The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-08
STOCK MARKET HIGHER
NOTABLE ADVANCE IN SECURITIES
ON NEW YORK CHANGE.
Foreigners beginning to Take Prof
its-SaIes of Shares SmaII-COndi-
ton of the Local Markets.

AT New York yesterday money on call
was easy at 1@112 per cent; last loan, Ia
per cent; closed at IA per cent
Prime mercantile paper, 344 per cent.
Sterling exchange steady and dull, with
actual business in bankers bills at $4S6a46D
4S7 for demand and at $4S5AQ4.S6 for sixty
days; posted rates, S4.S614@4S71a and $4.SSa
4SS}s; commercial bills, $4.S5A.
Silver certificates 601s0605sc Bar silver,
6O1sc Mexican dollars, 47c. AT London bar
silver closed at q 9-16d per ounce.
The total sales of stocks at New York
yesterday were 1858 shares, including the
following: American Tobacco 5000; Ameri-
can Sugar, 10000; Burlington & Quincy, &c.
600; Chicago Gas Trust receipts, 4,600 Man
haitian Consolidated, $500: New York S. &
w. preferred, 3.700; Northern Pacific pre-
ferred, $500; Omaha, 1900; Pacific Mail,
$780, Reading $500; Rock Island 45O0 ST.
Paul. 20, 600; Tennessee Coal and Iron, $500;
Western Union, 400; Southern Railway
preferred, 400; New Jersey Central, 5000.
Yesterdays market for securities showed
the most remarkable advances in prices at
New York that have occurred since d week
ago from last Monday, the day Of the
bulge" which was looked upon as mark
ing the elimination of the upward move
ment. But whereas the sales of that day
yesterdays total sales fell below $50 600
shares, which is the minimum for many
weeks except Tuesday The market was
in the last degree professional and reflected
no widespread public sentiment regarding
the outlook for values, especially no very
Well denned or competent private Senti-
ment The professional traders eVer-preSent
desire to see prices move was about the
only motive that could be discerned in the
trading. The short selling of the last few
IA a. 10 ~, lotnc
large offerings of stock that timidity over
came the shorts where the rise had attained
only small proportions, and the measures
they TOOK TO cover losses helped the rise.
The outside public took part in the mar
ket the commisson-house orders having
dropped practically TO nil. London dealers
also continued their distrustful attitude
towards American securities and Sold-doWn
prices of the railroad shares dealt in on both
exchanges. 1t was not until after the Lon
don exchange had ceased trading for the
day that any strength appeared in the mar
<Aeo. ~ = ne we" aoIh security uealers nave
accepted as a demonstrated fact that for
eign capitalists are not yet ready to buy
american securities as it was hoped they
would do when improving conditions and
rising market formed attraction The
rise in prices at New York has simply in
Vited foreigners to take profits. Estimates
of the number of shares now crossing the
Atlantic for delivery to purchasers here run
as high as $1,000, large part of which are
said TO be of St Paul. This stock abb
sorbed one-fffth of all the dealings on the
exchange yesterday. London selling de-
pressed ii half early, but it recovered
buoyantly and closed with a net gain of
is. The strength in this stock and in
Sugar had an important hearing On the
movement of the whole market. The pros
poets and increased earnings was the argu-
ment for the advance in the railways. ST.
Paul touched S41s which carries it above
last weeks rise again. Sugar enjoyed the
benefit of Tuesdays votes in the Senate
and the prospect of the early enactment
of the tariff bill. Its net gain was rs The
anthracite stocks were bought on the belief
that the prciongation Of the strike of soft
coal miners would help the anthracite
business. Manhattan was a marked eXcep-
ton to the general strength and lost a
point. A few other shares lost fractions
but gains were the rule, and these extend
ed to a point or over. besidess the cases
mentioned, in Northwest Chicago Great
Western, Delaware 4 Hudson, Des MONIES
& Fort Dodge Minneapolis & St. Louis
1irsts and second preferred, Lead and Sus-
quehanna & Western preferred.
Bond values generally trended upward
on moderate volume of dealing, but gains
were slight as a rule. Brooklyn Transit
fives touched 50. The aggregate sales We're
$l,4l7 COO.
Governments were quiet but firmly held.
The sales 5000
The following table, prepared by L. w.
Louis, Room IL, Board of Trade, shows the
range OF QuOtatiOnS.