The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-08
THE BULLS AGGRESSIVE
TOSSING or BEARS on NEW YORK
'CHANGE CONTINUED YESTERDAY.
Some Notable Advances in Stocks,
with SpeciaItIes Aetive-LocaI
Markets Promising.

At New York yesterday money on call
was easier at 2aSis per cent; last loan, 21s
per cent; closed. 215Q31s per cent.
Prime mercantile paper, 312Q4 per cent.
Sterling exchange was firm, with actual
business in bankers bills at $4.S5s for de-
mand and at s4.S27s for sixty days; posted
rates. S4SSka4s6; commercial bills, $4S2.
Silver certificates, 57Ad5Sc. Bar silver.
SIC. Mexican dollars, 45s4c, AT London bar
silver closed steady at 26 7-l6d an ounce.
Total sales of stocks t4S,91O shares includ-
ing: Atchison preferred, 1000; Chesapeake
& Ohio, $685.; Chicago, Burlington & Quin-
cy, 1868; Erie first preferred. 3,4S5: Louis
VILE & Nashville, $685. Manhattan, 1868;
Metropolitan Street-railroad, 3,S45; Reading
first preferred, $3.50; Missouri Pacific, 49,,
s55; New York, Susquehanna & Western
preferred, $500: New York Central, 5445;
Northern Pacific preferred 8,533; Ontario &
Western. 1856; Reading, 1920; Rock Island,
12,OS0; St Paul. 25,515; Southern preferred,
1928. Union Pacific, 2474O; American Tobac-
CO, 1880; Chicago Great Western. 1855;
Peoples Gas. $3.50; General Electric. 1885;
Pacific Mail, $3.50; Sugar, 1896; Western
Unionl %, 799
The New York market for stocks yester
day did not differ materially from that of
speculative world continued in full force.
and all the large professional operators
wore buyers of stocks. That they. were re-
inforced by a marked addition of outside
interest in the market was shown by the
large number of orders in speculative
stocks placed through commission houses.
There was also continued absorption of
bonds of all descriptions, very heavy orders
being placed in the high-grade issues as
we'll as In the speculative issues and mod
crate grade bonds. The pressure for funds
for reinVestment, which has been released
by the January 'vidend and interest pay
ments, was obvious. There was also
marked weakening of the rates for money,
Notwithstanding the lively awakening of
speculation. Efforts were made by the
banks and money lenders to keep the rate
for money as high as 3 per cent Loans
were, in fact placed at So per cent, but the
rate sagged off to per cent, and the last
loan of the day commanded 22 per cent.
for commercial paper. This served to
stimulate the speculative furore. which
seems to have broken out London was
quite large buyer in the New York mar
ket of several of the International stocks.
notably, Union PACIFIC and Louisville &
hold the leading place, on the reported de-
termination of the controlling interests in
these properties to see traffic rates main
tanned There was also a renewal of old
reports of a combination involving these
lines and looking to through transconti-
mental traffic. The most conspicuous move
ment in the market was that in Susque-
hanna & Western securities. due to the re-
ported passage of the controi of the prop
erty to Erie interests. The fears Of a
minority of stockhoiuers led to an unload
ing of their holdings. and a slump of eight
points in the common stock, without recoV-
ety. and of six points in the preferred, with
rally of over a point in the latter The
aonds of the company were very strong, on
the belief that they would be guaranteed by
the new controlling company. This break
caused sympathetic weakness in all the
coalers, and mild weather worked to the
same end. The bituminous coal roads were
on the other hand notably strong. There
was evidence of realizing in parts of the
list. on the strength impaired to the mar
ket by the general buying. Some of the
leading railroad stocks show small net
losses. Consolidated Gas advanced at one
time four points and Third-avenue nearly
five. The realizing of the last hour invited
by the days notable rise, affected the spe-
cialtieS most. but its effect was quite
marked throughout the list reducing the
day met gains quite sharply in some cases.
Net gains, outside the coalers and few
specialties. extend all the way from a frac-
tion to over a point. The abundant re-
Punishment of the local money market had
led to talk of the surrender by New York
banks of the government deposits now in
their vaults on account of the Union Pacific
payment.
The bond market continued very notably
gains of over l per cent. Total Sales 81
$50 600 United States old tours, registered,
We're X higher bid and the new fours were
Il higher.
The following table. prepared by l.. w.
Louis Room II. Board of Trade, shows the
range of quotations:
Open High Low Clos