The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-08-08
CHANGERS ARE WEAK
BURLINGTON POUNDED DOWN. LEAD
ING IN THE STOCK PIT
Sugar Active ON Buying by the WASH
ingfon polls Mar
kets Tending Higher.

At New York, yesterday, money on call
was easy at L per cent.
Prime mercantile paper. 365 per cent.
Sterling exchange was dull and easy, with
actual business in bankers bills at $4.SSss0
ASA for demand and s~4.S7ss@4Srk for sixty
days; posted rates. $~4SS1ka4Ss1A; commercial
bills. A.SAG4S61h.
Silver certificates. 64d65c. Bar silver
closed at 623sc per ounce; Mexican dollars.
5GAc At London bar silver closed at
q 1I-16d.
Total sales of stocks were 1886 shares,
including American Sugar. 1880; Burling-
ton, 2,1OO; Chicago Gas. 11,60O; Distilling
and Cattle Feeding, 1900; Louisville &
Nashville. 500; St. Paul, 1880. Specula-
ton on the Stock Exchange was not very
active at any period of the day. but ii was
during the first and last hours of business
that the trading was mainly done. the mar
ket being decidedly stagnant in the interim.
After a steady opening, except for Sugar
and Northwest. which were down "a and u,
respectively, prices began to move upward,
Burlington & Quincy alone not participating
in the rise. A pressure to sell was notice.
able in this stock, and the sales were
heavy and mostly for the short account, a
renewal OF the runors that the next divi-
dend would be scaled encouraging the bear
i ~ dCPlEo liz
property. During the afternoon the short
interest began to cover, with the result
OF causing an appreciation in the value of
the shares, which at the close had reacted
Ia from the low point of the morning, and
y above last nights closing price. Sugar
quickly recovered the early loss, out was
not prominent in the dealings during the
forenoon. and not until late in the after
noon did 1t take a leading place in the
in progress, but about 2 o'ciosk the bull
clique in the stock. aking advantage of
the general strength of the market, rushed
the STOCK up to lO1l4, a gain Of "a on the
opening. Realizing sales subsequently
caused a reaction of y. followed BY a full
ing the gain on the day fas per cert.
The buying in Sugar, which started the
upward turn, was on WASHINGTON ORDERS.
but was not accompanied, as is usual. by
favorable tariff rumors; in fact, there was
little, IL any, street reports on the sugar
of the trust by the washington houses
brought the traders into the market as
purchasers; There was steady p9yinG in
the last sale being at the highest of the
day. and an advance of rs on the Closing
sale of Monday. A report that Chicago
Gas and its arch enemy, the Mutual fuel
Company. had patched up an agreement for
factor in the Improvement in Chicago Gas.
Distilling was sold down lis per cent. during
the morning in the belief that the tariff
jill NOuIu ldll, dHu tudl w u NObll
lose thereby the advantage 10 be gained
by the proposed increase in the spirits tax.
Moderate buying at the decline rasrltCd
in a rally Of q per cent. The pubncation
of the June report of st. Paul.. which
showed but a small loss in net earnings,
was the means of attracting buy ,rs 10 the
shares, which, after an opening loss ~ 5,
rose "a per cent, closing at the best price
touched. Rock Island and Nor invest gained
q on the day. Increased earnin - of Louis
vile induced short covering in the stock,
causing l per cent. advance. vita a final re-
action of u. The general market was in
the main firm, and closed so Ter cent.
higher than on Monday.
The bond market was easy in the early
dealings, but closed frmer. The lcatjng
changes on the day are: AdvanceS-St.
Louis & San Francisco general skies. 2'4;
Rio Grande Western firsts. Louisville *
Nashville tours and Colorado Midland fours.
IL. Declines-Port Huron division tives,
S1z: Peoria. Decatur x Evansville seconds,
3; Wabash, Detroit & Chicago extension
firsts and Wisconsin Central fi-sts, 2.
Government bonds were firm State bends
were dull.
The following table. prepared by James
+. Berry, Room 16. Board of Trade. shows
the range of quotations: