICES AND
NET GAINS WE'RE SCORED.
Outside Interest Appears in New
York Change, and Brokers More
Busy-LocaI Trade Quiet.

At New York, yesterday. money on call
was firm at 3G31l per cent; last loan at 3;
closing at Sq3lk per cent.
Prime mercantile paper, 3lza4 per cent.
Sterling exchange was strong, with actual
business in bankers bills at $4S5n4S5i4 for
demand and $4.S2AG4S3 for sixty days; post
ed rates, $4.Ss1z and S4.S6; commercial bills.
$4S2.
Silver certificates, 57Ad57ssc; bar silver,
655sc: Mexican dollars, 451zc. At London bar
silver closed uncertain at 26l4d an ounce
Total sales of stocks. 3S9 900 shares, includ-
ing: Atchison preferred, 1856; Chesapeake
& Ohio 4.211; Chicago Burlington & Quincy,
5000; Louisville & Nashville, ABS; Manhat-
TAM 25, go; Metropolitan Street-railroad, $500;
Missouri Pacific. $3.50; New Jersey Central,
O,665; New York Central, Il. rs; Northern Pa
cific, 4,S4O; Northern Pacific preferred, % 2S2;
Ontario Western 1856; Reading, 1890;
Rock Island. s2O5; st. Paul, a6O95; Southern
Railroad preferred. 321S; Union Pacific,
24.425; Chicago Great Western. $3.50; Peoples
Gas. 6.1SO; Laclede Gas, 4.,16; Sugar. 1850;
Western Union. Asp.
Yesterdays New York stock market was
broad, animated and strong throughout and
gains were maintained with only insignfi-
cant reactions at a few intervals. The buy
ing on a very large scale, and ag
gressive and confident. A number of prom
1nent operators were in the movement, and
their combined tazings made up a large
share of the total transactions of the day.
But there was manifest an outside interest
in the market, which was awakened by
Wednesdays strength, and the commission
house business was on a fairly large scale.
The investment demand for safe dividend
paying stocks and the heavy buying of bonds
were also evidences of an infusion of new
life into the market. 1t is likely that these
dealings were due TO the large amounts
made available for investment by the jan
uary dividend and interest disbursements.
Most of the dealings were professional, new
ertheless and they seemed to have been in
cited by the very confident expressions of
one Of the largest and most dashing oper-
ators in the market and who was in large
part the leader of last summers rise. Some
of the most notable gains were achieved
early in the day and We're quite firmly held
throughout, even in the face of very large
transactions. There were suggestions of
realizing in this, but all offerings were well
absorbed. The closing was only slightly be-
low the best and showed net gains of be-
tween 1 and points for nearly all active
stocks. Prices for American securities were
good in London and in Europe, and gave an
Impetus to the rise at the opening, the in
ternatiOnal stocks being the first to advance.
Vanderbilts, New York Central being con-
spicuous for the large buying and an ex-
IRENE advance of points. There was re-
port circulated that the active managers of
these properties had been sharply admon-
ished by the controlling interests that their
hold on their positions would be made de-
pendent on rates for traffic being maintained
ON their lines. Report on the settlement of
differences on the rates from the West also
helped on the rise. The coalers all enjoyed
marked gains on reports of increased bust
ness and better prices. Continued strength
in Sugar also helped TO sustain the market.
The prevailing tghtness of money showed
the sirst decisive tendency toward easier
rates, and while most loans were made at
31z per cent. the rate yielded to 3 per cent.
and closed at that. There was a better de-
mand reported also for commercial paper,
though not sufficient to cause a yielding of
the rate, which continued at 312 to per cent.
for choice grades. There was some out
standing short interest in the market, and
the covering of this helped on the rise.
The bond market was even more active and
stronger than stocks, and some notable gains
were scored. There were two transactions of
100000 par value, one in Brooklyn Transit
fves and the other in Wabash frStS. Com
mercial Cable tours gained 3l5. Susquehanna
& Western general fives ~, Missouri Pacific
collateral trust fives 2 and Mobile & Ohio
fours IA Total sales, $5,O9J0JO. Government
bonds We're "A higher all around.
The following table, prepared by l.. w
Louis Room IL. Board of Trade, shows the
range of quotations: