The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-28
A BIG SCALPING TRADE
FOREIGNERS TAKE ADVANTAGE OF
STIFF PRICES TO UNLOAD.
stock Market Active Yesterday and
Money Ensy-LOcaI Business Bet
ter than Last January.

At New York, yesterday, money on call
was easy at 11k@1a4 per cent; last loan, IA.
Prime mercantile paper, 3d3%.
Sterling exchange was firm, with actual
business i'm bankers bills at $4sll5@4s45s for
demand and at $4.S21594.S2a4 for sixty days;
posted rates S4.S3d4S31s and $4S5l2Q4S6;
commercial bills $4Sllaa4.s2
SiIvef certificates, 56l4 Q57Ac; bar silver,
5e1kc; Mexican dollars, 44s4c. At London bar
silver closed steady at rs 3-16d an ounce.
Total sales of stocks, sos, 300 shares, in
Guiding: 14,2l5 Atchison preferred, 6,155 Ches-
apeake & Ohio, 1884 Chicago, Burlington
e. Quincy, 1864 Erie, 6,240 Louisville q
Nashville, 1885 Manhattan, 1888 Michigan
Central, e.c50 Reading preferred, 1880 Mis-
scuri Pacific. 4,490 Missouri, Kansas az
Texas, IS, APO Missouri Kansas & Texas pre-
ferred, 37SO New Jersey Central, 1,220 New
York Central $685. North American, r.
Northern Pacific, $3.50 Northern Pacific
preferred, 6,340 Ontario, 2O,l20 st. Paul. $3.50
St Paul & Omaha 4,102 Southern preferred,
1920 Taxas & Pacific q 1O2 Union Pacific,
$3.50 Tobacco. $3.50 Chicago Gas, 9,712 Peo-
pies Gas, 1851 General Electric, $50 La
clede Gas, 20,510 Sugar. 800 Leather pre-
ferred, 1882 Western Union.
There were a number of features of ag
gressive strength in yesterdays stock mar
ket, but there were also evidences that the
sustaining forces of those special stocks
were taken advantage of to sell out heavy
lines of other stocks to realize profits The
center of interest in the market continued
to be New York Central The persistent
advance in this stock is attributed very gen
orally in the street to inside buying. and
the reports of a pending plan for the merg-
trial lind very general credence. All sorts
of rumors are constantly afioat processing
and also for the consolidation of various
other Vanderbilt properties, but no official
authoritative announcement has been
made, nor is one expected. The advance in
New York Central was twice arrested dur
ing the day by reactions. The large abb
sorption of the stock which developed be-
fore the decline had reached great length
suggested by the probability that the reac-
ton was manipulated in the interest of
those seeking to acquire the stock. Lake
Shore yielded IL of its extreme advance OF
2is before the close. 1t is noticeable that
the Vanderbilt stocks for the most part
closed below Wednesday nights final price
Northern Pacific preferred. Kansas & Texas
preferred and Rock Island were leaders of
the market in conjunction with New York
Central There were not lacking other fea-
lures of strength in the market. and the
New York transit companies were consRic-
uOus for sudden and sharp advance III the
final hour. But, considering the large vol
ume of business, the small net advance i'll
many active speculative IaVorltes ana the
mixtures of losses on the days business, 1t
must be regarded probable that there
was a large taking of profits by recent buy
ers. London had a. large account in the
local New York market and on the side of
sales there was a balance of over 10000
shares. There was no news to explain SUCH
change of front OH the part of the British
financial center and it can only be ac-
counted for by a significant disposition to
take quick profits OH sharp advance. Ster-
ling exchange responded to the London SELL
ing with q rather firmer tone.
There was no hardening tendency percep-
tble in the money market. The enormous
demand for middle grade and low-priced
bonds continued in that department of the
market. The volume of transactions thus
far in January is said to be far in excess
of that for the corresponding period i'll any
previous year. The days business was
large and the advance was marked in the
low-priced speculative issues. Total sales
$5,670O00 United States old tours, coupon,
were Is higher bid. the new tours a higher
and the fives. coupon. = lower.
The following table. prepared by L. w.
Louis, Room H. Board of Trade, shows the
range of quotations.: