The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-10-05
TAKES A BACK SEAT
SUGAR TRUST YESTERDAY GAVE
WAY To CHICAGO GAS ON .cHANGE-


AT New York, yesterday. money on call
closed easy at / per cent.
Prime mercantile paper. Sd5 per cent.
Sterling exchange was steady, with actual
business In bankers bills at S4s61zd4s6A for
demand and at A.S1zdLS5% for sixty days;
posted rates. A.S6i.G4S71s; commercial bills,
sLsiz94sfss.
silver certificates. size. Bar silver closed
at sc per ounce: Mexican dollars. 5lilc.
at London bar silver closed at 29d.
Total sales Of stocks were 19i.s26 shares,
Including: American Sugar, $500; Burling-
ton. 1900; Chicago Gas. 1900; Distilling.
$500: General Electric. 400: Louisville *
Nashville. $500; Reading, 900; Rock Island.
1880; st. Paul. 1880; United States Cord
age. 2,4e0.
The share speculation was characterized
by marked strength and a fair degree OF
activity. The Improvement in the market
was due in some measure TO the fact that
the Anglo-French war scare was proven to
be baseless and the more favorable rail-
road reports for Sco.enfber. but the main
factor was a REORGANIZATION of bull pools
against the short interests. Chicago Gas
was the feature of the speculation. and was
taken In hand early by an outside clique.
which proceeded TO squeeze the shorts in
the stock. the loaning rates having been
put up to 1-s2 premium. Accompanying this
movement was a report that an agreement
had been entered into by the Chicago Gas
and Municipal Gas companies for a division
OF territory. Under the covering which
followed. assisted by purchases for the
long account. induced by the scarcity of the
stock, the price moved up sharply to 12Ss,
a gain of 2% on the closing price of yes
terday. At the higher figures the bears
made a drive on the stock. which caused "A
reaction OF / per cent, 20 lis, before noon.
After midday the buying was resumed and
sending the stock up 10 7Ss, the last being
the highest price Of the Day. and 3% per
sugar was forced to take second place in
the dealings. An early advance of - was
followed by a decline of =. the trading at
until later in the morning that the shares
came into good buying demand, but
strength of the market generally led TO a
covering movement in Sugar, which re-
suited In advancing the shares Pa per cent,
40 Ss. with only a final reaction of 4.
Advances were established in the other
industrials. Whisky stock sold up ~ dur
ing the morning on sales induced by Presi-
dent Greenhut's statement that the rebate
system had been abolished, and that all re-
bate vouchers outstanding will be paid on
maturity. During the afternoon the stock
received but little support, and sagged off
lis per cent. In the railway list the gran
gers were most active. and the most nota-
Bile event in the trading therein was a bear
attack on Rock Island. causing a break of
Ia from the opening price. The stock was
found to be without support a. the time.
and some stop orders were uncovered. Bur-
lington & Quincy. which opened Y higher.
recedec u in sympathy, and St. Paul.
which made an early advance of Is. also
fell of r. Is there was no unfavorable
news in these stocks. the recovery was
rapid. St. Paul regained all but u of the
loss and Rock Island all but a. while Bur
iington recovered all the decline and made
IN advance of - additional. There was a
very strong buying movement during the
last hour. and the market closed strong
and at or near the best figures of the day.
Alton & Terre Haute declined 1 per cent.
and a very few other shares a small frac-
ton.
The bond market was strong all day. and
notably in the afternoon, when it moved
up in harmony with the share speculation.
The trading was active, the sales aggre-
eating s1.432. 500, the Chesapeake e. Ohio
Tours, Burlington & Quincy, Nebraska ex-
tension tours, Reading and Atchison is
sues being most prominent in the dealings.
Government bonds were firm. State bonds
were quiet and railroad bonds were strong.
The following table. prepared by James
r Berry. Room &c. Board of Trade. shows
the range OF quotations: