The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-06
BETTER STOCK PRICES
TRADING IMPROVES BY PROMISED
RELIEF IN MONEY MARKET.
Rush OF shorts to Cover Sent Shares
Upward and Gave Bulls Control
Local Trade Not Heavy.

At New York yesterday money on call was
firm at 3A@4 per cent; last loan, Sh per
cent; closed at 315 per cent.
Prime mercantile paper 31k@4 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.S5Q4S5B for
demand and $4S25sa4S2% for sixty days;
posted rates, A.S3k and 1886; commercial
bills $4.S1h.
Silver certificates, 56s4@5Sc; bar silver,
56ssc; Mexican dollars 451zc At London
bar silver closed quiet at 261sd an ounce.
Total sales of stocks were $500 shares,
including: Atchison preferred, 4S40; Chica-
go, Burlington & Quincy, 1S,115; Louisville
& Nashville, 7,1O5; Manhattan, 1890; Met
ropolitan Street Railroad, 4,520; Missouri
Pacific, $3.50; Missouri, Kansas & Texas
preferred, 1926; New York Central, 1850;
Northern Pacific preferred, 6,Ss5; Rock Is
land. 1910; st. Paul, 20.43O; Union Pacific,
$3.50; American Tobacco. S.512; Chicago
Great Western. 1920; Peoples Gas, 14123;
Sugar, 10, 5S5.
The New York stock market got away
from the bears in the later dealings yes
terday, and closed buoyant and very ac-
tive, in part because of the rush of the
shorts to cover. Some of the specialties
were strong throughout the day, but there
was a period in the early session when the
reactions seemed to have gained control,
some of the Southern and Southwestern
stocks being sold down a point or over
The bears also attempted to utilize the in
PRODUCTION at Albany of bills directed
against combinations of capital, but the eff
feet of these bills was confined to Consol-
idated Gas, which fell over point Some
heavineSs early was manifested also in 9TH
er prominent railroad stocks which NAV
have EnAn hn 10
preston in the same stocks in London and
on European exchanges. This was nota-
bly, the case with the New York Central
stock and Northern Pacific preferred. The
forced covering of shorts and the later
buoyancy of the market brought the ex-
creme advances in some of the most prom
fnent stocks to nearly points or over, and
net gains of point or over were very fire.
quent throughout the list. The failure of
the bears to effect declines encouraged ag-
gresslveness in the bulls There
growing feeling also, that recent utter
ances by railway officials pointing to poor
returns, on account of low rates and rate
cutting, were not fully warranted. and were
designed to influence public opinion and the
action of Congress- The days report of
railway earnings came TO reinforce this
view. st. Pauls earnings for the last week
OF the year were second only TO those of
1892 for the corresponding period. Missouri
Pacific shows an increase in gross earn
ingS for the last week of December of $751;
600. Chesapeake & Ohio of $9S,645 and Kan
sas & Texas of $56,607 The detailed state
ment for October of the Cleveland, Lorain
& Wheeling started active buying of that
stock in the final hour which carried the
price up TO 1874, compared with recent bids
of Is. Finally the Union Pacific reorganiZa-
ton committee presented its check 10 the
assistant treasurer for $S53S. 401, which is
the final payment on account of the Union
Pacific sale. The contamination of this
operation. which has been disturbing fac
tor in the money market for over a month,
and the absence of furry in the money mar
ket on account of it yesterday, were viewed
with relief by Wal-stresters. The future
ease of the money market now seems
sured far government operations are
concerned. This encouraging combinati
Of circumstances served TO put an end to
the bear campaign and turned the tide in
favor of the bulls, though the days bust
ness was still largely confined to the profess
sional trading element. Brooklyn Transit
led the market both in point of activity and
in extent of gain, which was pa per cent.
The bond market took on increased ac-
tivity and strength in sympathy with
stocks and prices were generally higher.
Total sales, $2175.000. United States new
fours were - higher bid; the hves. regis
tered q higher. and the old tours. regis
tered, and the fves. coupon. Is higher.
The following table. prerared by l.. w.
Louis Room II BOARD of Trade. shows the
range of quotations: