The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-05
BULL FEVER RAMPANT
NEW YORK STOCKS BOOMING AND
SHORT INTERESTS CAUGHT.
Notable Gains in Nearly All the spe-
ciaIties, with Changers Higher
Local Trade Is Quiet.

At New York yesterday money on call was firm
at 3@4 per cent; last loan, per cent.
Prime mercantile paper, SQ4 per cent.
Sterling exchange steady, with actual bust
ness in bankers bills at $4S4lAG4S41A for demand
and at s4SA@4S2 for sixty days; posted rates.
81 s21z and s4.S411 commercial bills $4.S0l2@4S1.
Silver certificates 6O14c; bar silver, $3.50; Mex
lean dollars. 4S5sc. AT London bar silver closed
at 274d an ounce.
Total sales of stocks at New York yesterday
amounted to 1856 700 shares including 1850 Atchi
son preferred AIS Central Pacific, 1852 Chesa-
peake & Ohio, $3.50 Burlington. 6.5O5 Louisville &
Nashville, 10,52O Manhattan, $50 Reading pre-
ferred, 6325 Missouri Pacific, 6675 Missouri, Kan
sas & Texas preferred, $3.50 Northern Pacific.
6,4O5 Reading. $3.50 Rock Island, 14.72O Union
Pacific, %, $40 St. Paul, $500 Union Pacific pre-
ferred, 2S, 775 Wheeling Lake Erie, ALTO Wheel
ing & Lake Erie preferred, $500 Paper 1903
American Spirits, 51,620 Tobacco, 81,S20 Steel,
29 $40 Steel preferred, Is, 920 Peoples Gas TO- SIS
Pacific Mail, 3.eO3 Pullman, 1892 Rope and Twine
rs 120 Sugar, $500 Tennessee Coal and Iron, 420
Leather preferred, 1920 Western Union
New York stocks were reactionary in the fore
noon yesterday, but forged strongly upwards in
the afternoon. led by high-priced specialties in
cuGing Brooklyn Transit, Sugar and Tobacco.
The opening was irregular, with a tendency both
in New York and in London to take profits and
prices reacted moderately after the initial trading
Professional traders sought diligently to reach
stop-loss orders. Many shares eased off consider
ably, but number Of stocks showed marked re-
sistance, notably Brooklyn Transit, Pullman
Pittsburg. Cincinnati, Chicago & st. Louis and
Great Northern preferred. st. Paul maintained a
point advance on its remarkable statement for the
fourth week in December, showing an increase of
nearly $252,OOO in gross earnings. better feeling
the close. Brooklyn Transit made a total gain
of eight points on its showing Of an increase OF
1904 657 in it's gross earnings for the year There
were insistent rumors of pending deal which
insiders would not discuss, but there were in
tmations that the control of surface and elevated
lines in Brooklyn might come into the hands Of
the company. Pittsburg, Cincinnati Chicago &
St. Louis advanced four points on confident buy
ing which, it conjectured, was due to desire
Of the parent company (Pennsylvania) to form a
closer union with it's Western lines. While there
were gains in many cases and the closing was
strong the advances in standard shares were
generally moderate. The rise in wheat stimulated
interest in many of the Western railroad shares.
The advance OF five points in American Tobacco
was unaccompaned by any new developments in
the property. There were large purchases by in
terests identified with the company and the move
ment was thought to be manipulation against
the short interest which has recently been created
by the formation of rival concerns The Reading
stocks were pressed for sale in the early hours
and declined sharply. These shares failed to re-
spond to the subsequent general show of strength.
The bond market Iapsed into dizziness, but there
is abatement of the recent pronounced
strength. Total sales 1885, 600. United States
twOs, registered, declined a and the threes and
the fours registered, 1s in the bid price.
United States new tours, coupon, advanced H.
The following table, prepared by L. W. Louis,
Room II, Board OF Trade, shows the range of
f,f14fr