The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-20
SUGAR TRUST LEADING
SHARES MADE AN EXTREME GAIN OF
31-f PER CENT. YESTERDAY.
Stringency in Money Market Offset
BuiIIsh Infiuence-LocaI Markets
Continue Steady.

AT New York yesterday money on call
was stringent at 601o per cent; last loan,
6; closed, 6n7 per cent.
Prime mercantile paper nominally 7150s1a
per cent.
Sterling exchaDge-weak, with actual bust
ness in bankers bills at ~$.S34G4S3la for
demand and &.soAQ4.SoHa for sixty days;
posted rates, $.S01am4.s21a and s4.84a4s5;
commercial bills, s4.79.
Silver certificates, 651zQ66c; bar silver,
651sc. AT London bar silver closed at
30 l-16d per ounce.
Total sales of stocks were lii. 146 shares.
Including the following: American Tobac-
co. $500; Burlington. IA, 300; Chicago Gas,
400; Louisville & Nashville. 3.2oo: Manhat-
tan, $500; Rock Island, 300 Reading. IS
200; st. Paul, 24,1oO; silver certificates.
$4,000.
The New York stock movement yester-
day, though moderate IN volume, was in
terestillg, owing to a variety of divergent
influences. S~tringency in money and
the practical withdrawal of the banks from
the market for mercantile paper was offset
by a sensational advance in wheat and de-
cleed strength in corn ard other food prod
ucts.. The domestic market followed a rise
IN wheat at Liverpool of six cents a bushel
option. making the highest price recorded
IN the present movement. Furthermore. a
decided gam In eaSt-bOund shipments was
reported. and coincident with the advance
IN money TO an extreme 10 per cent. on
call. foreign exchange rates worked to a
lower basis. Actual sterling fell "a cent
and posted quotations were shaded Il cent
to $4.6ola and $l.S4. Demand is light in the
lace of free offerings of commercial accept
ances. The majority of call-money trans
actions were made at 7dS per cent. Some
time loans were made at II per cent. for
ninety days. but offerings of funds are
light. For the first time in many months
bids We're made for stocks at buyers OPP
ton sixty days" This manner of trading
Is expected to be a feature in the next
ninety days, as both parties to the con-
tract Of this character can protect them
selves by deposits in. a t1ust company
AGAINST the transaction. Firmness in
stocks at the opening soon developed in
positive strength, although the distribution
of the trading was very Indifferent. The
the immediate heavy movement of grain
and other staples counteracting some un-
favorable traffic returns. The Improvement
became more pronounced as the day
progressed and the closing was strong at
the top figures. The more important ex-
1reme, gains We're ga in Sugar; Rock
Island, 21s; Cotton Oil preferred. 2ss: Bur-
lington, rs. and Leather preferred, Tobac-
co and Bay State Gas. 2 per cent. The
southwestern and other active shares av-
eraged a point advance. Reading exhib-
ited heaviness around midday and lost q
per cent, but subsequently made a full re-
covery.
Railway bonds were quiet and devoid of
feature. aside from "a sharp fractional gain
in Atchison seconds, on large transactions.
The sales Were S13l. COO.
Government bonds were strong and frac-
tionaily higher on dealings of $4,000. Silver
transactions being $24, 900. State issues
were slightly more active, but no marked
changes were scored.
The following table. prepared by l.. w. Louis,
Room IL. Board of Trade, shows the range of
quotations: