The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-28
TRUST STOCKS LEADING
HEAVY TRADING CONTINUES IN
SUGAR AND TOBACCO SHARES.
Better Financial Feeling Abroad and
American Securities i'm Strong
POsition-LOcaI Trade.

At New York yesterday money on call was
steady at 1%@2 per cent; last loan. ia per cent.
Prime mercantile paper. sAQ4A per cent.
Sterling exchange heavy, with actual bust
ness in bankers bills at $4.s5AG4s51s for demand
and $4.S2H Q4S2A for sixty days; posted rates
s4-s31s and s4S61k@4S7 Commercial bills, S4S1@
ASIA.
Silver certificates, 6Ol5G61lkc; bar silver, 6Oa40
Gle: Mexican dollars, 47Ac. At London bar silver
closed steady at 275sd an ounce.
Total sales stocks S57 200 shares, including:
Atchison preferred. S.9OS; Chicago Burlington &
Quincy. 25,7S5; Denver & Rio Grande
preferred. 3,135; Louisville & Nashville, 1857:
Manhattan, 1884; Northern Pacific 1O,S5S;
Rock Island, 24.75O; st. Paul, 1895;
Southern preferred, 4.17O Union Pacific
preferred, $4,000; American Tobacco. 2s, O2O; Fed
eral Steel, 1850; Federal Steel preferred. $500;
Peoples Cas- 5,445; Sugar, $4,000; United States
Rubber 12,0S0.
The stock market showed a continuation of
Wednesdays strength yesterday and the specula-
tive activity broadened considerably in addition.
There was not quite such a congestion of trading
in Tobacco and Sugar, although those stocks con-
tinued to be the leaders in point activity. They
traded in nearly all day at level below
Wednesdays close though each stock advanced
slightly above Wednesdays price for brief in
terval The covering of shorts which caused the
previous days rise in Sugar left that stock weak
again and the extreme decline from the high
point was Sh. rally at the close leaves the net
loss IA Tobacco was under pressure on the sup
position that the recently Incorporated company
is destined to be powerful competitor and on
account of accessions to the American company
of outside plug tobacco companies. The stock
was at one time off "a but closed with small
net gain. In railroad securities the continued
dulness and hesitation foreign exchanges was
without effect. There was a large demand for
quite an extensive list of railroad stocks, the
grangers leading, with pretty much all the West
ern and Southwestern roads showing good tone.
The Eastern trunk lines continued to lag on ac-
count of the admittedly bad rate situation in that
territory, which nuifes the benefit of the excep-
tionaly large tonnage which is being moved. st.
Paul was the leader in the railroad list and the
movement of the stock supposed to fore
shadow good September statement due to-mor-
The gross increase of that period in earn
ing is known to be wei on towards 100000 and it
is surmised that the statement will show re-
ducton in the recent heavy rates of expenditures
for improvements charged to operating expenses
The September statement of Union Pacific while
showing decrease of $4,000 in gross earn
ings. showed operating expenses largely re-
duced to leave increase in surplus earnings
of sl12554 The delayed movement of cotton now
coming forward and the decrease of yellow fever
foreshadows good earnings for Southern and
Southwestern railroads.
The easier tone of sterling exchange the
direct result of the calmer feeling in Paris. There
heavy demand for sterling exchange at
New York Wednesday for Paris account. which
sprang from the same that which lifted
exchange London in Paris above the gold ex-
port point, namely the pressure to transfer funds
from Paris to London II is now known also that
the violent recovery in British consols was partly
due to buying for the of timid Paris cap
ital because Of domestic discount and not al
together to the relief of the Anglo French tension
Fashoda
There good absorption of railroad bonds
and prices generally higher. Total sales,
So. 900. United States tours, coupon, de-
clined Il, United States new fours registered, a.
while the threes. registered advanced Is in the
bid price.
The following table, prepared by L. w. Louis,
Room H. Board of Trade, shows the range of
quotations.: