The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-13
FRESH STOCK DEMAND
SENT SHORTS TO COVER AND RAISED
THE PRICE OF SHARES.
Change of Temper i'm Wall street At
tributed to Forcing Calls for
CereaIs-LOcaI Trade Active.

At New York. yesterday, money on call
was steady at 2A@21a per cent: last loan,
215 per cent.
Prime mercantile paper, 3G4 per cent.
Sterling exchange was easier, with actual
business in bankers bills at $4.S4Q4S41s for
demand and at $4.S112@4S1A for sixty days.
posted rates, $4.S21a and $4S5; commercial
bills $4.S015q4S5.
Silver certificates, 5924 @6012c; bar silver,
59a4c; Mexican dollars, 46s4c At London bar
silver closed easier at 2734d an ounce.
Total sales of stocks were 34S,SOO Shares,
including: Atchison preferred, $50; Chi
cago, Burlington G. Quincy, 1925; Louisville
& Nashville, S,S4O; Manhattan, 6,O45; Met
ropolitan Street-railway. S.Ol6: Reading pre-
ferred, 3,155; Northern Pacific, 1925; North
ern Pacific preferred. 1890 Rock Island,
S,62l; Union Pacific. $3.50; st. Paul, 1885;
Union Pacific, Denver & Gulf preferred.
1929; American Cotton OIL 1850; Tobacco,
1OO,99O; Peoples Gas, 1910; Sugar, 5000;
Leather preferred, $3.50; Chicago Great
Western, $50.
The undertone Of strength which has been
manifest for several days assumed the up
per hand in the stock market yesterday,
ignoring the continued weakness in some
of the specialties and driving the bears to
cover, thus putting an end to the decline
in some of these stocks. Buying to cover
short contracts played no small part in the
rise all through the list. 1t was not the
result Of an awakened public interest in the
market, but was rather by capitalists or
groups of financers interested in this or
that property. according to inside support.
1t was selling by inside influence that sent
Northern Pacific down last week and SYM
pathetically affected the railway list gen.
orally. Yesterdays sharp recovery on
Northern Pacific, which extended to IL, was
therefore a great relief. There was con-
spicuous buying also in Union Pacific pre-
ferred, the grangerS and some of the South
ern and Southwestern roads, the net gains
for many stocks reaching a point. Kansas
& Texas preferred was conspicuous eXcep-
ton, with a net loss of nearly point. The
speculation in Tobacco and Sugar continued
active and feverish. and the movement of
these two dominant specialties was conflict
ing. While Tobacco broke AS in the early
trading. Sugar made sharp recovery of
its recent decline, and while Tobacco rallied
nearly to Tuesday nights close in the late
dealings, the early gain in Sugar was more
than wiped out. There was quite a striking
movement in such gilt-edged issues Chi
cago q Alton and Great Northern and ST.
Paul preferred. There was no conspicuous
development in the general situation to ac-
count for the changed temper in Wall street
unless IT might be the continued heavy de-
mand for cereals for export and the adj
vancing prices for them in foreign markets.
Money conditions in London were also
slightly easier, which brought some buying
for London account, and there was APP
preciabe evidence of the increased supply
Of surplus capital here. The closing of the
market showed quite a firm tone in spite OF
weakness in one or two of the industrials.
Railroad bonds improved in sympathy
tai sales, 81, 2O5, 900. United States old fours.
registered. declined a in the bid price.
Others unchanged.
The following table, prepared by /. W.
Louis, Room II, Board of Trade, shows the
range of ouOtatiOnS