The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-07
ST. PAUL in THE LEAD
THIS Is THE STOCK MARKET, AND
NOT THE WESTERN LEAGUE.
Prosperity of the Railroad Causes
Long-Expected Advance I'm Shares
Local Markets Dull.

At New York yesterday money on call
was 31s TO per cent; last loan, per cent.
Prime mercantile paper, 4hq5 per cent.
Sterling exchange firm. with actual
business in bankers bills at siS3Aq4.s6 for
demand and s4.SS1a for sixty days; posted
rates, sis4 and si.s71s; commercial bills,
s4s2Q4s21s.
Silver certificates, 5S4Q6oc; bar silver.
59Ac: Mexican dollars, 471ac. At London bar
silver closed steady.
ST. Paul was the central figure OF the
New York stock market yesterday. The
publication of the annual report, with its
great detail of facts and figures, all show
ing extraordinary prosperity. was the mo-
tive for the buying. which was very large,
and which carried the price steadily up
wards nearly points. So wide movement
in a standard stock of st. Paufs character
was looked to arouse some sympathetic
strength in the general market. The St
Paul movement in the upper stages OF the
advance showed some signs of manipulation
for the purpose of sustaining the general
market. There was quite free selling where
ever there was notable advance in price
and the last hour was given over TO an
active realizing movement, which clipped
off one-half of st. Pauls gain and car
ried prices generally below Tuesday night S
level. The jump in call money TO per
cent. induced the realizing. The exceptions
were a number of usually obscure stocks,
which were marked up in quite a sensa-
tional manner. Tennessee Coal dashed up
and down in an erratic manner all day,
climbing 915 points in the first hour ana
dropping again to within points of last
night The feverish demand for this stock is
attributed to large short interest whlch
finds itself obliged to settle with a prac-
teal corner in the stock according TO
current rumor. This is Wall streets effort
to explain the movement, which seems ex-
traordinary without it in stock which has
paid no dividends for twelve years and
which has preferred stock ahead OF II on
which six years dividends have accumu-
lated and are payable before dividend IS
due on the common. The movement In Col
orado Fuel. which reached about POINTS
was in close sympathy with Tennessee Goa,
as was that of 3 points In Hooking Coal.
There were rather sensational advances also
In Pullman, the Buffalo, Rochester & Pitts
burg stocks. which gained about ~ points
each, and Colorado Midland preferred.
Southern Pacific and Central Pacific recov,
cred about ~ Of their recent decline and
the Norfolk & Western stocks and the coal
ers advanced temporarily, but more tnan
lost the gain. Sugar underwent the same
RISING p9fs and ffs sea
ing an extreme 35s. The New York munich
pal stocks all weakened during, the day.
Brooklyn Transit having declined "a after
an initial rise and Consolidated Gas show
ing a loss of ga. Republic Steel, after gain
ing 1850 dropped abruptly 31s, and Ameri-
| can Smelling was conspicuously weak. New
| York Air-brake dropped s points.
There was no marked change IN the con-
dition of the money market. Call and time
| money rates were quite stiff1y held. There
was further deposit of $4,000 at the sub
| treasury for shipment to New orleans: New
| York exchange at interior points indicates
| pressure on this center for funds. Notwfth.
| standing the hardness Of money here and
| the somewhat easier tone In London, sterl'
| ing exchange was firm in New York and ad-
| vanced a fraction on actual business.
The bond market was quiet, but prices well
| States bonds were unchanged on bid quota
| tons.
| Following is list of the stock sales yes
| terday, with closing bids: