The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-30
ONSLAUGHT OF BEARS
CAUSED A HALT IN THE UPWARD
MOVEMENT OF STOCKS.
Brisk Trading ~ New York and Prices
Generally Higher-LOcaI Bust
ness Steadily Improving.

At New York yesterday money on call
was steady at l per cent, last loan be-
ing made at /; closing offered at l.
Prime mercantile paper, 3g4 per cent
Sterling exchange easier, with actual bus
mess in bankers bills at S4.S7A@4SSas for
demand and at $4.s61s94S69s for sixty days;
posted rates. $4.s7q4.S71a and $4SSQ4SS12;
commercial bills, MS512.
Silver certificates, 5Sd59c. Bar silver SIZE;
= Mexican dollars, ass. At London bar silver
closed at 2613d per ounce.
The total sales of stocks at New York
yesterday were 1890 shares, including:
Atchison, 3,9O5; Atchison preferred, 1850;
Canadian Southern, 1852; Chesapeake e.
Ohio. 29,501 c., B. & O., 22,135; Louisville
q Nashville, 1000; Manhattan, 9,345; Mis-
souri,, Kansas & Texas 2,770; Missouri,
Kansas &. Texas preferred 900; Missouri
Pacific, 5505; New Jersey Central 1850;
Ontario & Western, 4707; Reading Is, 455;
Rock Island. 1876 St. Paul. 245Os; st.
Paul & Omaha 1900; Southern Railway
preferred, q, 49, Texas Pacific, 4,315; Wa
bash preferred, II, 035; American Tobacco,
1852: Bay State Gas, 300; Chicago Gas,
5,1S5; General Electric. 1882; Pacific Mail,
6,420; Sugar. 27666; Tennessee Coal and
Iron, $685. Western Union, 1904; Chicago
Great Northern, 1850.
The stock market was strong with a gen
orally wholesome look until the middle
hour when the bears raided the market on
unfavorable European advices and that
gold exports on Saturday would be in ex-
cess of two million dollars, causing the
close to be irregular al slight recoveries
from the lowest, but with the greater num-
her of shares showing net increases for the
6aV Sustaining ip0nan0ac on no rlyo
were favorable traffic statements, rising
quotations on wheat and cotton, with the
engagement of another half million bush
els of wheat from our ports. Americans in
London were attracting broadening inter-
est, London buying and selling some $4,000
shares here. At the same time the CONT
nent, IN q moderate degree, purchased
Americans in London. The market was fea-
tured ny violent fluctuations in the special
ties and aggressive strength and activity
of low-priced stocks, which hitherto mad
participated to only a slight extent in the
general rise Southern and Southwestern
groups were exceptionally strong. South
ern preferred advanced on foreign and do
mestc purchases on vague rumors in
gard to dividend prospects, but the move
ment was probably part of that recently
displayed in other Southern securities. On
prophecies that series of bearish inter-
views with Sugar people would he pub
lshed Sugar, which had risen to 1884, was
forced down to 1877, but rallied q point. In
the late trading it was claimed that sales
had been made of Dutch granuated for
september shipment, the foreign refiners
having refused bounticS thereon that
the American countervailng duty might
be avoided. General Electric advanced is
the contracts of the company placed abroad
being favorable commented upon. Brooklyn
Rapid Transit developed early weakness
and receded 9l&. but rallied point Sus-
quehanna & Western preferred broke a
point and a quarter in sympathy with the
reactionary movement among the anthra-
cite coalers. Delaware & Hudson also lost
a DOlnt The pTangprS. eXCeDt Rurinpt0n and
Omaha, which held their own reeeded frac-
tionally The June net earnings of Burling-
ton were over 100000 above those of last
year, and the same amount in excess of
those of last May. This was interpreted as
most favorable showing. A slight rise in
silver and the export of 100000 in gold to
Canada were of some interest to the street
There were advances of a point or more
in about nineteen shares with similar de-
Flint & Pere Marquette preferred, 2$4; East
River, A2 Cotton Oil preferred. Canada
Southern. Cleveland, Cincinnati, Chicago &
St. Louis, Chesapeake e. Ohio. Colorado
Fuel, Denver & Rio Grande preferred, Gen
eral Electric Iowa Central La CIede Gas,
Michigan Central, Minnesota & ST. Louis
firsts preferred Mobile & Ohio Starch sec
onds preferred, Norfolk e Western pre-
ferred, Southern preferred and Oregon
Navigation preferred. The declines were:
Standard Rope, Lake Shore, Pittsburg, Gin
cinnati Chicago & st. Louis preferred,
Rubber preferred 21a Delaware & Hudson,
Brooklyn Rapid Transit and Susquehanna
q Western preferred.
Inc trduSdcllOnS IN railway ana INSECT
1aneous mortgages aggregated the largest
total noted in some years, namely, $4,000
This included an extensive variety of issues
in which improvements of substantial pro-
portions were general. but the most note
worthy in the middle grade liens. Purchases
for investment account were freely noted
and brisk demand for the low-priced
bonds was recorded by the foreign arbit-
rage houses.
Governments were in good demand and
improved slightly on purchases of $4,000
The following table, prepared by l.. w.
Louis. Room IL, Board of Trade, shows the