The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-11
STOCK MARKET RALLIED
AFTER SEVERE EARLY LOSSES THE
SHARE LIST RECUPERATED.
IndustrinIs Continue to Be the Most
Active shares on 'Chanse-Local
Markets Dull and Heavy.

Az New York Yesterday money on call
was easy at 21z0S per cent; last loan, ~;
closed. 21z.
Prime mercantile paper. 6izQ7lz per cent.
Sterling exchange was easier, with actual
business i'm bankers bills at A-SSA for de-
mand and s4s71ld4s7l9 for sixty days;
posted rates, s4.SS44sS1z; commercial bills.
HS7.
Bar silver. 6Sssc: silver certificates. 6Sss
@ssNc.
Total sales of stocks were 263.006 shares,
including: American Tobacco, 2S.200; Atchi-
son. 5000: American Sugar, $500; Burling-
ton & Quincy $500; General Electric, 5000;
L. & N, $500; Manhattan, 10000; Missouri
Pacific. $500; Northwest $500; Reading.
$500; Rock Island, $780, st. Paul. $4,000;
Western Union. 1890: Western & Lake
Erie. 4.5O0: Southern railroad preferred.
1000; silver certificates, $4,000.
The long-expected rally in the stock mar
ket came yesterday, although, of course,
the gains scored were not commensurate
with the material declines that occurred
last week. Business was fairly extensive,
and was well distributed, and while the
trend of prices was upward the movement
was irregular. An agreeable diversion to
the long-prevafling professional character
OF the market was furnished by purchases
for foreign account. and the execution of
moderate commission house orders. The
initial source OF the rally was higher prices
in London and arbitrage purchases. In a
number of instances the fluctuations re-
corded were quite wide. The important in
fuences. bearing on the market were early
strength and eventual ease in call-money
rates and steadily declining market for
foreign exchange. The government crop
report. usual. was not published until
slime time after the close of business. The
opening was strong and higher, covering
r,f oh heir Qd he I'M
provements in the first few minutes of BUSH
ness extended to 1G1lz per cent. in some of
ally rising SIS to $685.. The bears took the
aggressive. and vigorously raided the stock
and also Manhattan. In the case of the
amount of long stock was dislodged. Sugar
sold of ga TO 90. being adversely Influenced
porting sharp break in foreign sugars.
Manhattan sold off per cent TO T4l9. and
various other shares yielded to material
extent. Northwest figured for 27s to SIS,
and many new low records were estab-
lished. Among the less active shares Brook
lyn Union Gas was conspicuous bv break
of AS TO 75h. An important influence at
this stage was an advance in call-money
rates TO an extreme s per cent, which in
duced liquidation in many quarters. The
market steadied for time during the first
hour. but another sharp raid was made,
this time on the industrials.
ferred pa. The last stock was alleged to
he sold on continued unfavorable market
Tor sole leather. At the general low level
supporting orders appeared in some stocks.
and foreign buying and extensive covering
turned the scale again A feature of the
rally was the execution of a number of
small-iot buying orders. The rally was at
tended by rumors of concerted protective
movement by substantial banking interests.
The report was not confirmed. but never
theless a material advance in prices oc-
CURED. The Improvement was increased
toward the close by drop in call money to
2 per cent. Large blocks OF stocks ex-
changed hands. and purchases were made
for the long account with more confidence
than for some time past. The gains were
notable in many cases. Sugar jumped to
as: Tobacco. Sia TO 54ia: Manhattan. 3is to
IS: Lake Shore. ga to 13S: North vest. 3ss
to sslk: St. Paul. 25s to s2ss: New Jersey
Central. 81. to 90. and Western Union, 21s
to 751t. The closing was strong, with net
gains OF 1n2 per cent. throughout.
The bond market ruled irregular, with
decided strength to the speculative issues
In sympathy with the rally in the stock
market improvements of 1d2L were
scored. the last In Atchison tours. The
high-priced Inactive mortgages continued
to sag. with important concession gener-
ally. The sales were H.563. 600.
Government bonds were weak and lower
or sales of $500.
Silver certificates were easier at 6SsI for
$SS O0O
The following table. prepared by l.. w. Louis
Room IL. Board OF Trade. shows the range Of
ono