The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-11
ONLY A BRIEF STRUGGLE
NEW YORK STOCK LIST QUICKLY
RECOVERED FROM DEPRESSION
London Buyers Had a Sense1ess Scare
and UnIoaded for a Time-LocaI
Trade Is Excellent.

At New York yesterday money on call was
steady at 1d112 per cent, the last loan be-
ing made at IL per cent.
Prime mercantile paper, 3d4 per cent.
Sterling exchange was easier. with actual
business in bankers bills at $4.S5@4.S6 for
demand and at $4.S415@4.S4a4 for sixty days;
posted rates, $4.S51a and $4S7; commercial
bills, $4.S3a4.
Silver certificates. 571k@5S1zc; bar silver,
577sc; Mexican dollars, 45!sc. At London bar
silver closed fiat at 2s5sd an ounce.
Total sales of stocks were 621, 800 shares
including Atchison, 6,404; Atchison pre-
ferred, 1929; Chesapeake & Ohio, 1850; Chi
cago, Burlington & Quincy, 57,571; Louisville
& Nashville, 25,11O; Manhattan 1916; Read
ing preferred, 1925; Missouri Pacific, 1900;
New York Central, 1850; Northern Pacific,
ago; Northern Pacific preferred, 1850;
Rock Island, 1e451; ST. Paul, 3d. $50; Southern
Pacific preferred, $500; Union Pacific pre-
ferred, 23,Ss2; American Spirits sS12; To-
bacco, 6S,1O5; Chicago Great Western, S,275;
Peoples Gas. 81 191; Consolidated Gas, 3,175;
General Electric, $50; Sugar 1O0,925; Ten
nessee Coal and Iron, AGO; Leather pre-
ferred, 4,420
There was brief struggle in the first hour
of yesterdays New York stock market to
extend the reaction which has been in prog
ress during the week, when the prices sud-
denly and vigorously took an upward turn,
and it was runaway bull campaign for
the rest of the day. There was enor-
nous absorption of stocks on the ascending
scale of prices, especially in Sugar, Brook
lyn Transit. the grangers and a few of the
leading specialtieS. The picking up of in
active and dormant stocks, however, dis
uhgulshed the trading quite as much as the
aggressive strength in the great specua-
tive leaders. The advance was made in the
race OF several incidents, any one of which
would have been seized on to raid down the
whole list In the reaction spirit of the ear
her part of the week, but they were with
out the slightest Influence in restraining the
heavy buying of stocks. One of these Incl
dents was the marking down of prices of
americans In London or the score of the
chronic British apprehension that the cur
rency and finances of the United States
were being unsettled and ruined by the Ma
tons supreme legislative body. London
sold stocks early on this ground but at
the extreme decline bought a little bit of
Louisville and Southern Railway preferred.
THESE two stocks suffered depreciation from
the fear that the establishment of quaran-
tine against yellow fever in the South would
interrupt traffic and cut down their earn
ings. There was a disposition al the OPEN
ing also TO continue the bear campaign
against Sugar and the price was driven
down over point in the first hour but adj
IRENE rise being 5A. Reports from the
growing crops created an urgent demand
Ior the SrangerS. The stocks of the whole
group were eagerly bought, but Burlington.
led with net gain of 2as. st. Paul was held
back awhile by London selling, but finally
joined in the advance. The Southwestern
granger roads also had the benefit of the
crop prospect, especially Atchison preferred,
which is up 13s on the day. 1t was notice.
able that the Specialties which have been
strong during the late weakness in the mar
ket fell into the background except Brook
Ign Transit, which continued its conspicuous
advance with an addition of points to the
price. The market closed very active and
strong near the top.
Bonds merely held their own in the early
dealings, but prices rose and the volume of
business increased later in the day. Total
sales. sS625,000. United States old fours,
registered, on CALL declined "A in the bid
price. but later bid up ~.
The following table, prepared by L. w.
Louis, Room II. Board of Trade, shows the
range of quotations: