The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-15
SCRAMBLE FOR STOCKS
THE WEEK OPENS WITH EXCITING
TIMES ON NEW YORK CHANGE.
Sugars Wild Fluctuations a Feature
of the Heavy Trading-LOcal Mar
kets Active and Strong.

At New York yesterday money call was
steady at 2a2k per cent; last loan, 214 per cent
Prime mercantile paper, 3d4 per cent.
Sterling exchange easy, with actual bust
ness in bankers bills at s4.S5@4.S5A for demand
and at s4,S2Q4s2A for sixty days; posted rates,
s4.s3 and $4s664. s61k commercial bills, $4.S1
Silver certificates, 6O1kQ611sc bar silver 6o9sc
Mexican dollars. 471sc. At London bar silver
closed uncertain at 81 15-16d an
Total sales of stocks were 667, 400 shares. in
Guiding the following: Atchison, "a, 60O Atchison
preferred S. 100; Chesapeake Ohio, 47O; Burling-
ton. 1s05O; Louisville & Nashville. 27135s North
American 1866; Northern Pacific, LAS; Northern
Pacific preferred, ATS; Rock Island, 70,920; Union
Pacific, 1920; Union Pacific preferred. 1927; St
Paul, SO $40; Southern preferred, 1917; Texas
Pacific, 1910; International Paper. $40; Inter
national Paper preferred, $3.50; Tobacco, 1885,
Bay State Gas. n195; Federal Steel, 1851; Fed
eral Steel preferred 121S7; Peoples Gas, divi
dend. 1O.S50; Pacific Mail. $3.50; Tennessee Coal
and Iron, 3,40S; Sugar 49, 1856; St. Louis & South
western preferred, 5,531; Chicago Great Western
1880.
The New York stock market has recently
emancipated itself in large degree from the in
nuence of Sugar Tobacco and like uncertain
quantities, but the violent gyrations of Sugar in
yesterdays market could not but have a rather
unsettling effect. Quotations were almost lost at
all the way from 125 down to 124 Before
the price was quoted at 119 and again before the
close it went back to 124. The early decline
based the fall in the loaning rate, which
taken to indicate the conclusion of the squeeze
against the shorts and the subsequent recovery
came with the announcement of the advance in
the price of the product by the companies alleged
| to be engaged in trade of determination.
| The enormous volume of the transactions in this
speciality gave it necessarily sympathetic in
fuence on the general list The opening quotation
for Atchison preferred also all the way from
Al AZ in the simultaneous sales of $500 shares.
| The high price proved too much to sustain and
| it off in the first hour. carrying the whole
| railroad list with it. Atchison preferred
| than recovered late in the day and sold high
| as 43%. The adjustment bonds We're also in heavy
demand and rose at one time 1as. But the rail
road list generally showed a tendency to drag and
recent leaders were sustained at level above
Saturdays prices with difficulty. in spite of the
additional advantage of very striking gains
in usually active stocks. Finding the difficulty
of moving the recent leaders, speculation showed
tendency to turn to the lower-prced stocks. The
| Southwestern railroads were most conspicuous,
| probably in sympathy to some extent with
Atchison. Missouri Pacific Texas & Pacific, St.
| Louis & San Francisco second preferred, St.
| Louis Southwestern preferred and Kansas &
| Texas advanced from fraction to IL points. In
| addition the Pere Marquette stocks moved up
| points each, Kansas City, Pittsburg & Gulf adj
| vanced an extreme 2% and Chicago & Alton 1924.
| touching 1877. The Pittsburg & Gulf bonds also
| showed marked strength. These two latter move
| ments were associated in Wall-street gossip with
the rumored change of control in Chicago & Alton.
| In the industrial list conspicuous gains
achieved by the National Biscuit stocks, Spirits
preferred. the International Paper stocks Linseed
| OIL and Manhattan. The grangers and the
Pacihcs, the Iron and Steel stocks showed in
| creasng heaviness the day progressed and
| some fell below Saturdays close, while none of
| them show net gains of more than fraction
The money market was active and rather firmer
| and some apprehension is felt of future rise in
| rates, the more London sold stocks in New
York freely to-day as safeguard against gold
movement to New York. Atchson adjustments
continued to lead the bond market and there was
notable activity in Wisconsin Central firsts which
declined 1Ss, and in Texas Pacific second in
comes and some other middle grade and low grade
issues at advancing prices. But of the high
grade per cent. bonds, which have recently been
conspicuous for strength, including the Atchison,
Northern Pacific, Union Pacific, Erie, Reading
and Norfolk g. Western, disposed to
fours registered, and the fives registered de-
clined Il and the 1ves. coupon advanced Is in the
bid price
The following table prepared by L. w. Louis,
| Room II, Board of Trade, shows the range of
quotations: