The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-26
a REACTION IN STOCKS
AFTER EARLY ADVANCES WEAK
NESS SET IN AND SHARES FELL.
Professionals Continue to Manipulate
Quotations They Lilke-Local
Markets More Active.

AT New York yesterday money on call
was easy at 1h@112 per cent; last loan, at
IL; closed, offered at 1A@112 per cent.
Prime mercantile paper, 31zQ4 per cent.
Sterling exchange was weak, with actual
business in bankers bills at $4S7q4.S74 for
demand and $4.S57s14S614 for sixty days;
posted rates, $4.S61zG4S7 and $4sS@4SS1a;
commercial bills, $4.S51a
Silver certificates. 601s4605sc; bar silver,
$3.50; Mexican dollars, 47s4c. At London
bar silver closed at 27 9-16d per ounce.
Total sales of stocks were POP $50 shares,
including the following: American Sugar,
$4,000; Burlington & Quincy, 1890; Chicago
Gas Trust receipts $1,000; Manhattan Con-
solidated $500; Reading, 300; Rock Island.
$500; St. Paul, 15,2OO Western Union, H.
300; Southern Railway preferred 400.
There was more animation shown in the
dealings on the New York Stock Elk
change yesterday than for many weeks
past and some buying by commission house
agents gave evidence of slight awaken
ing of outside interest in the markets.
Sales for the day reached an aggregate of
over 100000 shares and were much better
distributed through the list than has been
the case in recent trading. There was q
display of considerable strength which
above Mondays close, but sales for profit
taking is still in control of the professional
traders and their tactics offset the ele-
ments of strength. New Jersey Central
gave evidence of having reached a point
of resistance to further depreciation and
the shorts were driven to rather strenuous
eXertiOnS to cover. The loan rate of the
stock was bid up by manipulation in order
to embarrasS the shorts The removal of
the severe pressure on this stock for the
hRinp a r.
ket, though there was Il late reaction in
the price. Sugar was strong on the belief
that the explanation offered of the sugar
schedule OF the tariff bill in the Senate
would help it's chance of passage. The
dealings in the stock were larger than for
some time and were second only to those
in Chicago Gas. The dealers in the latter
stock were inclined to take an exceedingly
conservative view of the benefits assured
by the action of the Illinois Senate in
passing the gas frontage and consolidation
bills on reconsideration. The stock did adj
vance sharply on news of the passage, but
was carried down by heavy realizing sales:
The tone of speculation generally showed
considerable access of confidence, various
causes contributing to this feeling. Mon
days decision of the Supreme Court, de-
nying the right of the Interstate-commerce
Commission to fix railroad rates, still ex-
ercised a favorable influence on railroad
values, not on account of the immediate
effects of the decision, but owing to the
belief that it insures the advocacy by the
commission of Il law to authorize railroad
pooling The weakening of the exchange
market during the day was also regarded
as an encouraging factor in the general
outlook, and account was also taken of
the weeks statement of merchandise eX-
ports from New York, showing total of
80 III 166, an increase of $4o0,490 over last
week and of $2,O31 1872 over last year. This
large expansion of exports is looked to to
help offset the heavy imports in anuclpa-
ton of the new tariff and to help adjust
the exchange balance. Statements of rail-
way earning were also good, especially
that of the Southern Railroad, showing an
increase of net earnings for April of S70-
SIC and of gross earnings of $SS,6l4. The
effect was to raise the price of the stock.
The third weeks sta cement of gross earn
inss of St. Paul and Missouri Pacific
caused cheerful feeling among owners
of railroad stocks, the former showing an
increase of $34. 346 and the latter of $4,000.
New Jersey CentraIS range was 312 points,
the net gain being point. western Union
fiuctuated irregularly, but closed With
net gain of a fraction. Losses of frac-
ton were general the exceptions being
gains OF 1A in La Clede Gas preferred, IA
in Lead preferred and of a point in Lake
Shore, Consolidated Gas. ST. Louis d San
Francisco first preferred, Great Northern
preferred and susquehanna & Western
preferred. New York Il Harlem jumped
i've points TO 325 in the bid price without
elicitng any offerings.
The bond market displayed some activity
in the late trading and sympath1Zed In the
decided rally which occurred in the stock
speculation. Business was largely re-
stricted to the prominent issues in which
the changes were not essential. The ag
gregate sales were $950,00O. Government
bonds gained slightly on purchases of
$50 900.
The following table, prepared by L. W. Louis,
Room II, Board Of Trade, shows the range OF
Omen High Low Clos