The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-16
BUOYANT STOCK TRADE
LARGE TOTAL SALES AND NUMBER
OF NOTEWORTHY ADVANCES.
Foreigners Have Been PersistentIy
Liquidating and Americans Raking
i'm the Proft-LOcal Trade Quiet.

At New York, yesterday, money on call
was steadier at 11aG2 per cent; last loan,
ia per cent; prime mercantile paper, 3A64
per cent. ~
Sterling exchange was steady with actual
business in bankers bills at $4.S519G4. S5s4
for demand and at s4S4d4S414 for sixty
days; posted rates, s4S415@4.S5 and $4.S61a
commercial bills, $4S304. S31a.
Silver certificates, 3Ss4c; bar silver, $3.50;
Mexican dollars, 46c. At London bar silver
closed steady at 2712d an ounce.
Total sales of stocks, 55S5OO shares, in
Guiding 1890 Atchison preferred, S1OO
Chesapeake & Ohio. 21.2OO Chicago. Burling-
ton & Quincy 4,230 Illinois Central, $3.50
Louisville e. Nashville, 24.45O Manhattan,
$3.50 Reading preferred, 1920 Missouri Pa
citic, 1920 Northern Pacific, 1850 Northern
Pacific preferred 10000 Rock Island, 1912
st. Louis & San Francisco second preferred,
$3.50 st. Paul. 1920 Southern preferred,
1870 Union Pacific, 3,545 Cotton Oil, 25,715
Tobacco, 1880 Peoples Gas, 3,40O Illinois
Steel, % 40 Sugar, 5000 Tennessee Coal and
Iron, 1854 Leather preferred, 17,740 Rubber,
ITO Rubber preferred and 9,42O Western
Union.
The market for stocks was remarkably
active and buqyant all day yesterday. There
was an occasional halt in the upward ten
dency when the price of some leading stock
was advanced to a level which invited I'M
usually heavy offerings, but no volume OF
offerings seemed sufficient to check the
steady upward tendency of the market, and
everything was absorbed with eagerness
ST. Paul look the lead of the market with
rise of IA per cent and the total trans
actions for the day footing up $500 shares
This advance was undoubtedly due to the
movement of a large combination of specu-
lative interests and was based primarily on
the fact that the advance in the price h1th-
erto has been incommensurate with that in
the other prominent grangerS. The reason
for this probably was that the stock has
been more largely held abroad than the
other grangerS and London has been per-
sistently liquidating its holdings of Ameican
stocks. Englands unfavorable trade bal
ance and the strong market presented in
New York for profit taking, of course, have
been the motives for this selling. But 1T
was nevertheless effective in holding back
the price of st. Paul. 1t is now said that
these London offerings have been steadily
absorbed by the powerful speculative clique,
which started the present bull movement in
Burlington and which has now shifted the
leadership to st. Paul. The buying was ac-
companied by rumors that the next semi
annual dividend of per cent. will be sup
plemented by an extra dividend. The pre-
ferred stock bid up 312 per cent. and
the high-grade bonds of the company were
also very strong. But while St Paul was
the conspicuous center of the market the
other grangerS were uniformly strong. The
buying of Northern Pacific continued very
large and aggressive. Brooklyn Rapid
Transit was also heavily bought and a num-
Der of other industrials notably Tobacco,
New York brake, the Rubber stocks and
American Mailing were buoyant and active.
The strength spread from the leaders as the
day progressed and embraced a continually
growing list of stocks, most of which show
gains of between one and two points and
many OF them in excess of that. Sugar and
Manhattan were depressed throughout.
There was no special news on account of
the rise, which was rather due to the
growth of a general conviction that the con-
clusion Of peace will give full scope to the
extraordinarily favorable conditions in the
country embraced in large crops at profit
able prices, easy money conditions and a
continuing favorable trade balance. The
multiplying signs of business activity in all
lines strengthen the conviction in the coun-
trys continued prosperity.
Business in bonds was somewhat re-
Guced scale and there was q tendency to re-
action at some points in the list. probably
due to the diversion of capital into stocks.
Total sales So. 6S5 OO0 United States new
threes when issued, advanced sd bid per
cent Government bonds were otherwise I'M
changed
The following table. prepared by L. w.
Louis, Room II. Board of Trade, shows the
range of quotations: