The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-06
STOCK PRICES LIFTED
POWERFUL COMBINE POURING MON
EY INTO THE MARKET.
Evidence of a PrecOncerted Move to
Elevate the Share List as Well as
BOnds-LOcal Trade Active.

AT New York, yesterday. money call
was steady at 1Aa1k per cent; last loan.
III per cent.
Prime mercantile paper, 31a@4 per cent
Sterling exchange was firm, with actual
business in bankers bills at $4.S51s@4S5A
for demand and at $4.S3s404S4 for sixty
days. posted rates, $4.S413@4S5 and 1850
$4.S615; commercial bills, S4s21a@4S3.
Silver certificates, 5S14@591zc; bar silver.
5ss4c; Mexican dollars, 451ac. AT London
bar silver closed at q 3-16d ounce.
Total sales of stocks 3S2, 400 shares, in
GLIDING: Atchison preferred, 1866; chesa-
peake & Ohio, 3,O15; Chicago, Burlington &
Quincy. 3378S; Louisville & Nashville, 1924;
Manhattan, 5000; New York Central. AGO;
Northern Pacific. PLAZA; Northern Pacific
preferred, 5000; Rock Island, 2,0O1; Union
Pacific, 6,1SO; st. Paul, $1,000; Southern pre-
ferred, 6,2S4; Union Pacific preferred. ALPS;
Spirits, 5,4OO; Tobacco, $500; Peoples Gas.
7,2l0; Pacific Mail, 3,775: Sugar, 27,7OS; Ten
| nessee Coal and Iron, 1915; Rubber 1915;
Rubber preferred 1851
The stream of speculative and investment
money continued to pour into stocks and
bonds on New York Change, yesterday,
without interruption. Prices throughout
the list were lifted sharply. The prof1t-tak-
| ing movement which has been a drag on
the leading industrials for several days
past, was apparently ended, and the bears,
who sold these stocks early on the assump-
ton that realizing was still n progress,
were forced to buy back later The result
was to bring the industrials into the gen
eral current of the market, which moved
upward with a tidal sweep: The railroads
themselves were somewhat unsettled a; the
opening, and most of the leading stocks
declined Is to u before the upward move
ment of prices set in. The opening weak
| ness was in sympathy with London, and the
cuickneSS with which il was overcome was
a striking evidence of the independence of
| the local stock exchange. There quite
a serious depression, both in London and
Paris, on the reported friction between nus
! STA and Great Britain, and there was quite
urgent selling for London account D1t the
supply of American securities abroad has
been so far reduced in the past year thar
| the disposition of foreign holders TO buy or
sell has very much less influence han for-
merly. The aggressive buying which has
| been noticed in Wall street for several days
quickly turned prices upward and gained
in volume on the advance Burlington con-
| tinued to be the leader and scored an ex-
| IRENE advance of "a. The other grangers
came next in point of Importance and the
Pacific roads and their connections followed
| with quite a list of lesser stocks trailing on
the movement; A marked feature of the
| trading the large individual blocks of
stock which were taken at top figures.
| Quite number of the speculative leaders
showed final transactions of 1000 shares or
upward at the high prices of the day.
There was some disposition to realize in the
| last hour, but decline of a fraction quick
| ly reduced the market to dizziness. Possibly
| the final squirt in Burlington was used to
cover some rather extensive realizing at
| other points. There was talk in Wall street
Of an agreement to advance prices, which
included a number of interests controlling
vast wealth. That the buying came from
a combination of very powerful interests
| was quite evident, but that it was based on
| the assumption of future rise in values
and demand from the general public for
| stocks is equally certain. There was some
| increase of outside interests shown by buy
| ing through commission houses. The mar
| ket was remarkably broad and brought into
| activity many long-dormant stocks.
Dealings in bonds were not on as large
| scale as the previous day. but the demand
| continued active and distributed and car
| ried prices vigorously upward all through
| the list. Total sales. $4.9SO,000 United States
| old tours, registered, advanced u, and the
threes, when issued, declined Is in the bid
| price.
The following table. prepared by L. w.
| Louis, Room II, Board of Trade, shows the
| range of quotations:
Open High Low Clos