The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-12
STOCKS CLIMBING UP
RAPID INCREASE IN RAILROAD
EARNINGS TEMPTs INVESTORS.
Demand for NOndividends OF Expec-
tatiOn of Early Advances-LOcaI
Markets StiII Improving.

At New York yesterday. money on call
vas frmer at LAP per cent.
Prime mercantile paper. SAG4A per cent.
Sterling exchange was steady with actual
business in bankers bills ac $4.S51a@4.85%
for demand and $4S4@4S4A for sixty days.
Posted rates. $4.S41564S61a and $4.S61Rd4S7;
commercial bills. $4.S3.
Silver certificates, 56G57c bar silver, 551ac;
Mexican dollars, 421ac.
At London bar silver closed at 255sd per
ounce. There was a recovery of sc an
ounce in bar silver at New York yesterday,
as compared with Tuesdays price.
Total sales of stocks were 634 900 shares
including; Atchison. 1885, Atchison pre-
ferred, 1850; Chicago. Burlington &
Quincy, 1906; Chesapeake & Ohio 1885,
Cleveland, Cincinnati Chicago & ST. Louis
1905; Erie new, 7,461: Illinois Central
7,2lO; Louisville & Nashville 27,575; Manhat-
tan l., 4,6O7; Metropolitan Traction. 6.OO5
Minneapolis & st. Louis, .315; Missouri Pa
cifc, 4,2jO; Missouri, Kansas & Texas pre-
ferred, 5640; New Jersey Central, 1885,
Northern Pacific, 1888; Northern Pacific
preferred, 4O,22O; Northwestern 1895; On
tario & Western, $50; Reading, rs SS5;
Rock Island, 1856; st. Paul, 1865; ST. Paul
& Omaha, 1885; Southern Railway, 62l7;
Southern Railway preferred, 14,610; Union
Pacific, 52,490; American Tobacco, 1920;
Chicago Gas, $500; Lead, $3.50; Sugar, 10 500;
Tennessee Coal and Iron 4SS2; Western
Union $780, Chicago Great Western, 33,2OO
At New York yesterday the only inter-
ruptlon to the upward course of prices of
stocks was due to OCCASIONAL profit taking
account were easily absorbed with only
momentary halt, after which the rise was
resumed. During the meeting the influ-
49,
dent, arbitrage brokers taking all the in
ternational shares quite freely London
prices also came higher at the opening. but
before the day was over London had
turned seller again and. it is estimated
sold % GOO more shares than were bought
The effect OF this selling had no apprecia-
BILE effect on prices. The low-priced shares
of nond1Vidend-paying stocks were largely
bought by London and were favorites also
in the local speculation, the argument
being that such stocks are bound to adj
vance II the promise of better times holds
good, and If 1t does not they. cannot re-
cede far. Union Pacific was the faVorite
in this class and was the leader of the
whole market in point Of activity, $1,000
shares being bought during the day. The
stock was helped by revival of an old
story that the forthcoming foreclosure sale
would make the road part of a great
The stock was heavily bought by profess
Sional traders for speculative account and
closed with gain of ga points on the day.
The excitement in the wheat market was
reflected in the stock market and was
n large element in encouraging purchases,
especially of the granger stocks. the grain
carrying roads in the Northwest West and
Southwest all showing substantial gains
and great activity. The dealings in the
high-priced grangerS were of enormous
proportions and the Atchison securities and
Northern Pacific preferred were also promi-
nent features: Reports from Western
points were of increasing demand for car
space to move the grain crop and of the
necessity of great eXertions on the part
of railroad managers to avert a car famine
Statements earnings continue n
couraging st. Paul showed an increase for
the first week in August of SCOPES over last
year. For the same period Canadian Pa
cihc gained $4,000 Missouri Pacific $4,000
and Kansas & Texas $l2,13S Northern Pa
cifc gained $lS39f7 for the last week in
July. Louisville & Nashville was active all
day but moved within narrow limits until
near the close when it jumped to a leading
place in the advance, with a net gain of
5lS One of the features of the daV was
the steadying of the sterling exchange
market and the consequent cessation of
ture. The stiffening of the discount rate
in London added to the continued heavy
sales here of London holdings of securities
are probably responsible for the check to
the fall in exchange. Continental exchange
continued weak and downward. Gains eX-
tended over a point in a large number of
railroad stocks and to 10 points in Cleve-
land. Cincinnati. Chicago & St. Louis pre-
ferred, "a in Metropolitan Traction, 23s in
In Pittsburg, Cincinnati, Chicago 81 St.
Louis, and in Rubber preferred. Losses
OF over point were shown in Laclede Gas
preferred $50 Chicago & Alton, Consoli-
dated Gas. Lake Shore and Long Island.
The inquiry for railroad mortgages con-
tinues heavy and reflects the increased
confidence in the general situation. Issues
OF reorganized properties forged to the
front and purchases of the middle grade
liens were on a large scale. The general
market maintained a very strong tone
throughout. The aggregate sales were
81 270,000. Government bonds were slightly
irregular on dealings of $4,000.
The following table prepared by l.. w.
Louis, Room II, Board of Trade. shows the
range of quotations: