The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-12
HEAVY DAYS BUSINESS
LARGEST TOTAL OF STOCK SALES
RECORDED IN MONTHS.
Large Orders for Western Railroad
Recovered-LOcaI Trade Quiet.

At New York yesterday money on call
was firm at 1903 per cent; last loan,
per cent.
Prime mercantile paper, 3Ad4A per cent.
Sterling exchange was steady, with ac-
tual business in bankers bills at $4S5A0
4S51s for demand and at $4.SSa4Q4S4 for sixty
days; posted rates, $4.S41aM4S5 and $4.S60
4.S61a; commercial bills, 1881.
Silver certificates, 5Sa4@591ac bar silver,
oSAc; Mexican dollars, 1O74c. At London bar
silver closed steady at 81 5-16d an ounce
Total sales of stocks, $4,000 shares in
Guiding: Atchison, 5,O77; Atchison preferred,
1850; Chesapeake & Ohio, $3.50; c., B. &
G., 32,772; c., c., c. G. ST. L., S,59S; Denver
& Rio Grande preferred, 5271; Louisville &
Nashville 1886; Manhattan, 10 SIS; Reading
preferred, S,S40; Missouri Pacific S,905; Mis-
souri,, Kansas & Texas preferred $40; NJ
Y. c., 1924; Northern Pacific, s., 375 North
ern Pacific preferred, 1O476; Ontario &
Western, 4,5o7 Rock Island, 24950; Union
Pacific. 52SS; ST. Paul, 1920; Southern pre-
ferred, 5,7SS; Texas & Pacific, $3.50; Union
Pacific preferred, 19,4SO; Cotton OIL 5000;
Tobacco, 1880; Chicago Great Western,
$3.50; Peoples Gas, $500; General Electric,
4,s51; Pacific Mail. $500; Sugar, 377S5; Ten
nessee Coal and Iron, 1880; Leather pre-
ferred, 1,720; Rubber, 1880; Western Union.
1880.
Yesterdays business on the New York
stock Exchange was the largest for many
months. Trading was very broad and COM
prehensive and the tone of speculation ex-
tremely varied. The general undertone con-
tinued Enthusiastically strong. The decline in
prices was not allowed to proceed to any
great length before dullness ensued, ana IN
a short time renewed demand would carry
prices upward again, generally on a mucn
smaller volume of business than that on
which they had declined. Business was so
large and was so widely distributed that
movements of special stocks had little in
nuence on the general list and the market
at times showed excessive irreguarity. Even
While large realizing was going on at one
point an eager demand would spring up at
another and keep the balance about even.
Considering the large total of the days
transactions net changes are small Orders
placed with commission houses to buy
stocks were larger in the morning and more
generally distributed than at any time since
the rise set in. This outside demand was
fed with a steady stream of stocks which
o6llterated the opening gain before the end
of the first hour. A large part of the out
SIDE orders, especially in the grangers, was
was induced by the unexpectedly favorable
character of the government crop report.
Realizing was on a greater scale in Bur-
hngton and Rock Island than in the other
grangers, possibly due to the comparatively
less favorable showing of the corn crop. The
advance in Atchison preferred brought out
such a flood of offerings that the demand
seemed to be abandoned largely and turned
to other low priced stocks. A number of
preferred railroad stocks which have not Yet
come to the full dividend to which they are
entitled and some of the junior stocks, on
which a surplus over preferred stock has
been earned but not dsbursed were espe-
cially prominent. Northern Pacific COM
mon was the leader in the late speculation
at an advance of two points, and Denever
preferred rose at one time ~. The indus
trial specialties were irregular moving up
and down in an erratic manner without re-
gard to the general course of prices. Sugar
was at one time above 40, while Manhattan
fell as low as los, and was depressed all
day. Depression was manifest also at other
points in the industrial list. Prices were not
maintained at the best in any case, but the
railroads all showed good resistance to pres
of consequence were shown in only a few
cases.
There were heavy offerings of bonds at
times, especially of recently reorganized
roads, a considerable part of the selling be-
ing attributed to foreign account. Total
sales. 81. 900. United States tours, coupon,
declined Il and the threes, when issued, adj
vanced Il in the bid price.
The following table. prepared by L. W.
Louis. Room IL, Board of Trade. shows the
range of quotations: