The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-01-09
ADVANCE is CHECKED
Too Many Wall-Street Traders
Wanted Profits OH Stock Deals.
Severe Drive at Sugar Overcome by the
Washington News-IndianapOlis
Markets Higher.

At New York. yesterday, money call
was easy at 1 per cent. all day, closing
offered at per cent.
Prime mercantile paper, 31sG52 per cent
Sterling exchange was strong with actual
business in bankers bills at $4s6Gp4- s614 for
demand, and $4s4Q4s4A for sixty days;
posted rates, s4.SQ4S7: commercial bills,
s4.ss1z94 1914.
Silver certificates 695sc bid. At New York
bar silver closed at 6Szsc; Mexican dollars,
E5c.
Total sales of stocks amounted to 295 1873
shares.
The upward movement in speculative val
which set in with such bvoyancy Sat
urday, received a check yesterday. The
higher range of values induced realizations
at the opening of business and the short
interest which had covered largely at the
close of last week saw in these sales an OPP
portunity to renew their lines. Concerted
attacks were therefore made on Sugar,
Western Union, the grangers, notably st.
Paul, the leading industrials, particularly
Sugar. and some of the specialties. The
ket did not give way without struggle
and several shares that were attacked were
very strongly supported. Sugar was most
prominent in the transactions, and in the
buying, despite the persistent hammering.
The Improvement was due to Washington
advices giving assurance of an in
and before the rising tendency was
checked the stock had deprecated 2% per
cent. Then came reaction in which per
cent. was lost. due to realizing and lack
OF inside support and only Il per cent. was
recovered at the close. While London was
seller of st. Paul, local traders Gere buy
ers. and IL was not until late in the after
noon that the stock gave way appreciably,
the final sale being made at a decline from
saturday or rs per cent. The bull pool In
Western Union absorbed the early offerings
quite readily and though the pressure to
Sell was pronounced only * decline was
recorded when the stock took an upward
turn OF 1 per cent, where IL met too many
selling orders to withstand the depression
the price fell Ia to S44. which the
final sale, being ia decline on the day. A
Gas were supplemented by purchases of the
commission house m the early trading and
after loss of y at the opening. the shares
steadily rose 1$s per cent, but in the later
dealings the Improvement was entirely
lost Washington advices were construed
as indicatipg an Increase in the spirits
moved up. with occasional reactions.
only half in the subsequent TRANSACTIONS.
being one of the most strongly held of the
active list during late weakness. The
nouncement of a victory for General Electric
IN an important patent suit induced pur-
chaSes OF Che company's stock resulting in
per cent. advance which was warmly
contested by the bears, who sought the rise,
and caused many reactions during the up
ward movement. The top figure was not
reached until near , o'clock and during the
hour following loss of rs per cent. was
made, - OF the advance being retained.
Reading was in bad Odor by reason of the
unfavorable showing made by the annual
report published this morning. The stock
declined steadily on heavy sales until 2
O'Clock. when a decline OF 2k per cent. had
been established. Then under slight cover
ing a rally OF Sc was effected in the late
dealings. 1sc of which was lost at the close.
Louisville q Nashville sagged from opening
70 close, the last sale being at the lowest
touched, the decline on the day being liz
per cent. The gen raj list moved irregularly
and while the tone at the close was weak
for the entire market, several shares re-
corded an advance on the closing sales of
Saturday, notably Northwest preferred PIC;
Pullman and Lake Erie AZ Western pre-
ferred. Ia: Chicago & Eastern Illinois pre-
New Albany common and Tobacco. 1: and
Pittsburg c., c. & St. Louis preferred, 4
per cent. Prominent in the list of declines
are Louisville q New Albany preferred.
2@s; American Express, 2; and Louisville &
Nashville, Ia. The railway and miscella
neous bond market was fairly firm during
the morning, except for the Reading issues,
but became weak in the afternoon.
Government bonds were strong. State
bonds were inactive.
The following table. prepared by James f.
Berry, Room 10. Board of Trade, shows tina
range OF quotations.: