The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-01
HEAVY TRADE ON'CHANGE
STOCKS MORE ACTIVE THAN ANY
DAY SINCE ADVANCE BEGAN.
Consolidation Schemes Made Favor
ties OF Number of shares-Lo-
cal business Dull.

At New York yesterday money on call
was easy at 1150I2 per cent; last loan, 1al
per cent.
Prime mercantile paper, 3d4 per cent.
Sterling exchange was steady, with actual
business in bankers bills at S4.S45s for de-
mand and at $iS2,2 for sixty days; posted
rates, 81. S3G4.S S1s and S4S51sQ4S6; CONNER
cial bills. @SllAa4.s2.
Silver certificates 569f@5734c; bar silver,
56i5c; Mexican dollars. 45Ac. At London bar
silver closed at 261sd an ounce.
Total sales of stocks, 574,1O0 shares, in
GLIDING: Atchisen preferred, $500; Balti-
more & Ohio, SOB; Chesapeake & Ohio,
4S, S99; Chicago, Burlington & Quincy. S7O5;
Cleveland. Cincinnati, Chicago & st. Louis,
$500 Illinois Central, S,S45; Louisville &
Nashville, 3e402; Manhattan, 22.s15; Ha-
waiian, $780, Reading preferred, Is, $50; Mis-
souri, Pacific, 1920; Missouri, Kansas &
Texas preferred, 4775; New Jersey Central.
$40; New York Central 22,19O; Northern
Pacific, $3.50; Northern Pacific preferred,
33.S25; Oregon Short-line, 1901; Reading,
$500; Rock Island, 664O; st. P.ul, % 500; st.
Paul &c Omaha, 1852; Southern preferred,
$3.50; Union Pacific, 1890; Tobacco, IS 1855;
Chicago Great Western, 1866; Peoples Gas,
$3.50; Sugar, 1885, United States Leather,
4,S10; United States Leather preferred, 5,446;
Western Union, $780,
More than $4,000, 600 of government, state
and railroad bonds have been sold at New
York during this month, compared with $685.
13S.000 for the same month last year. This
is the highest monthly record in history.
Trere was much investment in the bonds
OF the reorganiZed railroads, such as Union
Pacific, Atchson, Northern Pacific, St.
Louis & San Francisco. kansas Pacific con-
soils and krie. There was also much spec
ulation in the bonds notably in Union Pa
citlc certificates This speculation, of course,
anecIs the character OF the aggregate bond
transactions. The New York Commercial
Advertiser says: When bankers are asked
why bonds are so active and money at the
banks SO cheap, they reply that money is
pouring into New York from all parts
of the country freely there will be no
better money rate. That there is a ten.
dence among number of banks to reduce
rates of interest on deposit is true, but that
there is general inclination to do so is not
yet apparent. In the meantime it is ex-
main active
Yesterdays New York stock market was
more active and broader than at any time
since the present upward movement began,
but 1t was exceedingly uneven, and some
prominent stocks in the list show net de-
clineS. The market ignored the heavlnesS
OF some of last weeks speculative favorites,
and other stocks were taken up and pushed
aggressively There was obvious realizing
In New York Central, Lake Shore Rock
Island and Sugar. The leaders of the adj
vance were Chesapeake & Ohio, Cleveland,
Cincinnati, Chicago q st. Louis, Louisville,
1erred. The first two named were affected
by the published rumors that an amalgana-
ton was in prospect similar to that pro-
Jected for the New York Central and Lake
Shore. There was quite a large demand re-
ported for Chesapeake d Ohio for London
account, which was attributed to the pres
ence i'll London of a prominent authority in
that company. Other properties which are
largely under similar control shared to a
10 or fla.ar, Do
cific preferred continued it's remarkable ad-
vance and touched SO during the day. Con-
fident assertions that an additional dividend
was imminent accompanied the advance
Louisville continued to enjoy the advantage
OF the reports TO refunding plan nearing
completion. The strength of PENNSYLVANIA
was said to be due to the operations of a
pool which based the assumption
that the stock has not enjoyed a rise com
mensurate with that of other trunk lines
which are no better situated. The sharp
rise In Baltimore & Ohio. Which at the high
est amounted TO 3ls, was unexplained by any
news of the day. Strength in number of
the industrial specialties. notably Tobacco
and Leather preferred, and the advance of
some of the high-priced investment stocks
and the strength of the coalers. due to the
prevalent cold weather. helped to sustain
the market and the continued large absorp-
ton of railroad bonds was an additional fac
tor. The tone of the grangers was heavy
all day with the exception of Burlington.
which rose at one time over n point and of
Northwest and Omaha. viii moved in SYM
pathy with the Nanderbilts. There were
several halts during the day. due to a TAX
Ing of quick profits. and trading closed with
a very general movement to that end, which
embraced all the strongest and most active
stocks. cutting down their extreme gains in
all cases. Sugar lost nearly all of its early
advance. London was both buyer and
seller in this market. and Union Pacific and
St. Paul felt the adverse effect of this SELL
ing. Commission house business was on a
very large scale.
Business in the bond market was on a
very large scale. Kansas Pacific consols, the
Union Pacific and Atchison issues and the
Texas * Pacific seconds being in special de-
mand. Prices are higher all around Total
sales $6.340000 The United States new
fours advanced Il bid, and the fives,
coupon. Il.
The following table, prepared by T.. w.
Louis, Room II, Board of Trade, shows the
range of quotations: