The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-13

At New York yesterday money on call
was easy at 1Aq112 per cent; last loan,
III per cent; closed offered at 1AQ11a per
cent.
Prime mercantile paper, 1904 per cent.
Sterling exchange was steady, with ac-
tual business in bankers bills at $4.S7A0
4.S7h for demand and at ~s4.S4A@4.S6h for
sixty days; posted rates, $4.s7@4.S71a and
$ASSQ4.S9; commercial bills, &.S512.
Silver certificates, 6O14@61c; bar silver.
6O4c; Mexican dollars. 1850. At London
bar silver closed at 2734d per ounce.
Total sales of stocks were 127, $50 shares,
including: American Sugar, %, 800; Burling-
ton. 1000; Chicago Gas Trust receipts, 49,
200; Louisville & Nashville, 4,30O; Manha
tan Consolidated, 1890; Reading, 3,4OO; st.
Paul. 10.100; Union Pacific, Il, 100; Western
Union. $500; New Jersey Central, 5000.
Yesterdays New York stock market was
almost a repetition of Tuesdays, whatever
strength there was generally manifested
not outlasting very long the close of the
London exchange and the strength re-
fected from there, which was, however,
less marked than on Tuesday. London also
was again a purchaser of securities in this
market, though not in so large a volume
as yesterday. Some purchases were also
said to be for Holland account. The. stocks
bought by the foreigners were Union Pacif-
&c, st. Paul and Louisville & Nashville, also
Norfolk & Western. Some sales for foreign
account We're also made. The selling move
ment in Sugar and Chicago Gas became
heavy later in the day, Sugar being sold on
reports of jeopardy to the sugar schedule
or the amended tariff bill and Chicago Gas
on reports of the unlikelihood that expected
beneficial legislation could be enacted in
Illinois. This caused such sharp declines
in those stocks that the depression spread
by sympathy through the list. The dullness
OF trading was in part due to the expected
announcement Of further gold shipments,
but these were not Forthcoming beyond an
increase of only $500 900 by a house which
had already announced $500,G0 by to-day's
steamer. Whatever shipments may be made
py saturday steamer are now expected to
be small, as was ~foreshadowed last night.
There is in fact a very light demand for
exchange and no encouragement to offer
bills against gold. 1t is evident that a very
small quantity of these would break the
exchange market below the profitable point
for gold shipments. What shipments may
be forthcoming on special orders from Eu-
rope or course remain open to conjecture.
The considerable purchases of our secur-
tiles by London have a tendency to weaken
exchange. An increase in the exports from
the port of New York for the week of ST.
$40, 266 somewhat offset the enormous inn
ports of last week and the government re-
ceipts from customs from day to day show
that this weeks imports will hardly reach
anything like last weeks figures. On the
other hand. New York exchange on Paris
shows a tendency to harden and the Paris
rate on London declined slightly again. AS
a result of the upward movement of
stocks yesterday and the subsequent reac-
ton net changes are for the most part
very narrow. The restricted character of
the market is shown by the fact that
Sugar and Chicago Gas absorbed over one
third of the total dealings. and as these
two stocks were notably depressed they
constitute an effective drag on the market.
The foreign purchases of stocks were esti-
mated at from 1900 to 1900 shares. The
decline in Sugar reached Ia, with a rally
Of q. Chicago Gas fell rs, but the net loss
was only q. There was little of importance
in the movement of railway shares. but
the reaction in the market carried the list
generally to n fraction below Tuesday
nights close. Union Pacific was an excep-
ton and advanced rs to rs on foreign buy
ing. Oregon Navigation preferred enjoyed
a further rise of two points. Standard Oil
lqutdating certificates sold to-day at 315.
The bond market maintained a firm tone
generally. with purchases for foreign ac-
count again noted. Gains of slight fractions
We're generally made in the leading issues,
with the speculative liens absorbing the
bulk OF the dealings. improvements of 1G2
per cent. were scored in some of the mac
tive middle grade stocks. The aggregate
transactions were 81, 125. 900.
Government bonds were dull, but a hard
ening tendency was apparent in the new
Tours. Tn sales were $32, 900.
The following table, prepared by L. w. Louis.
Room, II, Board of Trade, shows the range of
quotations.